What does it take to sell a luxury listing?
Considering the value of luxury homes, it is understandable that sellers would want to get things right. These homes are substantial investments, often worth millions of dollars. Luxury homes buyers are in thin supply, which makes it that much more important to offer your best presentation.
To attract the right buyer, you have to effectively communicate the value the home offers. To attract the highest price, you have to start with a solid marketing plan and to seal your best deal, you have to negotiate effectively. Choosing the right agent with the right plan who knows the art of the deal is step number 1.
Find the right agent.
When marketing and selling a luxury home the agent you select becomes even more critical. In a market flooded with agents, it can be hard to find one with the experience to best represent you. The agent you hire will be your voice to the world about how magnificent your property is but also your trusted advisor to help you navigate the deal in this sue-happy world. A good broker will not only show your home in the best light but do so in a way that lets you sleep soundly. Some of the most important traits of a luxury real estate agent include:
- Very effective communicators. Overcommunication is always better!
- Skilled Problem Solver. We only get paid if we solve problems!
- Extremely detailed oriented.
- Experienced. Understand the local market inside and out as well as market cycles.
- Well versed in pricing homes correctly. The agent should have a great list price to sale price ratio and lower days on market than the average.
- Expert marketers.
- Have a deep network.
Price it right.
One of the most important tips for selling a luxury home is pricing it at the right price from day one. Pricing any home correctly is challenging because it involves art as much as science. The ability to look at recent comparable sales, measuring strengths and weaknesses, while examining the surrounding market to arrive at a valuation that will yield you the best results in the shortest time– these are skills that brokers take years to master.
Luxury homes are more challenging to price because there are less comparable homes sales largely resultant of affordability. Simply put, less buyers can afford them! Pricing can be also be challenging because luxury homes tend to have specially chosen, unique features which are not likely to be equally valuable to all buyers.
Finding the right buyer requires getting the home in front of them. Knowing your target audience and where to find them is step one. Putting the home on the multiple listing service (MLS) is not enough to sell a luxury property – or any home, for that matter.
A reputable broker will have a number of marketing options for your luxury home and most of them will be online. After all, where would you go to search for homes? Aside from the internet and publications soliciting the buyer directly, the other most pervasive option is the network your broker has with other brokers, clients and professionals in the community.
Top real estate agents understand the best marketing tips for selling a home and they take advantage of them all. Exceptional agents leave no stone unturned when marketing a high-end home and they should be well versed in marketing to affluent clients.
Whether we love it or not, the vast majority of the population are spending a ton of time on their smart phones. Everyone has their favorite social network they regularly use and that’s why social media is a great platform to get the word out. Whether it is marketing on Facebook, Instagram or Pinterest – people love looking at luxury properties.
Using high end photography and video.
A picture is worth a thousand words. We’ve all heard it and it is truth. Whether a buyer finds your home online, or through contacts of your real estate agent, most people are going to want to look at the listing before they schedule a viewing. A quality listing will contain pictures and video, enticing a potential buyer to walk through it in person. Just as a good portrait photographer can bring out the best in a person, a skilled home photographer can make any home look its best. You want pictures that attract buyers and move them to action.
Luxury homes deserve exceptional professional photography. This is one of the most important aspects of selling a luxury home. When someone asks how do you sell a luxury home, photography will be at the top of the list!
Video is becoming as important as photos when selling real estate today – especially when selling a luxury home. Buyers may be coming from across the country to view your home. Even if they are coming from next door, a video tour can give them a good idea of what living in the home would be like and convey the special qualities and features of your home. Quality video is costly but its also an investment. When you hire a professional, wouldn’t you like to know that your professional is providing you the value you are paying for? The better the video looks, the more likely you are to attract the right buyer.
You shouldn’t even consider hiring a real estate agent who does not provide a high-end video tour when selling luxury real estate!
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