The luxury real estate market is a completely different beast than any other. A savvy agent will find it an incredibly lucrative career, but this is only if they’ve lined their belt with the proper tools. If you’re getting ready to sell your first luxury home, we want to equip you with the knowledge required to have buyers promptly sign the contract. To help you along, we’ve compiled a collection of tips for selling a luxury home.
Familiarize Yourself with Your Audience
The demographic you’ll be catering to live a particular lifestyle. They have set expectations and don’t begin the buying process with the intention of settling. When an individual is looking to invest a large amount of money, they’re already incredibly familiar with how this process should work. This means that they’re looking for an agent with a very particular skill set, and they’ll appreciate someone that is on top of things every step of the way. Before you begin marketing, take the time to truly get an understanding of the buyers you want to reach.
Invest in Marketing
You’ll want to budget out an appropriate amount of funds to go toward the marketing process. There are several luxury homes on the market—all of them fashioned to stand out amongst the crowd. Staging is key to the marketing process, and you’ll want to pay attention to every detail of the furnishings you’re setting out.
One of the most important parts of marketing is the visual aspects of your online listings. Photos are always a huge part of real estate marketing, but you’ll want to take the visuals to an entirely different level. Take pictures of the rooms and the outside of the structure, and provide a visual of the grounds and use a drone to capture a bird’s eye view. A video tour is also a welcome addition. Note that many prospective buyers will be traveling a distance to see the property, so you really need to sell them on the photos.
Avoid Open Houses
Many realtors agree that open houses aren’t the best way to sell a luxury home. Many of the individuals that attend open houses aren’t actually prospective buyers. Instead, they’re simply trying to get a glimpse into the luxury lifestyle. As we’ve just stated, many buyers will fly in for a private tour. It isn’t likely that you’ll gain a sale through open houses.
Sell a Lifestyle
Luxury buyers aren’t only buying a physical structure—they’re looking for an entire lifestyle. You want to outline the life that they’ll enjoy should they purchase this home. One important aspect of a luxury lifestyle is convenience, which you can promote via high-tech amenities. Buyers want one-touch coffee makers, faucets with sensors, and easily programmable thermostats.
The lifestyle will also extend to what’s outside of the property that they own. Are there shops nearby? A restaurant with a Michelin star? Include anything particularly attractive in the listing. The more buyers can get out of their purchase, the better.
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