Plan Carefully When Preparing to Sell a Luxury Property!
Generally, properties that fall within the top 10% of sales prices in the area or homes valued above $500,000 – are considered Luxury properties.
If you are planning to sell a property that falls within the Luxury category, here are some insights that you may find helpful.
Marketing and selling luxury real estate takes specialized skills and training. Luxury real estate agents need to and are expected to provide an exceptional standard of marketing service in order to effectively sell high-end properties. Higher end homes are generally appropriate only for a handful of buyers. Both buyers and sellers in this sector of the market have specialized needs. Therefore, it’s necessary to follow specially designed practices to ensure success.
You have to make sure that the professionals you engage have extensive experience in luxury property sales. You will need an expert in this area because it is a niche market, there will be fewer buyers and the competition will be more fierce.
Agents who specialize in luxury properties have a focused strategy:
Luxury agents usually employ or collaborate with expert teams to design and execute high impact and high quality marketing materials. Any brochures, videos or profiles created for the luxury property need to really stand out in order to attract attention and impress prospective buyers. Having great photographs and videos are always important but for high value properties they must be outstanding!
Each luxury property requires its own unique marketing plan. This plan must include outreach to out-of-town or even international buyers. In fact, the higher the home value, the more likely the buyer will come from more than 500 miles away. Rather than just marketing properties locally, the best agents will extend their marketing and promotional material to buyers elsewhere. This will improve the chances of identifying qualified prospects, selling fast and for a good price.
Luxury homes often have custom features that affect pricing and require special “staging” and targeting to attract the right buyer. Luxury agents may advertise their properties in the more prestigious publications and websites to reach the ideal buyer leads. Rather than advertising in the same places as a ‘regular’ property on the market, a luxury property that is being sold to a very specific sector of wealthy buyers needs to be marketed in a particular way. It’s important to keep in mind that it may take a little longer to sell a luxury home since there is a smaller pool of qualified buyers.
Direct marketing and Public relations also play a very important role, with the marketing team working to style their campaign to reach and impress a very exclusive set of prospects.
With all of this extra effort to showcase the home, Luxury agents also make sure prospective buyers can actually afford the property and are not just interior-decorating “tourists”.
Finally, you will find that the best Luxury agents have a wider network of other agents, previous clients and a more exclusive sphere of influence in their contact directory. Getting the word out to the right people is important in luxury real estate sales.