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. There are fewer luxury homes out there, which makes it all the more important that the seller put forward a positive image of the home.
You have to attract the right buyer, know how to make the buyer understand what makes the home worth the money, and be able to negotiate effectively when selling some of the highest-priced homes available. Having the right list price and the best real estate agent are two vital cogs in the sale of a luxury home.
Find the right agent.
When marketing and selling a luxury home the agent you select becomes even more critical. The agent you hire will be your voice in getting the word out about how magnificent your property happens to be. Some of the most important traits of a luxury real estate agent include:
- Very effective communicators.
- Extremely detailed oriented.
- Understand the local market inside and out. This includes all local attractions.
- 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 good sphere of influence.
- Skilled in problem-solving.
Price it correctly.
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. Knowing how to look at a home, measure its strengths and weaknesses, compare it to similar homes, examine the surrounding market and price it to both sell in a timely manner and for a good price – these are skills that Realtors take years to master.
Luxury homes add another layer of difficulty when it comes to pricing. There are less comparable homes to reference, and each luxury home tends to have unique features that only some buyers will value. A luxury home tends to have unique features that tend to make it harder to price.
Some inexperienced agents will try to use rudimentary ways to price the home like using price per square foot. This is a sure fire way to get a luxury homes price wrong! There are significantly more challenges to pricing a luxury home. The price, however, needs to be spot on if you want to get top dollar.
Price it right.
Luxury homes are often located in areas that take advantage of local attractions and geography. In the spring or summer buyers can take all of this in and get a true feel for why the home is so amazing.
In the last months of winter the cold wind, oppressive rain, and constant cloud cover will tend to obscure the many benefits of owning the home. Obviously selling such a home would be easier in better weather, and the home would most likely fetch a higher price if buyers see it in the best possible light. A great luxury home selling tip is to take advantage of the optimal season in your specific location.
Here in Oregon, where we are located it would not make sense to list a luxury home in the dead of winter unless your financial situation dictates it. With a luxury property, you want to take advantage of the best selling season where there are more buyers in the market looking for luxury real estate. Without a doubt, the best time of the year to take advantage of selling a luxury home is the spring.
In the spring buyers can get a complete understanding of the grounds which is often a big selling feature in luxury homes. There are going to be things that you can’t appreciate in the winter such as a luxury swimming pool, tennis court, magnificent landscape and possibly many other features that can get obscured bad weather.
Finding the right buyer requires getting the word out about the property for sale. Today the primary marketing channel is the internet, but putting up a listing on the multiple listing service (MLS) is not enough to sell a luxury property – or any home, for that matter.
In addition to pricing a home, a reputable Realtor will have a number of marketing options for your luxury home. The first will be online, but the most pervasive will often be the network he or she has with other Realtors, past clients and other people involved in high-end real estate.
The best buyers may be found through the internet, or they may be found through a contact of the real estate agent’s. The point is to work with someone who has the ability to reach buyers who will want what you are offering.
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 uncovered when selling a high-end home..
Let’s face it, more and more people spend a ton of time on their smart phones. Everyone has their favorite social network they regularly use. Social media real estate marketing is just another way of going outside the box in getting a high-end home sold.
Whether it is marketing on Facebook or Pinterest – people love looking at luxury properties. Real Estate agents should be well versed in marketing to affluent clients.
Using high end photography and video.
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 a video tour of the property. 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, which requires working with a professional.
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 you are 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 what makes your home special. Filming a quality video tour may cost a little bit of money, but it can be considered an investment. The better the video looks, the more likely you are to attract the right kind of buyer.
You should not 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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