If there’s money to be made as a real estate agent, it stands to reason that there’s more of it to be made specializing in luxury real estate, right? After all, agents typically earn a commission on their sales. If that commission is a percentage of the sale and the dollar value of the sale is higher, the commission is higher too. It makes sense. So where do you go to sell luxury real estate?
The simple answer is that you go where the luxury real estate is. Given all the retirees there are in Florida, plus the reputation it has for being a highly desirable destination, it makes sense for Florida to have its share of luxury real estate. With gorgeous beaches, beautiful weather, and a relaxed atmosphere, Miami attracts people both as a vacation destination and a place to live. Some areas in Miami have seen a reduction in home values, but thanks to tax benefits and higher consumer confidence, sales of high-end, luxury homes have seen an increase. All in all, not a bad place to be for a luxury real estate agent.
New York is an expensive place to live to begin with. You can find the largest quantity of the most expensive homes here. That makes it a very appealing place for those wanting to sell luxury real estate. If you choose to go this route, make sure you’re familiar with the requirements to obtain a real estate license so you can start practicing. A New York real estate license requires completing a 75-hour course before applying for a license. Make sure you pay attention. You’ll need a minimum score of 70% to pass the final exam for the course.
Between San Francisco, Los Angeles, San Diego, and a few other cities, California has plenty of luxury real estate to go around. Consider that the median price for San Francisco housing is just over $1 million. California real estate attracts both national and international buyers. This can translate to a competitive market for purchasing property. Thanks to supply and demand, the cost of real estate rises, and the commissions you can earn rise along with it.
Any real estate agent worth their salt knows the value of location when it comes to selling real estate. While that typically refers to the more micro aspects of location, when it comes to luxury real estate, some states are better than others. Florida, New York, and California can be great options for luxury real estate agents. With high prices and lots of valuable real estate, there is some serious money waiting to be made.
Read this next: How to Achieve Financial Stability in Your Business