After a sharp decline in luxury home sales during the peak of COVID-19 pandemic, the luxury real estate market is back in full swing. In fact, compared to 2021, luxury single-family homes are flying off the market an average of 27 days faster—and overall sales of luxury properties increased by a whopping 41.6% in 2022.
Of course, with this newfound demand for luxury real estate comes a need for experienced luxury real estate professionals to buy and sell these properties. As a result, the luxury real estate market is arguably more competitive than ever before—forcing hopeful professionals to stay on top of the latest market trends in order to outperform the competition.
The good news for up-and-coming luxury real estate professionals is that there are plenty of great learning resources available. These resources can help you stay informed and increase your chances of success in this competitive field.
1. ILHM’S ESTATE OF MIND PODCAST
One of the best resources for luxury real estate professionals looking to stay on top of the latest industry trends is the Estate of Mind podcast. This podcast is put on by the Institute for Luxury Home Marketing and typically releases at least one new episode each month.
In this podcast, hosts Tami Simms and Jack Miller interview key players and influencers throughout the luxury industry, ranging from other real estate professionals to design specialists, marketing professionals, and more. These podcasts are full of valuable insights and insider information that can help luxury real estate professionals expand their knowledge and apply new strategies to their own careers. Be sure to tune in regularly to catch tips and tricks from luxury real estate experts across the country.
2. INDUSTRY CONFERENCES AND EVENTS
Another excellent way to learn and grow as a luxury real estate professional is to attend as many industry events and conferences as possible. Throughout the industry, there are a number of special events and conferences put on each year. A few of the most influential and popular to consider include:
- Who’s Who in Luxury Real Estate’s Luxury Real Estate Conferences
- Inman Luxury Connect
- Leaders in Luxury
- RISMedia Annual Power Broker Forum
- LeadingRE Global Real Estate Conference
While you may not realistically be able to attend all of these events in-person each year, you should make it a point to register for these whenever possible. These conferences can provide an incredible opportunity not only to learn more about niches within your industry, but to personally connect and network with professionals.
In addition to professional conferences, attending local networking and industry events can help with your career growth. Even local community events give you an opportunity to potentially expand your sphere of influence and grow your referral network while boosting your own credibility.
3. ONLINE COMMUNITIES
You don’t necessarily have to travel to industry events to gain valuable insights as a luxury real estate professional. These days, there are plenty of great online communities, social media groups, and online forums where luxury real estate professionals gather to share insights, support each other, and grow professionally.
Consider, for example, becoming a member of the Institute for Luxury Home Marketing’s network. As an insider here, you’ll be able to take part in the exclusive online community where you’ll be among the first to get information on the latest industry events, training sessions, and more. This is also a great resource for members to share and promote their current listings, ask questions, and stay informed on the latest industry news.
Learn more about the many benefits of becoming a member and join today!
4. LUXURY MARKET REPORTS
Being able to position yourself as an expert in your local market is a must when working as a luxury real estate professional. Fortunately, ILHM’s luxury market reports provide the valuable insights and statistics that you need to become an expert in your target area. With in-depth looks at residential markets across the United States and Canada, these reports are a must for staying up-to-date on sales prices, volumes, sales-price-to-list ratios, and much more.
Keep in mind that these reports are exclusively available to ILHM market members, so this is yet another reason to join the network if you haven’t already.