The confines of selling a luxury property are distant from an average one. As a seller in this niche, you have to optimize everything. This is from the price to the marketing tools and mechanisms. Since you are targeting the high-end market, you should also know that their expectations are equally vast. However, this is no cause for worry as you will be in an exclusive spot, unlike the flooded market. The higher a property is in terms of pricing, the smaller the pool of prospects. Therefore, as much as some may see it as cracking a rock, it is somewhat easier.
Nonetheless, be wary of the challenges that may arise in your journey and learn how to jump the hurdles. Otherwise, here are ten tips that will help you:
Get a professional realtor
When you want to sell your luxury property successfully, you need to get the right assistance. You will thus, need an expert to get things done. He or she needs to have sufficient background experience in the luxury property niche. The essential bit of their experience needs to be in advertising and pricing, as these are the primary factors to consider. You can land on the right realtor through networking and attending real estate events in your area.
Pick the right price
Price is a sensitive subject in every discussion. When it comes to luxury property, this even becomes more complicated. The price you set for a property should neither be too high nor too low. While the price needs to be on the lower side for other typical properties, this is not the case for luxury homes. When you underprice this type of property, a prospect may tend to imagine that it has a shortcoming. And this may prevent them from making the purchase decision. Moreover, setting a ridiculously high price may be tantamount to shooting yourself in the foot. To attract clients, choose a flexible price based on current market values and analysis.
This is one segment that can never be overemphasized. Things like mailing, social media, and print advertising should be used frequently to market the property. Social media and websites, to be more precise, have risen the ranks to become the best marketing tools for the current world. Therefore, you should make sure that you have a functional and user-friendly website, besides engaging social media. You need to exhaust every means possible to reach prospects. And never look down on any method.
Take quality visuals
You might have the best luxury property, but a single photo or video may ruin everything. Even if it is a waterfront real estate property, you need to get perfect shots or stand to lose clients. 90% of home buyers use photographs and videos to weigh the value and quality of a property. Therefore, you need to have an outstanding set of visuals in all your marketing avenues or fail to appeal to prospects.
Have a good timing
There are certain seasons when it would be best to sell your luxury property. You need to make a sale during the right season to make it easier for you to gain a better profit and make a fast conversion. Depending on your area, you should look for a time that guarantees better success.
Organize an open house for brokers only
An open house helps to equip the local brokers with the fundamental features of your home. This is to give them succinct knowledge when conversing with buyers. However, try and avoid a public open house session. As this is a luxury property, you may not know the intentions of those visiting and whether or not they are avid buyers. Some may come out of curiosity while others may come to survey the house for something worse – a criminal heist, for example. Public open houses are a breeding ground for various misdemeanors that you can avoid.
Use the neighboring amenities and lifestyle spaces to your advantage
Most luxury properties sit in leafy suburbs with an affluent set of facilities and spaces. You need to learn how to use this to your advantage. For instance, if there’s a high-end beach or clubhouse around, you can specify it in your listing information. This might be a convincing factor for your prospect.
Stage the property
This helps to reduce the time it spends on the market and maximize the profits from the sale. The staging process for a luxurious property needs to showcase all of the primary units that tell of its class. This can range from the bathrooms, master bedroom, BBQ area, and swimming pool et al.
Nothing happens overnight. And for a luxurious property, the sale may take longer than an ordinary home. But this should not affect you to the point of looking for a short cut by selling the house for a lower price. After all, even if it takes a few weeks or months to sell, the returns are more rewarding.
This is especially important if there are competing luxury homes in your locality. You need to give clients a reason to choose you from the competition, and incentives can help. So, why not add a high-end table in the living room to excite the prospects. Or have the bathroom fitted with golden faucets. Whatever it is, be distinct.
It takes a bit of luck selling a luxurious property quickly. However, if you use the right strategy, luck may be your middle name from today.