The luxury market demands a unique set of skills from agents. When buying a luxury home, work with someone who knows the high end of the market like the back of their hand. Here are some tips on choosing a luxury real estate agent.
- Go for experience
- Take note of their listings
- Look for a well-connected agent
- Get referrals
- Keep an eye out for luxury affiliations and designations
- Ask about their market knowledge and skills
Look for an agent who specializes in the kind of property you’re looking for. If you’re in the market for a luxury condo, for example, it’s crucial to find an agent who has dealt extensively in the same kind of property. With so much money at stake, you should hire a specialist who has an eye for luxury, and who knows what to look for in a high-end property.
One way of knowing what the agent specializes in is by looking at their listings and their recent sales. If the agent is listing many of the kind of luxury property you’re interested in, then there’s a good chance that they’re right for you. Seek out client reviews to assess how well the agent did their job.
An agent with deep connections in the community can give you access to some of Chicago’s most coveted listings. Luxury listings tend to be off-market listings that only well-connected agents can get a hold of. Working with such an agent will help you cast a wider net, as well as increase the chances of you finding the right home.
You can start your search for a luxury real estate agent online, but it is also advisable to get referrals from friends, family, and colleagues. If they’ve had a pleasant experience working with an agent, they’d be more than happy to put you in touch. If a certain agent keeps coming up during conversation then you might want to ask for the agent’s contact details.
Professionals in the industry, like mortgage brokers, home inspectors, and other agents, can also give you recommendations. Industry people tend to know each other, and are likely to know about a luxury agent’s reputation even if the public may not be aware of who they are.
When choosing an agent, it’s also important to look at their memberships and designations. There are real estate brands and organizations that offer awards or recognitions to agents who have successfully worked in the high end of the market.
For example, agents who are members of The Institute for Luxury Home Marketing have met stringent education requirements and have earned the Million Dollar Guild recognition or the Certified Luxury Home Marketing Specialist designation.
The agent should have in-depth knowledge of Chicago’s real estate market, as well as the price range you want to buy in. They should be able to discuss the inventory at length. They should be able to talk about the number of days the property has been in the market, the list-to-sales ratio, the total number of sales in the past three months, and so on.