When selling a luxury home, the real estate market is different so if you’re selling a high-end property, everything from how you price the property to how you market it has to be modified for a different type of buyer.
For example, since a luxury home is in a higher price bracket, you’re going to need to carefully make decisions that appeal to a group of buyers who have higher expectations and more to spend. Also, consider that the more a property is listed for, the narrower the buyer pool becomes. This may mean you’ll have a long journey ahead of you.
So in order to successfully and smoothly sell your luxury home, we’ve come up with a few significant tips to help you on your journey.
Work With an Experienced Realtor
Working with a realtor who has extensive experience in the luxury property market is incredibly important. Like we mentioned earlier, this is a different market and it’s also a more difficult market. Proper steps have to be taken to ensure the home is sold in a fair, timely manner, and at a market value price.
Your real estate agent must have an active marketing plan in place. It’s not as easy as just listing your home in hopes that it one day sells. Your realtor needs to have a deep understanding of luxury homes sales and should have a proven track record of success.
Use High-End Photography and Video
Think quality and quantity when it comes to the visuals in selling your property. Along with stunning photos, give your listing a boost by including a virtual tour and videos of the property. Even drone shots can provide prospective buyers with a full view of the area and outside settings of the home, especially if the property has a lot of land. Having multiple high-quality images and video helps buyers decide whether it’s worth coming to view the property. This is especially the case with foreign buyers who make up a large portion of the luxury home buying market.
Skip The Open House
When selling a luxury property, you’ll want to create an air of exclusivity. This means ditching the public open houses in favour of appointment-only viewings. You’ll not only make buyers feel privileged to see the property, but you’ll also avoid the time-wasting non-buyers who will most likely come to see your home just out of curiosity.
Remember in the case of luxury homes, it’s not about getting as many buyers as possible, it’s about getting the right buyer through the door.
The Price Has to be Right
Pricing a home correctly is extremely important whether you’re selling a $100,000 home or a 1.5 million luxury home. Setting the right price is one of the trickiest decisions to make because if you price it too high, you risk letting your home go stale on the market and if you price it too low, you might end up getting less. You have to find that perfect middle ground where the price speaks about what your home has to offer and what it’s true value is. To attract the right buyers from the beginning, and get as much as you can from your property, the price should be competitive.
Here is where having an experienced real estate agent matters.
Selling a luxury property requires a give and take between you and your ideal buyer. And aside from a little bit of luck, having a good strategy is necessary. Following the tips above will help and we at Rego Realty are more than happy to help you successfully sell your next luxury home. Contact us today!