NEW YORK – Feb. 5, 2013 – A small segment of luxury real estate agents spend a great deal of time and money working on just a couple of trophy properties per year, on which they pocket six- or seven-figure commissions. They sometimes work both sides of the deal, earning themselves nearly the full commission.

However, these agents and brokers also assume a great deal of risk, especially since the owners of high-end properties often do not need to sell and can easily back out of a deal.

If successful in this niche, however, ultra-luxury agents attract repeat business and can cherry-pick clients, avoiding those sellers who have unrealistic expectations.

Successful luxury agents must go the extra mile in terms of marketing, opting against a traditional open house and information sheet. Instead, they must take unusual steps, such as naming the home, having aerial photos taken, and hiring copywriters to create multiple brochures and even coffee-table books.

Agents often invite a select group of potential buyers to tour the property before it’s listed, prescreen buyers before they can view the home to ensure they have sufficient net worth or assets, and sometimes sign life-long nondisclosure agreements.

Most important: Luxury agents must be able to handle unusual seller requests – such as not photographing the interior of the home – and continually build referrals and long-term relationships to ensure a steady stream of clients.

Source: Wall Street Journal (01/25/13) P. M1; Abkowitz, Alyssa

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