Selling a luxury property requires a careful evaluation of the property’s location, leisure, and lifestyle. For instance, if a luxury home has an enormous wine cellar, the home should be specifically marketed to wine lovers. A property with a boat house should be specifically marketed to boat-loving buyers. An estate with a 15-car garage should be specifically marketed to the auto enthusiast. Identification of the luxury property’s unique appeal is essential in successfully marketing and selling it. A certified luxury home marketing specialist works with the seller to directly communicate the property’s magic to prospective buyers.
Marketing a luxury property isn’t a simple task. By taking the proper steps to sell the luxury property in a timely fashion, it’s certainly possible to achieve fair market price or better. Review the following steps to sell a luxury property:
Price the Luxury Home Correctly
The price of the luxury home must be right. Sellers of a luxury home or any property are often tempted to commit to the real estate sales professional with the highest sales price. Unfortunately, this decision may keep the luxury home or compound on the market longer than necessary.
If the property is aggressively or competitively priced from the start, it will attract more buyers. Although it is common for luxury properties to remain on the market than average-priced homes, it doesn’t have to be that way. The premium property will attract prospective, qualified buyers if it’s priced right and marketed to those buyers.
To determine that the offer price is right, a comparative market analysis is necessary. A certified marketing specialist of luxury properties must take the time to collect and compare the data. The analysis may involve his or her touring comparable properties for sale or reaching out to real estate professionals who’ve recently marketed and sold reasonably comparable properties. Because it’s unusual to find a luxury property that’s the same as another, each amenity of the luxury property must be included to determine the competitive offer price.
Luxury Home Marketing
Once the price of the property is determined, it’s essential to plan the marketing strategy. Other marketing tools must be used to sell a luxury property in today’s digital world.
Although traditional tools like direct mail and print brochures are still part of the luxury home marketing strategy, it is crucial to present the property to prospective buyers shopping on a mobile device or tablet. Additionally, the marketing strategist should use social media (including Facebook, Twitter, or Pinterest), websites, blogs, and other online tools to gain maximum exposure for the luxury property.
If the luxury home isn’t marketed online, the real estate professional may fail to develop interest in a substantial number of potential buyers. Some real estate agents don’t understand the power of the Internet and social media to market luxury homes. Without planning a digital marketing strategy, though, the traditional real estate agent is doing a great disservice to his or her luxury home owners.