An Insightful Guide to Pennsylvania Luxury Real Estate
Understanding Pennsylvania Luxury Real Estate
Luxury homes see high demand
Home to some of the country's highly affluent individuals, the real estate market in the country is as diverse as it gets.
The United States has close to 100K high net worth individuals, the highest in the world, making it a mecca for luxury real estate buyers and investors.
With a wide array of properties to meet the unique needs of the discerning consumer, luxury real estate in the U.S. has continued to evolve over the last few years.
You might have seen them in magazines, or scrolled through them on listings websites, seen them atop big billboards or in movies, or heard about them in the news and wondered - what exactly is luxury real estate?
This is especially in Pennsylvania, where the demand for luxury real estate is steadily growing and buyers are interested in splurging on their dream home.
Higher-end properties worth a million dollars or more are seeing strong interest from buyers. Simultaneously, there is a rise in demand for real estate agents in Pennsylvania to cater to this specific set of clientele.
The question then is how to get a Pennsylvania real estate license.
Several steps must be gone through before getting a real estate license in Pennsylvania but the most important is going through the 75-hour Pennsylvania real estate course. Once you complete this course, you can sit for the exam to get your license and launch a lucrative career in the real estate sector in the state.
What constitutes luxury real estate in Pennsylvania
If becoming a luxury real estate agent and helping clients buy and sell luxury homes in Pennsylvania is your career ambition, then it will require skills, education, and training.
Working with the wealthiest few might seem daunting but with proper knowledge and preparation, you can make a mark and establish yourself in the PA luxury real estate market.
To start things off in the right direction, it is important to understand the key differences between traditional and luxury real estate.
Contrary to what many newcomers believe, the differences extend beyond the price of real estate.
A high price tag alone will not make a property ‘luxury’ - there are many additional factors and nuances at play in determining what puts a property into the luxury real estate category.
Luxury is still considered subjective, especially in real estate where the market landscape and buyer needs are ever-evolving.
While the exact definition of ‘luxury’ real estate might vary from person to person, there are certain objective features and aspects that are common in high-end properties.
Let’s take a detailed look at what constitutes luxury real estate in Pennsylvania:
1. Location:
One of the most important aspects of luxury, homes located in prime, coveted, and sought-after cities, neighborhoods, and towns are highly popular among luxury buyers.
Whether they are located inside sprawling urban complexes, overlooking scenic natural beaches, or situated right along the corners of sparkling lifestyle options - luxury properties are all about the location.
High-value buyers are often attracted to expensive locations that score high on entertainment, security, exclusivity, serenity, or connectivity.
2. Construction:
One definition of luxury real estate that everyone agrees on is the high construction quality and the generous use of premium raw materials, fixtures, and appliances.
Be it interior finishes like custom wood, gold, crystal, and marble or exterior finishes like high-grade metal, aluminum, granite, and hardwood, luxury properties are well-built using the choices of raw materials which are more durable, attractive and exclusive.
Another trait of luxury homes is the expertise of leading builders, developers, and designers in the construction of the home.
Tailored spaces that incorporate tasteful materials and design choices are often signifiers of luxury real estate.
3. Amenities:
Luxury homes are designed with world-class amenities to meet the unique tastes, and needs of highly wealthy individuals.
Many luxury properties are custom-built to suit the eclectic lifestyle of their owners. They come with unique amenities that offer a personalized touch to the properties.
From jacuzzi spas and wine cellars to private movie theatres and heated swimming pools, luxury homes incorporate the choicest amenities for a comfortable, plush lifestyle.
4. Privacy:
For the wealthiest, maintaining privacy is of paramount priority in life. Luxury real estate is designed to provide the utmost security and advanced safety measures to its owners.
Luxury homes feature state-of-the-art security systems and surveillance technology.
They are often designed to provide seclusion to their owners and come installed with gated entrances, large yards, security personnel, and high walls.
High net-worth individuals highly value their space and are ready to pay the premium to protect their privacy.
Luxury buyers choose properties that are situated in less crowded and highly secure locations.
5. Size:
One of the easiest ways to identify luxury homes in Pennsylvania is to filter them based on their size and scale.
Luxury properties are known for being expansive, larger-than-usual living spaces.
Be it apartments, mansions, bungalows, or ranches, luxury homes offer sprawling spaces for their buyers.
These premium properties offer larger carpet areas and they come included with pools, gardens, lawns, tennis courts, and backyards.
Spaciousness is the hallmark of a luxury home, irrespective of which Pennsylvania city or neighborhood it is in.
Regions in Pennsylvania known for luxury real estate
When it comes to finding luxury houses in Pennsylvania, there are many popular cities and towns with luxurious properties.
The most prominent names that come to mind are - Greater Philadelphia, Pittsburgh, Gladwyne, Sewickley, and Beaver Falls.
In addition to the above, there are many regions with luxurious real estate. They might not be the most obvious choice for luxury buyers, but they are quickly emerging as popular options.
Some of these lesser-known hotspots for luxury real estate are - Lewisburg, Doylestown, Weatherly, Villanova, and New Hope.
Additionally, certain areas can be ranked based on the most expensive places to live in Pennsylvania. These include Westchester, Gettysburg, and State College.
Steps to Becoming a Luxury Real Estate Agent in Pennsylvania
Educational requirements for becoming a luxury real estate agent
Working in the Pennsylvania luxury real estate market can be a lucrative and rewarding professional move for agents and brokers.
As most real estate agents get paid on a commission basis, working with luxury buyers and investors can help you earn higher on closing a deal.
However, breaking into the luxury market requires completing education and undergoing mandatory training. Further, it requires certain soft skills to participate and succeed in the market.
Let’s start with the educational requirements for becoming a luxury real estate agent.
Firstly, you must meet the basic eligibility criteria to start a career in the real estate industry.
Pennsylvania requires all applicants to meet the following minimum eligibility requirements:
- You must be at least 18 years of age or older
- You must be a legal resident of the U.S. with a valid social security number
- You must have a high school degree in education or a GED equivalent
If you meet the statutory requirements, you can then proceed to complete the educational requirements for a real estate license.
According to the Pennsylvania Department of State’s Real Estate Commission, every applicant must complete 75 hours of state-approved pre-licensing education to be eligible for a license.
Completing pre-licensing education will give you a fundamental understanding of the real estate industry. This education will provide you with knowledge about the laws, rules, and regulations of real estate.
The 75 hours of pre-licensing education is divided into two main sub-courses.
First is the 30-hour course covering the fundamental principles of Real Estate. Second is the 45-hour course which teaches you about the practice of Real Estate license.
Luckily, there are many real estate schools, colleges, and online course providers offering pre-licensing education classes and packages.
You can choose to join in-person classroom training or enroll in an online, self-paced learning program.
After completing the pre-licensing coursework, you will have to take the Pennsylvania real estate licensing exam.
The state licensing exam is required for licensure and every applicant must score at least 75 percent or above to clear the exam.
Note that you will be required to take the exam in the presence of a proctor or online at a Pearson VUE center.
Why choose a career in Pennsylvania’s luxury real estate market
Imagine working in the Pennsylvania luxury real estate market and earning an impressive 3 to 4 percent commission on a million-dollar home deal.
Wouldn’t that be a dream come true for you? If the answer is yes, then it’s worth pursuing the path to work as a luxury real estate agent in Pennsylvania.
The average selling price of a luxury home in Pennsylvania is north of $1M and with a steady demand for luxury real estate, there is no shortage of high-income opportunities.
This means you need not sell many properties to earn a six-figure income. In the luxury real estate market, you can work less to make more money.
In addition to earning larger commissions and making more value in exchange for your skills and time, there are some additional benefits of joining the luxury real estate market.
Prestige is an important factor in why many real estate agents and brokers wish to break into the luxury real estate market.
If you want to separate yourself from the tribe of agents and want to stand out from the crowd, working in luxury real estate can give you the platform.
When you work for the wealthiest few and high net-worth individuals, you automatically upscale your work and life standards.
This adds an added level of sophistication to your profession if you are someone who wants to chase that dream.
Your Journey towards Luxury Real Estate Training
The importance of luxury real estate training for agents
Once you have completed the mandatory pre-licensing education and acquired your Pennsylvania real estate license, you should consider investing in luxury real estate training to advance your career.
The road to success in the luxury real estate markets requires working with wealthy, sophisticated, and premium clients.
To become successful, you need to cultivate certain traits and practice soft skills including:
- Confidence
- Branding
- Industry Knowledge
- Market Trends
- Buyer’s Persona
- Demographics
Compared to traditional home buyers, the luxury buyer thinks and invests in a significantly different way.
These are entrepreneurs, businesspeople, investors, and diplomats who enjoy a high-end, luxury lifestyle.
To work with such people, you need to bring your best to the table. You must first start by working on your presentation skills and grooming your body language.
Confidence is the key to attracting the attention of wealthy individuals. Looking sharp, dressing well, and carrying yourself with professionalism go a long way.
As an agent, you must display a solid understanding of the luxury real estate market and a keen interest in serving the unique needs of the luxury buyer.
To make a mark in the luxury market and work with high-paying clients, you can also pursue special luxury real estate certification courses and programs