Selling any home can be a challenge. But selling luxury properties takes that challenge to an all new level. Luxury homes are not the same as traditional houses. High-end properties tend to be unique, harder to price, harder to market, and have a more discerning pool of potential buyers. Here are a few guidelines to help you prepare to sell your luxury home.
Real Estate Agent Expertise
You don’t just need a real estate agent. You need a real estate agent who has extensive experience in selling luxury homes. Luxury homes have individual nuances that not all real estate professionals will recognize. Upscale properties are also harder to price, so an agent who knows their niche can be better at helping you determine your sales price. Your chosen agent can also help you stage your home, market the property, and assist in achieving a successful sale.
Understand Your Buyers
When selling luxury properties, you’re not necessarily casting a wide net. In fact, the purchasers of luxury real estate are fewer and have different sets of requirements. Their investment is significant, and their wants and needs can be more extensive than those buying traditional homes. To attract the right buyers, you’ve got to understand the persona of the buyers. You may not have thought about creating a psychological profile for buyers, but doing so will help you increase the chances of attracting the right audience to secure the sale.
Price It Right from the Beginning
Getting the price right is critical. When you price too high, your house remains on the market for extended periods of time. While this can be damaging to any home for sale, it’s especially true in high-end properties because buyers are more likely to remember each house they’ve seen. There aren’t a lot of luxury homes for sale in any given area, so they’re memorable. When a luxury property remains on the market for too long or experiences multiple reductions in price, buyers begin to wonder what’s wrong with that home. The property becomes less enticing and more concerning. Different from other kinds of real estate, you cannot price a luxury home based on square footage alone.
Pricing luxury can be more daunting because there are fewer comps to consider. Recently sold homes in your area may be drastically different in size, style, and stature than yours.
Talk with your real estate agent in depth and at length about pricing strategies for your house. Getting the price wrong could prove detrimental.
Staging a luxury home is imperative to a successful sale. In traditional real estate sales, the owner can prepare the house themselves for showings, but in high-end real estate, it may prove beneficial to hire a professional staging company with experience in showcasing the best features of luxury properties. There’s no room in luxury for “allowances” or price reductions to accommodate shortcomings in the property. Luxury homes are all about comfort and quality.
The Season of Sales
For some types of homes, the season in which the home is listed can help or hurt the sale. For example, a waterfront property is more likely to sell in spring than it is in winter because the buyer wants to move into the lifestyle of fun in the sun. Consider your property’s features and determine the best time of year to list your home for sale.
Marking Your Luxury Home
Use high-quality photography and videography to showcase your home’s most stunning features. Talk with your real estate agent about the marketing strategy for your house. You may want to avoid open houses or drive-by views and opt for private showings instead.
Selling your luxury home isn’t an impulse decision. It’s also not a quick process. Select a real estate agent who specializes in the sale of luxury properties. Understand the persona of the buyers you’re trying to attract and market accordingly. Price the house competitively from the beginning to avoid lengthy stays on the market or multiple reductions in price that could create a stigma on the property. Stage the home to show off its attractive features. Use professional images and videos to advertise the property. List when you can promote the lifestyle as well as the house.
Your real estate agent is the best source of information about the local community and real estate topics. Give Charlotte Trone a call today at 505-350-0099 to learn more about local areas, discuss selling a house, or tour available homes for sale.