Selling a home is not the easiest of tasks but it also doesn’t have to be as hard as figuring out the rubrics cube! The level of difficulty does increase though when selling a luxury home. With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home.
Here are several tips for selling luxury homes that are helpful for any homeowner.
Is The Price Right?
Pricing a home correctly, from the beginning, is extremely important whether selling a $500,000 home or a 4.5 million dollar. A common real estate mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It’s extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning. It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning.
To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price. A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods. It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price.
How Will The Luxury Home Be Marketed?
The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home.
Print advertising and direct mailing should still be apart of any marketing plan/system. The internet, however, has significantly changed how consumers shop. This is no different in the real estate industry. It is extremely important when selling a luxury home, to utilize the internet. It’s important that a sellers home is marketed on various websites and that they can view the property on mobile as well. Many home buyers are shopping on their tablets and mobile devices.
Social media is another important aspect when selling a luxury home. Social media is an extremely important marketing tool that can help maximum exposure. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account? 95%+? By not marketing a luxury home for sale on social media, you could be loosing out on a huge percentage of buyer leads.
Print advertising, direct mailing, web presence the use of social media are all key factors to consider when listing a luxury home. In todays competitive real estate market you need the assurance of having someone representing you who is actively engaged in all areas of marketing.
What Will The Quality Of The Photographs/Videos/Virtual Tours Be?
Most have heard the saying, “quality over quantity.” This relates perfectly to the quality of photographs and videos of a luxury home for sale. With over 90% of buyers beginning their home search online, it’s critical the photographs and videos of luxury homes are nothing but the best!
When selling a luxury home, it is a must to have a professional photographer take photos of the home, and they better have some great equipment. Some things to consider when taking photos of a luxury home are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted.
A picture may be worth a 1,000 words, how much is a video or virtual tour worth? A billion? When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells. Most local MLS’s have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or “virtual tour” can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to “walk-through” the luxury home in the comfort of their present home.
Will There Be Any Open Houses?
A very popular question many home owners have for real estate agents is, are you going to have an open house? There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not sell homes but broker open houses can be helpful. A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches. A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home.
Are The Location & Lifestyle Being Portrayed Correctly?
Luxury homes are often luxurious because of their location and lifestyle. If a luxury home is part of a development which includes a clubhouse or golf club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle.
When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home. It’s important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home.
Will Any Staging Be Done?
Staging does not sell homes but it certainly can help. When selling a luxury home, staging will help maximize price and minimize time on the market. When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased. If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings? A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.
Selling a luxury home presents a different level of difficulty and expertise than the non-luxury home market. It is important to consider all of the tips but most importantly to hire the right agent who understands the luxury market and what it takes to successfully sell a luxury home. Professionalism, dedication, persistence and care are just a few traits needed from an agent you choose to help you sell your home.