Tips For Selling Luxury Homes
Selling luxury homes is a whole different ball game! When listing a high-end property, you are marketing towards a narrower pool of potential buyers. As the listing price increases, so do the buyer’s expectations…this means everything, including marketing, staging, and timing, becomes imperative to the success of the sale!
As a general rule, the higher priced a property is listed at, the smaller the pool of buyers becomes. Underprice your property, and you may lose out on profit; overprice, and you may not get any offers at all. Homes that sit on the market for too long signal potential “red flags” for buyers, who assume something must be wrong with the property!
To price appropriately, realtors analyze relevant sales data, fluctuations in the current market, and the unique elements of your home compared to similar homes in the area. The relationship between timing and listing is also important. Here in Portland, the hot time to buy is late spring and summer, when the clouds clear, and we have a brief break from the rain! Although the Portland locals are accustomed to the drizzle, out-of-state buyers may not be. The gray, rainy weather can obscure the benefits of buying your beautiful home!
Diverse, Global Network
Selling luxury homes is unique in the realm of real estate — for that reason, the experience and network of your realtor is so important. Personal relationships in the real estate community and between investors are critical to luxury selling due to the broad network of connections that come with them. Entering the luxury real estate market as an agent is a tough feat! But successful agents with a global network can connect with the perfect agents, investors, and brokers to sell your home efficiently and for top dollar.
Off Market Approach
To avoid public marketing and wide-spread attention on a luxury home, many sellers opt to list their home off-market (meaning listing between agents, not the public). There are many benefits to listing off-market, including privacy, personalized selling, and flexibility of listing price. Keeping your listing off of public listing sites helps ensure the seller’s safety and privacy. Because potential buyers are only made aware of your listing through their agent, you have the flexibility to test a few price points without alerting the public market. Finally, off-market listing allows you to sell on your own terms and be selective with buyers, without the headache of putting it on the market.
Marketing, Media, & Publications
Grainy, dim, and generally low-quality photos simply won’t sell. Invest in a professional photographer who will maximize on the size and unique elements of the home. Consider drone shots for an aerial view of the entire property. These photos will be used for online marketing and can be pitched to various real estate magazines to garner additional attention. Dwell magazine is a perfect example — the magazine features cutting-edge home design and luxury home listings from across the country. Featuring your home in an established publication will boost your listing and increase demand.
Video marketing and virtual tours are key, especially for those out-of-state buyers. In-person open houses are not necessary when selling a luxury home — instead invest in a 3D video tour, beautifully edited video of the property, and private broker open houses.
What makes your property unique? Don’t be afraid to brag and show these features off in photos and video marketing.
- What rooms and elements of the home are newly renovated, and to what style?
- Any recreational features? Pool, jacuzzi, theater, garden, wine cellar, home gym?
- High-tech features? Smart-home hookups, heated floors, advanced security system?
The purpose of staging a home before open-viewing is to allow buyers to visualize themselves living there. As always, we suggest sticking to a cohesive theme throughout the home and removing personal photos and trinkets to create a generalized space.
Particularly for luxury homes, keep staging simple with clean lines and neutral tones. Luxury home buyers tend to customize homes to their particular taste. Simplifying staging allows buyers to see the potential in every room!
Patience & Confidence
Your listing is someone’s dream home! Selling luxury properties requires patience and confidence in what your property offers. These buyers are looking for a property that fits their unique tastes and needs. Sometimes it’s simply a waiting game to find the perfect buyer.
To sell luxury homes with ease, review and refer back to these steps!
- Price strategically — not too high, not too low, and time it out!
- Leveraging your real estate agent’s diverse (and global) network.
- Consider listing off-market — save yourself the headache of public listing and protect your privacy.
- Marketing! Invest in a professional photographer, videographer, and pitch your home to real estate publications.
- Simplify the home through staging. Allow the buyer to see themselves living there and adding their own personal touches.
Stay tuned for our upcoming book on listing your home, where we dive deep into the ins-and-outs of listing with the Piece of PDX team!