The Texas luxury real estate market is booming. Hard-working real estate agents are capitalizing on this expanding segment, catering to luxury buyers and sellers in Texas’ top markets.
But what exactly does it take to become a luxury real estate agent in Texas? And how do you get there?
Whether you are new to real estate or looking to expand into the luxury market, this is your comprehensive roadmap to becoming a luxury real estate agent in Texas.
What Does It Take to Become a Luxury Real Estate Agent in Texas?
To be a luxury agent, you need the following:
Knowledge. You need to understand current market conditions and emerging trends. You also have to know how to solve problems that arise during transactions.
Skill. As a luxury agent, you’re expected to be a pro in negotiation, marketing, and communication.
Connections. Real estate is all about relationships.
Discretion. Luxury agents often work with high-profile buyers and sellers and are expected to uphold confidentiality.
Patience. Luxury homes take longer to sell because there is a smaller pool of buyers who qualify to purchase such a property. In 2023, it took 58 days on average to sell a home over $1 million (for reference, the industry average was 45 days during the same period).
Attention to detail. Luxury buyers recognize quality through details. To represent these buyers, you need to think like them.
How to Become a Luxury Real Estate Agent in Texas
Here is your five-step plan for entering Texas’ luxury market.
1. Get Your Real Estate License
In Texas, you have to be licensed by the Texas Real Estate Commission (TREC) to represent homebuyers and sellers. To get a Texas real estate license, you must:
Complete 180 hours of industry education (luckily, you can take Texas real estate classes online)
Submit a background check
Pass the Texas real estate exam
This process takes two to six months on average, depending on how quickly you move through the course material.
2. Establish Credibility
Reputation is crucial in real estate, so you need to establish yourself as a professional asap. Here’s how:
Choose a respected Texas brokerage. You can piggyback on their reputation while you build your own.
Create an online presence. A professional website and informative social media profiles allow you to provide value to prospective clients before you ever meet them.
Earn a luxury designation. Boost your credentials with a relevant designation, such as Certified Luxury Home Marketing Specialist (CLHMS).
3. Co-list with Experienced Agents
Co-listing is when agents work together to sell a home and share the compensation. If you are a new real estate agent, co-listing with an experienced agent allows you to benefit from your colleague’s reputation. If you’re experienced, co-listing with another agent can reduce your workload, allowing you to accept more listings.
4. Network with Your Preferred Clientele
To meet luxury buyers and sellers, you need to join their social circles. Here are just a few ways to gain social exposure to your target market:
Join your local Texas Chamber of Commerce
Attend business networking events
Become a member of the country club
Serve in charitable organizations run by HNWIs (high net-worth individuals)
Consider sending your kids to an elite private school
5. Provide an Experience
Selling luxury homes means selling the lifestyle the home provides. When developing your sales techniques, think about how you can customize home viewings for your clients. Perhaps you start the home tour with tea service on the patio? Or host a “twilight showing” so the buyers can see the home lit up after sunset. Have the client's favorite music played through the home's integrated sound system during the viewing? Get creative and provide an experience your buyers won’t forget.
Dallas, Austin, and San Antonio Dominate the Texas Luxury Real Estate Market
Luxury real estate in Texas dipped a bit in 2023, largely due to high interest rates, but it’s rebounding nicely in 2024. Here’s a quick look at the hottest metros in Texas and their luxury property markets.
Dallas-Fort Worth
In Dallas-Fort Worth, the sales volume of homes priced at or above $1 million was up 28% from May 2023 to May 2024. If you’re looking for high-value neighborhoods, focus on the North Dallas area (inside I-636). This area has the highest number of luxury home sales and the highest sales prices.
Here are the most expensive neighborhoods in the Dallas area (using data from July 2024):
Westlake. The typical home value is $2,823,663, up 79.1% over the last five years.
Highland Park. The typical home value is $2,669,109, up 82.7% over the last five years.
Westover Hills. The typical home value is $2,534,650, up 61.6% over the last five years.
Austin
In a nationwide analysis of luxury markets in Q1 2024, Austin ranked number two (just behind Seattle) in terms of luxury sales increases. Lux home sales in Austin went up by 26% compared to the year prior! Austin has been attracting HNWIs from California and abroad with its growing tech sector.
Here are the most expensive neighborhoods in the Austin area (using data from July 2024):
Rollingwood. The typical home value is $2,570,448, up 98.1% over the last five years.
West Lake Hills. The typical home value is $2,136,044, up 75.9% over the last five years.
Lost Creek. The typical home value is $1,331,449, up 70.0% over the last five years.
San Antonio
A recent report found that sales for million-dollar homes in San Antonio soared 34% over the previous year’s figures. San Antonio’s rich cultural heritage attracts buyers from all over the world.
Here are the most expensive neighborhoods in the San Antonio area (using data from July 2024):
Hill Country Village. The typical home value is $1,240,759, up 49.1% over the last five years.
Olmos Park. The typical home value is $996,217, up 31.3% over the last five years.
Shavano Park. The typical home value is $947,610, up 46.0% over the last five years.
Smaller Luxury Markets in Texas
While big Texas cities attract a lot of luxury buyers, it’s also possible to be a luxury agent in smaller towns with high home prices. Here are a few examples (using data from July 2024):
Round Top. The typical home value is $1,245,435, up 86.3% over the last five years.
Sunrise Beach. The typical home value is $885,364, up 56.5% over the last five years.
Round Mountain. The typical home value is $880,218 (five-year increase information is unavailable).
Break into Texas’ Luxury Real Estate Market with Aceable
Are you ready to become a luxury real estate agent in Texas? Aceable is here to help! Our online real estate courses make it easy to earn your Texas real estate license and meet your ongoing continuing education requirements.
Ready to take your real estate business to the next level? Check out Aceable’s training course, Building a Million Dollar Real Estate Team.
Updated 9/12/24