Generally, big residences are not in high demand. Still, it all depends on the market conditions and location. For instance, luxury residences by Armani/Casa in Miami will be sold more often than the residences by the same Armani/Casa studio that are located somewhere in Nevada. This is undoubtedly an important factor, yet it’s in your power as a seller to ensure that you are doing your best to sell the high-end property. It’s different from selling an entry-level home since the first-class real estate is targeting a smaller audience. But, there’s a killing feature — luxury. Your task is to properly advertise and sell this luxury.
Here are some of the best practices that will help your property stand out and improve your chances of selling it faster.
Set an accurate price
Pricing is a crucial part of the overall selling process since it influences how successful you will be at selling certain property. An overly high price tag can result in your residence overstaying the market and going stale. The longer the property is on offer, the less money it will yield. On the other hand, the under-priced home won’t let you get the money it is really worth.
The task gets more complicated when it comes to luxury houses. Traditional pricing approaches used by real estate agents can’t be applied to high-end houses for several reasons. Luxury residences are custom-designed. Therefore, you are unlikely to find other homes that may serve as a reference for pricing. Using the price-per-square approach is also pointless since the unique features, design, and layout are the main elements in focus.
In order to set a price within a reasonable range, you need to estimate the property’s amenities, explore the surrounding infrastructure, and sustainability of the environment. These are the key factors that will help you determine the right price for luxury homes.
Consider collaboration with a real estate agent
It’s possible to sell a property without the help of a real estate agent and avoid paying commissions. But, when it comes to luxury residences, you should save on the agent’s services.
Furthermore, you need a broker with solid experience and a good awareness of the luxury market trends. Realistic pricing, proper advertising, and a clear understanding of the market are basic prerequisites for a successful home sale.
Invest in quality photos
Most people perform an online search before purchasing a home. Today, it’s a common practice. Potential buyers admit that they pay close attention to visual information along with the detailed description of the property.
To attract prospective buyers to your property at an early stage, you need to have lots of photos. What’s more important, the images must be top-notch. Luxury residences deserve a classy touch of a professional photographer.
Videos are also as imperative as photos when it comes to selling high-end real estate. Virtual tours allow potential customers to take a walk through the property from the comfort of their own home. High-quality visuals will give your listing an extra boost. Also, consider drone shots that will be a great supplement to your property portfolio. Include a lot of land and outdoor space photos.
Consider property staging
Many sellers underestimate the value of this approach in real estate. And it’s their loss. The recent report says that staging results in the increased selling price for a home. Another study reveals that staged homes are sold up to 87% faster. But why does it make such a big difference?
This approach allows prospective buyers to better associate themselves with the home. It helps to showcase how home space and rooms can be used to the best effect. The high-end spacious residences that are often customized to individual tastes especially need it. Staging allows revealing the potential of the property, optimize it, and highlight its amenities and exclusive features.
Highlight unique features of the residence
Luxury homes usually have design elements and features that can be hardly found in other types of property. These are a marvelous wine cellar, a large indoor pool, a home theater, an advanced security system, to name but a few. These selling points should be added to the visual data in your portfolio and featured in marketing materials.
A seasoned real estate agent understands the value of the unique features of the residence and helps you capitalize on them. The neighborhood and location can also be the elements of luxury. For instance, a top-notch waterfront house designed by a well-known studio will be sold higher than a home surrounded by apartment blocks and designed by yet another building company. Figure out what makes your residence stand out and advertise it.
Leverage the power of online marketing
With proper staging, an outstanding portfolio, and a sign ‘for sale’ in the yard, it’s high time for your residence to target the right audience.
Offline marketing tools like brochures, print ads, and direct mailing are still effectively used by real estate agents. However, Internet marketing grows in importance too, and it’s vital not to miss out on the opportunities to get international exposure for your residence. Keep in mind that a large portion of home buyers shop online and use their mobile devices for this. So, it’s crucial to also use popular digital marketing channels such as social media.
Arm yourself with patience
The sale of big luxury residences is not an easy task. It requires investing money and effort to make your home shine against the background of other real estate items. Definitely, selling a high-end property will take more time than selling an entry-level home. The number of people who can afford a $1.5+ million residence is much smaller than that of those who can afford a $100,000 home. Therefore, be patient and follow the best practices above. They will help you sell a high-end property sooner rather than later.