7 Tips For Selling a Luxury Home
7 Tips For Selling a Luxury Home
Selling a luxury home is not the easiest of tasks but it also doesn’t have to be as hard as figuring out the Rubik’s cube! If you have a high-end property to sell, everything from how you price it to how you market it has to be optimized for the right buyers.
- 1- Is The Price Right?
- 2 – Work with a realtor who has experience in the luxury market
- 3- Quality Photographs and Videos Are A Must!
- 4 – Promote On RitzyList.com
- 5- Timing Is Important
- 6 – Focus on what makes your home stand out
- 7- Offer some perks
1- Selling A Luxury Home| Is The Price Right?
Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home! A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake.
It’s extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning. It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning!
To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price. A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home.
2 – Selling A Luxury Home| Work with a realtor who has experience in the luxury market
You’re going to want to be sure to work with someone who has proven experience successfully navigating the luxury real estate market for sellers. All real estate brokers have their specialties, and it’s imperative that yours understands the ins-and-outs of selling a luxury home, particularly when it comes to pricing and advertising.
To find the best realtor for the job, start with your personal network. If you know anyone who has successfully sold a luxury home in your area, ask for a referral—even if that agent isn’t a good fit for you, they might know somebody else who is. In the event that you don’t have somebody you can ask, limit your search solely to luxury real estate groups and be sure to look at their past-sale portfolios and read any reviews that you can find.
3- Selling A Luxury Home| Quality Photographs and Videos Are A Must!
Most have heard the saying, “quality over quantity.” This relates perfectly to the quality of photographs and videos of a luxury home for sale. With over 90% of buyers beginning their home search online, it’s critical the photographs and videos of a luxury home are outstanding and nothing but the best!
Every real estate agent will offer to take photos of a home, but it shouldn’t be as easy as just leisurely taking photos. When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment.
4 -Selling A Luxury Home| Promote On RitzyList
When it comes to selling a luxury home, a yard sign and an MLS listing shared on your Facebook page aren’t going to cut it. Luxury buyers aren’t looking for homes in the standard places, so that’s not where you should be focusing your marketing efforts. It takes money to make money, so expect to invest in top-quality printed marketing materials, in addition to professional staging and photography. Try RitzyList.com
5- Selling A Luxury Home| Timing Is Important
When selling a luxury home, timing plays a larger role than when selling non-luxury home. For instance, if a waterfront luxury home is being sold in Rochester, NY, it’s important to select the correct time of year to sell. Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront!
The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.
6 – Selling A Luxury Home| Focus on what makes your home stand out
Back in the early 2000s, the term “McMansions” took off to describe a certain subset of luxury homes that were large and expensive but relatively tasteless. Avoid falling into the McMansion trap by working to distinguish your home from other properties at the same price point—specifically by downplaying the things that buyers will find elsewhere (such as marble counter tops) and highlighting the things that make your home so special (such as that wine cellar in the basement).
7- Selling A Luxury Home| Offer some perks
The more value you can offer, the better, especially if there are other luxury homes for sale that are boasting similar features to yours. Can you part with that grand piano? How about that custom master bedroom furniture set? Sweetening the pot with a few added bonuses is a good way to separate yourself further from the competition and might just give you the edge that you need in a saturated market.