The process of selling a property is a lot different when you are in the market of luxury real estate. If you have a high-end property to sell, everything from how you market your property to how you price it has to be optimised the correct way. In fact, the higher you move up the price ladder, the more you have to be careful when it comes to your moves when navigating the real estate market. With that being said, continue reading to find some helpful tips for anybody who was selling a luxury property.
Choose a real estate agent who has experience in the luxury market
One of the biggest mistakes that a lot of people make is choosing any old real estate agent. They look for someone convenient or someone who won’t take such a big percentage. However, if you are not careful, you could have someone handling your real estate transaction who is completely out of their depth and has never sold a luxury property before. You want to be certain that you’re working with somebody that has proven experience in this segment of the real estate industry. All real estate agents have specialities, and so it is vital that yours understands the ins and outs of selling a luxury property, especially when it comes to advertising and pricing.
Offer some perks
If there are other luxury properties for sale that are quite similar to yours, then you need to look for ways to offer more value when compared with other properties that you are competing against. Can you part with the custom furniture set you have in the master bedroom? Or, what about your grand piano? If you sweeten the deal with a couple of added bonuses, this is a good way to stand out from the crowd and to attract the buyers that you are looking for in this saturated industry.
Develop a brand for your home
Building a distinct identity is one of the keys to successfully marketing and selling anything, and the same goes for your property. There is no need to go overboard with regards to how you speak about your luxury property. However, you do need to make sure that all of your marketing materials have a focused and consistent message. You may even want to think about acquiring an individual logo for your property, or even coming up with a slogan, and you can place this on any relevant content. You do not need to have an overt brand identity but it should underlay your marketing strategy.
Focus on what makes your home stand out
What makes your property different from all of the other properties that are selling at a similar price point? You need to highlight the things that make your home so special. A lot of property owners make the mistake of thinking that their home speaks for itself. However, your main selling points are the unique and high-value features of the property, and so they need to be featured prominently within your listings, videos, photographs, and any other marketing material. Lead with the features that are most likely to bring the buyers in for viewings.
Skip the public open house
Another tip when it comes to selling a luxury property is to skip the public open house and only opt for appointment viewings instead. There are two reasons why this is advised. Firstly, by going down this route, you are not going to waste any of your time setting up your property for an open house that is going to likely be filled with people who are simply curious about what your house looks like and are not actually interested in buying it. Another reason why this is recommended is that you make the buyer feel like viewing your property is a privilege. Your viewings are probably going to be limited because your buyer pool is limited but this is not something you should worry about. It is not about getting as many buyers as you can through the door when selling a luxury home but rather it is about getting the right buyers through the door. The right buyers are not the sort of people that will be attending public open houses.
When selling anything, whether you have a house for sale or something else, marketing effectively is of huge importance. However, the way in which you go about marketing something depends on what you are selling and the type of audience that you are trying to appeal to. An MLS listing, which is shared on your social media pages, and a yard sign may be enough if you are going to sell a bog standard house. However, for your luxury property, this simply isn’t going to cut it. You need to invest in the likes of professional photography and staging, as well as premium quality printed marketing materials.
Hire a professional home stage hire a professional home stager
The final piece of the puzzle is to hire a professional to stage your property in a manner that enables home viewers to envision themselves living there. This is especially important in the luxury housing market, whereby properties are usually fully customised to suit the owner’s tastes. You need to create more of a blank canvas so that buyers can imagine themselves living in your property. If you have too many personal items, this can act as a barrier and make it difficult for people to imagine themselves inside of your home on a daily basis. A professional home stager can break down these barriers and ensure that your home is presented in the most tempting way.
As you can see, there was a lot that needs to be considered when you are selling a luxury property. Follow the tips above to get started.
*This is a collaborative post*