May 17, 2023
6 Ways to Make Your Mark in the Luxury Real Estate Market, According to Jeremy Norman
With a buying power projected to grow to $1.8 trillion by 2024, the Black community is reclaiming their narrative, normalizing their wealth, and rewriting their stories into a vision that depicts prosperity and wellness.
In light of National Real Estate Day, there is no better time than now to achieve your luxury real estate goals and to prepare for what’s ahead.
Count on Jeremy Norman, luxury Realtor and owner of one of the largest minority-owned real estate firms in the southeast, Norman & Associates Real Estate Solutions. With over 200 agents in Metro Atlanta and dozens of agents at the Metro Birmingham office, the history-making CEO is changing the landscape of real estate and taking everyone with him to the top.
“Luxury real estate is an experience and service that is provided by a Realtor from the first call to closing the deal,” Norman tells BLACK ENTERPRISE. “It’s the manner in which listings are presented. It’s not enough to send a link to a client and ask if they want to view the property. It’s the full set up—accentuating the surrounding area, preferred terrain, proximity to quality schools’ grocery stores, and workout centers. It’s all about value.”
Norman is proud to have built his firm from the ground up. It is now serving as a pipeline, bringing in more Black Realtors into the luxury market. In doing so, Norman shared with BLACK ENTERPRISE six ways budding real estate agents can make a mark within the luxury real estate industry.
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Ways to get into the luxury real estate market
Norman’s real estate journey consists of a long list of accolades, including being named the youngest African American to be inducted into the Commercial Club in 2011 and later into the prestigious Institute of Luxury Home Marketing. He recently received the coveted acknowledgments of being named “Minority Entrepreneur of the Year” and a “Top 40 Under 40” in his home state.
A Birmingham native, Norman’s humble beginnings in finance is what led him to pursue real estate full-time. For several years, Norman worked at a top firm and realized an underserved market creating world class experiences for Black and Brown home buyers.
Here are Norman’s tips for taking that step into the industry.
- Attend high-end networking events within your local community. You must go to the venues and areas of your desired clientele.
- Take a luxury real estate training course. The course will arm you with the necessary tools to be successful within luxury real estate as it relates to rules and regulation, the art of negotiation, and what luxury clientele is looking for in a new home.
Ways to become a luxury real estate agent
Today, about 6 percent of real estate agents and brokers in the United States are Black, though 14 percent of Americans are Black. Only 4 percent of real estate agents operate within the luxury market.
Before creating his own agency, Norman found his niche in the luxury residential and commercial real estate sectors, where he netted millions of dollars. But he also realized the number of upper-level minority agents was disproportionate and that larger opportunities weren’t distributed equally. He recommends aligning with valuable connections in order to secure a position as an agent.
- Join a brokerage that specializes in luxury real estate. There are several across the country, but the key is to find the right match and best fit for your career. It would be best to search for brokerages that offer continued training, have access to leads within affluent demographics, and offer robust mentorship to new Realtors.
- Connect with a luxury real estate agent that can mentor you in luxury. We’re out here, and always looking for opportunities to give back and pour into the next generation of Realtors.
What to know about investing in luxury real estate
According to a 2022 “The Trend Report,” released by Coldwell Banker Real Estate LLC, 80 percent of U.S.-based high-net worth consumers agree that real estate is a safe investment choice. In fact, over one-third agree that it is the safest investment when compared to stocks, bonds, cryptocurrency, and pensions.
To further expand your expertise, follow these tips to get you started in the investment phase of your luxurious journey.
- Know your product. You must understand what you’re selling. What are all the golden touches that elevate a home? What brings ease to clients’ families within homes—and takes it from a house to a home and oasis? It’s important for aspiring luxury realtors to know those important attributes.
- Choose the right real estate agent that specializes in luxury. Luxury in every sense of the word. The right real estate agent that specializes in luxury can walk you through all the necessary steps to close the deal, but also leave a striking impression so that the client will share their positive experience.