All homes are not created equal. Some properties fall near the median United States home price of $188,900. Other homes, however, deserve special attention. Luxury homes have a higher price tax, more sophisticated buyer, and require additional knowledge and experience over typical home purchases. Top performing agents are eligible to complete the Certified Luxury Home Market Specialist (CLHMS) designation.
How Does an Agent Become a Certified Luxury Home Market Specialist?
Earning the Certified Luxury Home Market Specialist designation requires a combination of education and experience. Some designations are education only, and this designation, with a high experience requirement, sets the CLHMS apart.
To complete the education requirements, an agent must first complete either a two day intensive course, where they are trained on marketing and managing high end home listings. Topics include market education, how to best work with high net worth individuals, and how to position, promote, and market luxury homes. Agents also have the ability to complete these classes through online training.
Once an agent has completed the course requirements, they must complete either two qualifying sales as the listing agent within 12 months or four qualifying sales as either the buying or selling agent within 24 months, or meet fast track requirements with a number of transactions completed at the $5 million, $10 million, or $20 million level.
Members must also be an active member in good standing in the National Association of Realtors and pay a $225 annual fee to maintain the CLHMS designation.
The Benefits of Hiring a CLHMS Designated Agent
If you are selling a multi-million dollar home, hiring an average agent may cost you tens, if not hundreds of thousands of dollars off your sale price. As the value of homes increases, the losses can reach as high as millions of dollars.
Because luxury homes are not sold to typical buyers, they require more than the typical marketing techniques. Many luxury home buyers use different search and planning strategies to find a multi-million dollar home than buyers use for a $200,000 home.
When selling luxury homes, agents may have to stretch their marketing tactics beyond the typical MLS listings and local advertising. Buyers for this type of property may live in another city, state, or country and are often buying for more unique and complex purposes than a primary residence.
When marketing to the wealthy, agents need to have the knowledge and experience to show a home as a vacation home or investment property, and must be able to speak more confidently to the market and value of the property than typical sales, which focus more on the features of the home.
A Certified Luxury Home Market Specialist offers a guarantee of experience with homes in the top 10% of the market along with the educational foundation to offer a quality transaction process.
How to Find a Certified Luxury Home Market Specialist
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