How to become a luxury real estate agent

Why become a luxury real estate agent?

If you’re thinking about reinventing yourself and starting a new chapter in your life, working in a luxury real estate agency is a great career opportunity that offers many advantages. Below, you can find a list of the most relevant ones to help you take the final step:

Expanding sector

Today, there are many types of buyers. Among them, we can find -as a growing trend- those interested in luxury properties, where the quality and standards are exceptional. The growth and interest in this type of property is expanding and requires luxury real estate agents who can meet the needs of this selective clientele.

In fact, this sector -in Spain- has grown during the latest period. We can see that cities like Valencia are attracting a large number of international buyers, placing it among the top markets. To be more specific, it captured 29.4% of property sales in 2023, only surpassed by the Balearic Islands with 35.6%.

Barcelona is another good example, where the average price of homes sold by Engel & Völkers in 2023 stood at 4,791 euros per m². In fact, 14% of the transactions closed by the real estate company in Barcelona exceeded one million euros.

Flexible hours

This profession is, probably, one of the most desired due to its flexible schedule. Luxury real estate agents have the ability to organize their schedule as it best suits them, making it possible to balance personal life or enjoy quality free time, as is the case for Engel & Völkers agents.

Finding the balance between work and personal life is one of the greatest advantages this profession offers, and something that few jobs provide for workers.

High income

On the other hand, it is worth noting that working in the luxury property sector provides a good salary. Additionally, it generates large commissions for the agents, depending on the transaction carried out.

No formal education required

One of the advantages of this sector is that no official education is required to become a luxury real estate agent, although it is beneficial -and valued- to have a university degree or experience in sales, among other skills.

Personal and professional development

Lastly, the tasks you need to perform as a luxury real estate agent are varied, allowing you to grow both personally and professionally. Some of these tasks include negotiation, handling paperwork, securing investments, and communication.

What differentiates luxury real estate agencies?

However, you might still be wondering what the difference is between being a regular real estate agent and a luxury home agent. The key lies in the fact that these types of agencies focus primarily on other aspects to offer exclusive homes.

For example, the properties you can find at Engel & Völkers are high-end properties with exceptional quality. That’s why we study and analyze each property in detail, as we only put properties on the market that pass certain quality filters.

The goal is to offer a unique standard and personalized services to clients, based on their needs or demands.

Keys to being a successful luxury real estate agent

Now that you know the difference that working as a luxury real estate agent makes, it’s important to understand the keys to entering the sector and working at a real estate agency like Engel & Völkers.

Specialization

Although no specific training is required to work in this sector, it is important to have knowledge that will help you provide the unique experience the client is looking for -and needs-. An example could be expertise in protocol, real estate marketing, or languages. These skills will help you master the sector and become a successful professional.

At Engel & Völkers, you also have access to an academy where you can complete your training and continue to learn. Not to mention the seminars that will keep you up to date on trends and new developments.

Knowing the properties

It’s essential to know exactly what these types of properties are like to carry out your role as a luxury real estate agent. Mastering the features of high-end properties, as well as knowing the surrounding area, will help you highlight what matters to the client at each moment. This way, investments will be made with greater confidence. It is crucial to be able to offer the public what they are looking for.

Target audience

Knowing your target audience well will pave the way for success. Clients interested in luxury homes are characterized by their discretion and desire to keep their properties and activities private.

The key to understanding them better is focusing on how they think and what they need, rather than on their financing options.

VIP contact network

As you know, this type of clientele tends to be more demanding, and therefore, only entrusts their properties to specialized real estate agents. In this regard, one element you cannot overlook is having a strong network of contacts to help you reach potential investments, both nationally and internationally, thus building a vast portfolio of properties.

Another option is to join a brand like Engel & Völkers, specialized in luxury properties, where you’ll have access to all these contacts if you don’t already have them.

Mastering client acquisition and negotiation

To attract these types of clients, you’ll need to know how to negotiate with them, so that you can manage these exclusive properties before another luxury agent does. Knowing how to persuade them will make the difference and help you secure a place in the sector.

Fluency in multiple languages

A requirement to be a luxury real estate agent is to have more than one language on your resume. Dealing with international investors will be one of your tasks, so knowing multiple languages will be essential. Likewise, they will also be useful when dealing with branches in other countries.

Training in other areas

To provide a unique and personalized experience to the client, you’ll need to master other fields. For example, knowledge of current laws is key for advising on real estate transactions.

Other relevant aspects include advising on home staging, that is, knowing how to present and prepare a home for photos or visits, or handling various marketing tools that allow you to discreetly manage buying and selling operations.

How much does a luxury real estate agent earn?

One of the most frequently asked questions is related to salary. The consulting firm Macdonald & Company collected data a few years ago and concluded that the average salary of a real estate agent in Europe is around 75,000 euros annually.

However, in addition to the base salary, generous commissions should also be considered, depending on the number of transactions or the type of property. Therefore, the salary of a luxury real estate agent is among the highest in Spain.

Career opportunities as a luxury real estate agent

Currently, luxury properties in Spain are mainly located in coastal cities, but they can also be found in major city centers like Madrid or Barcelona.

However, as mentioned at the beginning of the article, other cities are expanding and also have this type of housing, so it won’t be difficult for you to enter the market.

Advantages of joining Engel & Völkers as a luxury real estate agent

Joining a luxury real estate agency -like Engel & Völkers-, which has multiple locations across the country -and worldwide-, is a great option to start your career as a real estate agent. Working with us offers a number of benefits such as:

Flexibility

You’ll be able to organize and plan your schedule according to your needs and manage your free time to make the most of your day.

Premium brand

You’ll benefit from our leading position in the luxury real estate market, giving you access to an international network of exclusive clients in more than 36 countries.

Attractive compensation

You’ll enjoy a highly attractive and beneficial commission structure, as you maximize your potential through our referral network and vast portfolio.

Marketing

We will provide you with the best tools. You’ll have access to marketing materials, professional photography, our GG magazine, and a vast network of leading real estate portals, making your job easier.

Continuous learning

Through our academy and ongoing seminars, you’ll keep learning and improving in this profession to master the real estate sector.

Networking

With a global network of franchises, proprietary businesses, and offices in 800 locations around the world, you’ll be able to connect with other professionals and complete more deals easily.

As you can see, being a luxury real estate agent is one of the professions that offers the most advantages.

If having all these benefits has helped you decide and you are ready to join our team, we will be happy to provide the support you need to achieve success.