It’s the age-old advice when you’re making real estate moves: “Hire an agent.” Nowhere is this truer than when you’re buying a new home in Las Vegas.
To invest in real estate in a place that's world renowned for its casinos, golf club homes, sprawling estates, resort-style amenities, celebrity chef-driven restaurants, and a reputation that exceeds and upends expectations – not to mention tax benefits that are second to none and the surprisingly family-friendly communities – means hiring the best agent that can make the most out of your investment.
Stop being overwhelmed by the plethora of options when you navigate the housing market in Sin City. Whether you're shopping for your dream home or putting your property on the market, let the professionals do the heavy lifting while you focus on choosing your next home or envisioning the lifestyle you want in the Southern Nevada desert.
Here’s why it’s in your best interest to work with a top luxury agent in Las Vegas.
QUALITIES TO EXPECT FROM A TOP LUXURY AGENT
#1 • A top luxury agent takes care of the grunt work
Buying or selling real estate, whether it’s in Las Vegas or elsewhere, takes up a huge chunk of your time. But not when you’re working with the best luxury agents, who can take care of everything that needs to be done to close the transaction – from shortlisting the best communities to scheduling home showings. You’ll still be making the final decision, but your agent will be on top of all the important to-dos.
#2 • A top luxury agent seeks out only valuable properties
Having years of experience with high profile clients, a luxury agent knows how to make your real estate journey as hassle free as possible. Acquiring multi-million dollar properties means catering to highly specific asks on the part of both buyer and seller, as well as undergoing due diligence. Therefore, a consummate professional representing your interests ensures that the deal closes without a hitch.
#3 • A top luxury agent will navigate the competitive Las Vegas market with ease
The onset of the pandemic triggered an exodus from urban centers. But the return to normalcy has seen people going back to city centers.
The same can't be said of wealthy homebuyers. Pandemic or not, they remain enamored of the space and privacy afforded by properties located away from bustling city centers. For example, an influx of high-net-worth buyers from all over the US, most especially well-to-do Californians, is adding to the demand for homes in Las Vegas.
What’s more, March 2023 data from Las Vegas REALTORS® point to tough months ahead. The inventory of single-family homes was 34% less in March compared to February 2023. In addition, the number of new single-family listings decreased by approximately 14%.
When markets tighten, it's important to have seasoned real estate agents like a luxury Realtor by your side. If you're buying, they'll prepare you for potential bidding wars. If you're selling, they'll closely monitor comps so your home can be listed at peak price.
#4 • A top luxury agent has access to private listings
Not everything can be searched through Google. Some of the sought-after properties and estates in Las Vegas are not publicly listed. Yet, top luxury agents always know where to find gated enclaves and spacious mansions – and how to get in touch with their owners’ agents.
Luxury homeowners often prefer the low-profile approach to selling their homes, advising their agents to market the property through a professional network. Why? Privacy, for one, and security concerns, for another. Thus, being in the know is an ace up the sleeve of a well-connected luxury agent – and a perk their clients enjoy.
It’s essential, therefore, to find out if the real estate agent you plan to hire is privy to these "secret" listings. Or if they know enough of the right people to gain access to them.
#5 • A top luxury agent understands Nevada’s tax breaks
Buyers unfamiliar with the tax-friendly perks available to residents of Nevada need to be shepherded by a local real estate agent. A real estate agent can advise buyers on how they reap the most rewards from investing in a Las Vegas home.
Nevada's slew of tax breaks that make it appealing to potential buyers include:
- No personal income or corporate income tax
- No inheritance tax, allowing families to bequeath assets without the state taking a cut
- No capital gains tax when you sell your property
Read our previous blog post, "The benefits of owning a luxury home in Las Vegas," for more information.
#6 • A top luxury agent is an expert at home prices
Your agent is best equipped to help you make sense of home pricing, whether you’re a buyer or seller.
As a buyer, you’ll want a home that's priced within reason. A luxury agent's knowledge, experience, and tools to access up-to-the-minute data allows them to compare price points and enables them to negotiate the best price for the property you want to buy.
As a seller, you'll want the best possible price for your property, neither underpricing nor overpricing it. Your luxury agent will come up with a comparative market analysis to get to the ideal dollar value.
However, should there be no homes in the area comparable to yours in terms of size and features, your luxury agent will:
- Look for comps in neighboring areas
- Use the cost approach, which is estimating how much an identical home would cost if it were built on the same piece of land, minus depreciation
#7 • A top luxury agent remains objective
Whether it's your first time or something you've done multiple times before, real estate transactions often take an emotional toll. This is perfectly normal as many of life's key moments are tied to buying or selling a home. However, dwelling on those emotions may prevent you from doing what it takes to get the best possible deal.
This is where the support of seasoned real estate agents come into play. With a fiduciary duty to achieve the best outcome for their clients, professional agents can’t allow bias or emotion to influence their client's ability to make sound decisions. Therefore, your agent will keep you on an even keel throughout the process and present you with an expert’s second opinion before you make key moves.
#8 • A top luxury agent finds a solution to every issue
There are many things that get overlooked when buying a home, from mismatches between the listing description and the actual property to outdated heating and cooling systems. And even when everything looks fine during the home showing, problems could be lying in wait. A lien or title issues are two of them.
An experienced agent will not let common pitfalls derail a deal – or force clients into accepting issues and situations without solutions, alternatives, or expert advice.
#9 • A top luxury agent ensures no money is left on the table
When a homeowner entertains the thought of selling a house on their own, they're shortchanging themselves. According to The National Association of REALTORS®, FSBOs (or for sale by owner) typically sell for a median amount of $225,000 – which is much less than the median $345,000 for homes sold with the help of agents. And when the sale involves million-dollar homes, the amount that you’re potentially leaving on the table could be significantly higher.
#10 • A top luxury agent puts negotiation skills to good use
Whether or not you're an experienced buyer or seller, real estate negotiations have their pressure points. Your agent is there to help you stay the course while choosing the best approach in a variety of situations.
Purchasing a house in a full-blown seller’s market, for instance, may force buyers to yield to one concession too many just to have their offer accepted on a Las Vegas home. But expect a top luxury agent to make masterful moves, giving enough and holding off on some, so that you'll end up with the property you want on a deal that's favorable to you but fair to all.
QUESTIONS YOU SHOULD BE ASKING WHEN HIRING A REAL ESTATE AGENT
Question 1 • Can I see your license?
Before working with anyone who claims to be an agent, let alone a professional who specializes in luxury properties, make sure the basics are in order. Ask them for their real estate license, which will show you an agent’s local association where they are registered. Some agents also have the additional Realtor® designation issued by NAR. If you encounter a purported agent who is hesitant to show you this key piece of documentation, consider it a red flag.
Question 2 • How long have you been working in real estate?
Agents with years of experience are in a better position to give you their expert opinion on market trends and best practices in the industry. This is especially important if you’re looking to expand or diversify your real estate portfolio. While experience is important, you'll also want to know if agents work full time, the number of transactions they work on in a year, and the most recent deals they closed.
Question 3 • Do you have other real estate designations?
Top agents don’t just rest on their laurels. Top-performing real estate agents will also have a slew of other professional designations, some of which may be useful to you. Here’s a sample:
- Accredited Buyer’s Representative (ABR) – ABR agents specialize in supporting real estate buyers
- Military Relocation Professional (MRP) – MRP agents specialize in assisting active and former military service members buy or sell real estate
- Accredited Land Consultant (ALC) – ALC agents are experts on purchasing land
- Certified Property Manager (CPM) – CPM agents help oversee multiple properties
- Seniors Real Estate Specialist (SRES) – Agents with the SRS designation excel in addressing the needs of clients aged 50 and above
Question 4 • How many clients are you working with right now?
It’s normal for professional agents to work with multiple clients at any given time, with some being able to handle as many as 10 clients. That said, make sure the agent you’re potentially hiring isn’t stretched too thin and giving you less of their time.
Question 5 • Do you work with a team?
This question is intended as a follow up for agents whom you may feel are doing too much work with other clients. Apart from being able to delegate administrative tasks, a full-fledged real estate team, often associated with a real estate brokerage, allows agents to take on a higher number of clients without compromising the quality of their work. These agents also have a wide network that you can access to help find the right home or suitable buyers.
Question 6 • Do you work with both buyers and sellers?
You’ll find quite a few agents who regularly work with both buyers and sellers. Being familiar with both sides of the real estate transaction, these agents are well-positioned to advise you on the best strategy to employ. More importantly, working with this type of agent will give you a good perspective on what your counterpart (the buyer or seller) is thinking at any point during negotiations.
Question 7 • How much experience do you have at a given price range?
Luxury homes prices can run upward of a million dollars. The approach to these homes differ from selling average-priced homes. Hence, you’ll need a real estate agent who has substantial experience in your price range.
Question 8 • How will you help me find the right home ?
There’s no one-size-fits-all solution in real estate. Great agents know this and will first try to get a good idea of the kind of home you're after. They’ll probe your real estate goals and the considerations that come with it before suggesting a way forward. Ultimately, a real estate agent first focuses on getting to know their client before they recommend any kind of buying or selling strategy.
Question 9 • How many transactions do you typically close in a year?
The real estate industry is competitive and agents need to stay sharp. An agent who has too few clients or closes only a handful of deals a year may not be used to the pressure Realtors face at the moment. According to NAR, agents or Realtors usually close an average of 10 transactions annually. Some top-producing agents with dedicated teams work on more.
Question 10 • How long does it typically take to close a real estate deal?
The last thing you want is to hire an agent that takes too long to produce results. If you’re in a hurry to sell your home or move to a new city, you’ll want to make sure that an agent is well-equipped to help you close the transaction in a timely fashion.
Question 11 • What is your list price-to-sales price ratio?
A list price-to-sales price ratio tells you if a home sold for more than the asking price and by how much. A ratio of 100% and above shows that a specific property was sold equal to or more than the final list price.
This ratio means different things to a buyer and seller. For instance, sellers may prefer working with an agent who usually goes slightly above that 100% ratio. Anything beyond that percentage equals more profit on the home sale.
On the other hand, buyers typically want to work with agents who can secure a home purchase for the lowest price possible. In other words, that’s an agent whose ratio is below 100% when representing buyers.
WORK WITH THE DREAM HOME SPECIALIST IN LAS VEGAS
SOLD BY GAVIN ERNSTONE, the Dream Homes Specialist in Las Vegas
Gavin Ernstone is a top luxury real estate agent in Las Vegas. With over 25 years of experience helping clients find their dream home in The Entertainment Capital of the World, Gavin will ensure your real estate journey is hassle-free and enjoyable.
Get in touch with Gavin today to book a private real estate consultation. You may contact him by phone at 702.523.3677or via email. You can also complete this short inquiry form to leave a quick message.