According to Bill Ruane, the No. 2 RE/MAX residential agent in the U.S. and No. 3 residential agent in the world, working in luxury real estate isn’t all that different from any other sector. But it does take getting a foot in the door, and then keeping it open with referrals.
“[Clients] want someone who’s dealt with their friend before – or a professional entity – on their side,” Ruane reveals.
One of three inaugural members of the Paramount of Excellence club, which recognizes the very top RE/MAX agents who have more than 30 years of impeccable service with the brand, Ruane generously shared his insights, secrets to success and experience on “Good Morning RE/MAX.”
Here’s his top advice for luxury real estate agents.
1. Nurture Relationships
When it comes to breaking into the luxury real estate space, Ruane says it pays to be patient. “[If you’re in real estate long enough], you’re going to have people who start with their first house, second house and, by the end, they’re buying bigger homes.”
2. Work Hard for Referrals
“Once you get one high-end home, you tend to get more buyers and sellers looking at a home. You introduce yourself and, depending on how you present yourself, you’ll get their home or their sale. Then it kind of snowballs from there – but it’s not overnight.”
3. Lead with Honesty
Ruane says it’s important to be trustworthy. “If there’s something negative about the house, point it out. Correct it. You don’t want to say everything’s great about the place, knowing that there’s actually some issues with the home.”
4. Forgo an Ego
Real estate agents should be confident but not cocky, according to Ruane. “You don’t want to have an ego too big. Selling a $500,000 house or a $10 million house – it’s the same in the end. In some ways, [selling luxury real estate is] much easier because you have more experienced buyers and sellers.”
5. Create an Inclusive Sphere
Ruane reveals his top secret to success: surrounding himself with a diverse crowd. “From age group to religion to work – (my sphere) is really diverse. That’s the key – just meet enough people every day. Try to meet one person every day. That’s a lot of people in one year, that’s a lot of people in 20 years.”
To hear more from Ruane – and to learn what happened when he repeatedly called one celebrity client by the wrong name – watch the full “Good Morning RE/MAX” episode above.
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Written by RE/MAX News
