You will be facing an entirely new market if you are trying to sell your luxury home. For those with high-end properties to sell, every aspect of the home sale from the way you enter the market will have to be done with your specific buyer in mind. As a matter of fact the higher up the price bracket for your home the more specific subset of buyers that will be interested is, and the more carefully you will have your decisions in order to meet demanding buyer expectations.
If you are selling a luxury home for the first time you may be a bit apprehensive about the type of market you are about to enter. The higher the price of a property or home the smaller the customer pool is likely to be the longer the property will be on the market. Nevertheless, according to the information posted on Realtors.com, the luxury home category has seen some unprecedented success with a 25% increase in sales last summer. So even though your luxury home may be on the market for a while yet, you will still see plenty of action.
Work with a realtor who has experience in the luxury market
You will want to be sure you have an expert in luxury real estate market who has had experience in helping sellers sell house, nestfindrrealestateagents.com. You will find that there are specialties for the real estate market and there are important reasons you will want your real estate market expert to have experience in finding the perfect buyers and knowing all the ins and outs of the property market, especially when it comes to choosing a price.
To find this choice real estate agent you will want to begin with recommendations in your own circle of friends and acquaintances. If you know of someone who has made a sale on a luxury home they may be able to put you in touch with a reputable master agent. If not, then they may be able to put you in touch with a good place for references. If you have no one to provide you any references, you will have to do some searching in the luxury real estate markets for a good agent. Be sure they have a record that includes selling homes like your own.
Bring in a professional stager
Staging the home will be one of the most important parts of the marketing process. The whole point of this will be to create a visual spectacle that can help your potential clients imagine themselves staying in this home. In the luxury real estate market this is especially important because homes are often customized to specific tastes. It may not be necessary to strip the home to its bones, but removing a good amount of your personal effects and hiring a professional stager are essential to doing this right.
Getting this task just right is not easy, but a professional stager can provide essential insights that will guide you through the process. In addition to giving a potential buyer a good idea of what they can do with the home, you can also count on the stager to highlight the most exclusive features of your luxury home.
Find a balance when setting your price
Getting the price right for the market you are in is the biggest trick and most important. If you price too high, it will sit on the market forever. But, if you price it too low, you will cut into your potential profits and might not even get full value.
It will be up to you and your real estate agent to find the perfect sweet spot in between these two extremes, and this will be the price that speaks of the true value of your home and not scaring away too much of your potential buyer pools. You must stay competitive but also make sure you price is giving you your due value. Once more this is why having a professional and expert in the area can add real value to your time in the market.
When it comes to photos, think quality and quantity
Poor quality snapshots are not going to work in the regular real estate market so don’t even think about it for the affluent homebuyers who will be considering your luxury property. It really wouldn’t hurt your pocket book to invest in a professional photographer to arrive and make sure the lighting, colors, volume and visual presentations are all on point. You can speak to your realtor as they probably already have one in mind for the job.
Don’t stop there, go ahead and have some videos taken as well as a virtual tour of the property or at least some of the finer points. For those going all out to justify their asking price, drone photography is the next thing for providing a full aerial view of the property and looks especially good for those sprawling estates. Lots of footage and visual imagery will be especially important if you are hoping to sell your home to a foreign investor who will want to see their potential acquisition from all angles.
If you are serious about selling your luxury property you won’t be able to rely on a regular yard “For Sale” sign and a MLS listing shared on your social media pages. Luxury home buyers will not be buying or looking for their homes in the regular places most home buyers will be looking for theirs. With this in mind, you will want to focus your marketing efforts where they matter. In the luxury markets profit margins may be wider, but then again it costs money to make money so you will need to expect that your staging, printed marketing materials and photography are all state-of-the-art.
Skip the public open house
When you are selling a luxury property you need to infuse the proceedings with an air of exclusivity. One way to do this will be to forget the public open house and have use only private viewing which are made by appointment only. There are some specific advantages to private viewings only. One, you will allow your buyers to feel like the home is a privilege and two, you will avoid the expense of setting up the house for a bunch of customers who have no intention of buying anyway.
Because the amount of interest in your luxury property will not be so high, you will not have that many viewings either. But, that’s fine because when it comes to selling in the luxury markets it’s not about the quantity of your buyers as it is about finding the right buyers. The right buyers for your luxury property will not be coming to a public open house. If you are insistent on bringing in several buyers at one time, talk with your real estate agent about an “invite-only” event.
Focus on what makes your home stand out
There was a term that was used frequently back in the 2000s to describe a subset of luxury homes that were big and expensive but largely tasteless: theses were known as “McMansions”. You will want to avoid having your luxury property associated with these “McMansions” by downplaying some of the things that will be found in other homes of a similar category. Don’t emphasize the marble countertops but go for the things that make your home so special, the wine cellar for example.
It is the features of your home that make it unique and beautiful that you need to emphasize;. These should also be listed in your brochures and illustrated extensively in your photograph and video descriptions.
Develop a “brand” for your home
A marketing principle that will work very well in giving your home identity and individuality is to build its own brand. You don’t have to go all over the place when you are discussing or writing about your home’s descriptions but you should definitely have a single focused message that runs seamlessly through your marketing materials. You may even consider having a tailor-made logo designed that can be applied to relevant materials. It does not need to be the single marketing practice but it should be a key element of the marketing strategy.
Offer some perks
The more value you are bringing the better, especially when you will be competing with other luxury home of a similar value, is there a grand piano you could part with to sweeten the deal? What about the custom master bedroom set? Throwing in these little extras is a good way to make your deals a little more desirable in an otherwise saturated market.
Selling your luxury home, just like selling anything else, is going to be about give and take between the price you want, the investments you must make and the desires of your client. It is always great when your luxury home moves quickly on the market, but having a good strategy to make that happen is more important than counting on luck. By adhering to the steps and advice given above your luxury home sale could take off faster than you hoped.
Nest Findr Real Estate Agents
600 N Pine Island Rd suite 150
Plantation, FL 3332