In an industry that’s incredibly competitive and consistently buoyant, selling your property is not particularly easy, especially when it’s classed as a luxury home.
If this is your first time selling a luxury home, then you may be feeling slightly wary and intimidated by the entire prospect — just remember that to attract the right buyer for this substantial investment you will need patience, perseverance and professional help.
Understandably requiring extra levels of effort and expertise, selling your luxury home can be less challenging when dealt with properly, which is why we are here to advise you on the important elements you need to consider if you plan to edge out the competition, sell swiftly and at the best price.
Find an experienced agent
Many estate agents do not have the required knowledge to sell a luxury home, therefore you will need to research and find one who has an understanding of the luxury sector — it does differ greatly from the conventional property market — to receive proper guidance.
The perfect agent for you will be confident and showcase a great portfolio of prospective buyers, as well as having an impressive track record.
By finding the correct agent, your property will be marketed and priced correctly, thereby making the process far quicker and less stressful — with I Sold My House, the premier online service for home sellers, you will receive the guidance and expertise you need for a successful sale.
Be accurate on your valuation
Considering that the luxury property market is smaller, it is of utmost importance to price your property correctly — if the price is far too high then it will remain on the market for a long time with little interest, which will become noticeable over time.
Your agent should be experienced in pricing luxury homes and should undergo a comparative market analysis of similar properties around your area. If you are US based and selling a high end condominium or townhouse, the agent you go with should also prepare a Condo Cert (also known as a Condo Questionnaire) document – as this will provide evidence that the condominium development, not just the unit you are looking to sell, is in compliance with a lender’s underwriting requirements.
Remember that sentimentally can cloud your judgement and unfortunately, this is a mistake than many sellers make, therefore trust your agent’s opinion — the ultimate goal is to remain competitive whilst gaining as much as you can from the sale.
Marketing is key
Luxury home buyers will not be looking for properties in the standard places, therefore you need to think out of the box to attract the right people. Whilst direct emailing and print advertising are essentials, other marketing tools such as social media will truly be important for your sale.
Remember to consider your audience — who is your primary buyer and what exactly are they looking for?
Find professionals and resources
Professionally-taken photographs are essential when marketing for a luxury home, as you will need to show off amenities and special features in detail for both online and print, therefore hiring a quality photographer is truly something you should consider.
Similarly, offering the option for your buyers to have a virtual tour when browsing online will allow them to have a stroll through your home, which is perfectly convenient for buyers who are based abroad — hiring a video specialist will help create a VR or 360-degree tour to showcase the beauty of your home.
Avoid a public open house
Whilst an open house is ideal for showcasing your home, it can be seen as a time-waster as people who may not have the financial ability to buy a luxury property will attend the event to compare or to snoop around — if you have set up a virtual tour then the need for an open house is unnecessary.
Instead of a public event, why not do a brokers or an invite-only open house? This will make the event exclusive, accessible only to agents and buyers who can truly afford your home.
Learn how to sell luxury
Downplay the features that potential buyers could easily find elsewhere, and instead focus on romanticising the attributions that make your luxury house special, such as the opulent wine cellar, the extravagant home cinema, your surveillance cameras — these unique qualities are your main selling points.
These features should be prominently showcased in the professional photographs and video tours that you arrange on your listing and should be mentioned as assets in written marketing materials — trust us, it will pull your buyers in.
An important part of this process is to remember to maintain patience, as selling a luxury home will usually take longer than planned, but persevere, as it will undoubtedly be worth the wait.
