Are you planning to put your luxury piece of real estate up for sale?
Maybe it’s a beachfront home and you’re looking to move elsewhere and change your environment. Or perhaps it’s a high-end country home that no longer excites you.
Regardless of the type of luxury property you own and your reason for selling it, one thing is clear: selling luxury real estate is a different ballgame. You are eying a certain subset of buyers with a unique set of consumption behaviors – just like you.
Along with Pinnacle Management our aim isn’t to discourage you, though. We’re here to help.
Continue reading to learn how to sell your luxury home without trying too hard.
If you’ve got no experience selling luxury homes, you’d be forgiven for assuming timing doesn’t matter. After all, the people who buy these homes are rich people, and rich people can splurge at any time, right?
Well, not quite. While it’s true that a house can sell at any time of the year, your goal is to sell your property quickly and fetch as much money as possible. This is why timing is important.
You see, if your property is a beach villa and the area is prone to hurricanes, it doesn’t make any sense to put it on the market in the middle of the hurricane season. Nobody is looking to buy a beach house that’s is in the path of an imminent hurricane.
The best time to sell such a house is when hurricanes are the last thing on a potential buyer’s mind. Check out seasonal weather forecasts to ensure adverse weather in the area won’t stand in your quest to offload the house.
Luxury homes are pricey, no doubt. One industry report pegs the average cost of a luxury home in the United States at a whopping $1.55 million.
At this price range, you’d think buyers don’t give a hoot about the price of a luxury home. If you’re of the same view, you’re probably thinking of adding some tens of thousands of dollars to the home’s price tag.
Big mistake.
If you want your home to stay on the market for several weeks or even months, try pricing it well above its fair market value. The rich also want value for their money – just as you do. If a property’s valuation is $2 million, no one will want to pay above this amount. In fact, most potential buyers will make you a lower offer.
As such, get the pricing spot on.
In addition to getting a valuation report for the property, do your research and find what other similar homes in the market are going for. If there’s a big difference between the home’s value and the current market rates, try to find a balance between the two.
Buyers of luxury homes consider two primary things when shopping for a property: location and the kind of luxury that’s built into a property.
There’s nothing much you can do about the location. If someone wants to buy an ocean-front home, they will narrow down their search to beach neighborhoods. So, if your luxury home is in the countryside, there’s nothing you can do to change this buyer’s mind.
But there’s a lot you can do about showcasing your property’s luxurious elements. All you need to do is hire a professional stager to stage the home.
Staging is the art of optimizing the home so that potential buyers can easily picture themselves living in the home.
When staging a luxury home, you want to highlight the home’s biggest selling points. If it has a customized spot for a grand piano, ensure the piano is right there. If it has an outdoor kitchen, ensure the area is well-prepared.
Staging can significantly reduce the amount of time a luxury home stays on the market. Potential buyers will make a purchase decision soon after viewing the home.
Staging the home doesn’t necessarily mean the home is open for all and sundry.
A luxury home is an exclusive property. Letting everyone walk in and view the home at their own will takes away this exclusiveness and can actually turn off potential buyers.
The property should be available to view on appointment only.
Avoiding the temptation to open the house to the public means you won’t erect a “For Sale” sign at the gate. But how will anyone know the house is on the market?
This is where marketing comes in.
Buyers of luxury real estate don’t drive around neighborhoods looking for properties on sale. Most of them spend their time on the web, hunting for properties on luxury real estate websites.
You need to advertise your property on such sites. Ensure your listing has high quality photos and videos that give interested buyers a good glimpse of what the property offers.
In addition to this, you can go the extra mile and build a website for marketing the property. On the site, people can have a 360-degree view of the house and be able to book viewing appointments. Just be sure to outsource this task to a professional with vast experience developing luxury real estate websites.
Selling your luxury real estate on your own saves you money. You won’t have to pay out any commission to a real estate agent.
However, without vast experience selling luxury homes, there’s only so much you can achieve on your own. Hiring a realtor who specializes in luxury homes is the smarter move, especially if you want to sell the home faster and get the best possible offer.
A realtor will even take care of the staging, meaning you won’t need to find a professional stager yourself.
Selling Luxury Real Estate Made Easy
Selling luxury real estate presents unique challenges. The market is so niche and if you don’t take the right steps, the property can fail to find a buyer for a long time. Having read this guide, though, you now know how to approach the sale.
Need more real estate tips? Keep tabs on our blog!
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