The idea of selling your luxury home can be overwhelming, especially if this is your first time. Luxury homes are substantial investments and as with any other home sale, you want to get the best deal from the sale of your property. The dynamics of selling a luxury home are different compared to those associated with selling a typical home.
Generally, luxury homes appeal to a narrower pool of buyers and for that reason, you need the right strategy to ensure you attract the right buyers and convince them that the property is indeed worth the money. Without the right strategy and guidance, your luxury home can end up staying on the market for a longer period of time, forcing you to make drastic price reductions.
Below, we discuss useful tips when selling your luxury home.
Work with a Realtor who is Experienced in Luxury Properties.
When you work with a real estate professional who has previously sold luxury properties, you stand a better chance to reach the right buyers and sell your home quickly. You might also be able to sell for a better price than you had initially anticipated. Experienced realtors have an understanding of the luxury property market and can help you in matters such as pricing and listing options.
There are different avenues through which you can get experienced realtors. One of these is asking for referrals from your network. You can also get in touch with real estate companies that sell luxury properties.
Price Your Home Correctly.
When pricing your luxury home, getting the price right from the word go is important. You need to find a balance when pricing your home, so the price of the property is not too high to discourage buyers and not too low to underperform.
When you price your home without the help of a professional, there is a chance that your judgement will be clouded due to the sentimental value you have invested in the house. Therefore, it is important to work with an experienced realtor who will give you an objective opinion about the value of your home. With their experience, they can analyze the prices of similar homes, examine the surrounding neighborhoods, review the amenities and the features within the house and come up with a favorable price. Keep in mind that when pricing your luxury home, the main goal is to remain competitive and to get the best deal out of your investment.
Work with a Professional Stager.
When you are selling a luxury home, you are not only selling the house but also the lifestyle and the affluence that comes with it. A professional stager can help you showcase the most impressive features of your luxury home and create the right first impression for potential buyers.
Home staging changes the way a buyer views a home. It helps them visualize themselves living in and owning the property. Staging can also increase the value of the house and reduce the time that the property is listed in the market.
Have an Effective Marketing Strategy.
To effectively market your luxury home, you need to think about your target market and the most likely platforms where they look for properties. You may want to avoid open houses because they will most likely attract viewers who are not necessarily interested in buying but are just curious about the features of the property. Instead, you can opt for an exclusive open house where only serious buyers can view the property.
In addition, market your home on multiple channels such as print media, direct mailing, social media, and other online platforms. Keep in mind that you may need to invest in high end printed materials for marketing that bring out the best features of your home.
Use Quality Photos and Videos.
Most potential buyers begin their search online. For this reason, you should consider hiring a professional real estate photographer to take quality photos that appeal to potential buyers. For an enhanced buyer experience, take lots of photos from different angles to bring out the luxurious features of your home. Also, include virtual tours, videos, and drone shots to cater to buyers who may not be readily available for viewings.
In conclusion, selling a luxury home can require more of an investment from a time perspective given the various elements that go into attracting a narrower pool of buyers. It is important for you to exercise patience, understand the market conditions, and develop a clear strategy that gives you a head start in the luxury real estate market.
Published on 2021-01-22 22:27:56