The market for luxury homes can be quite exclusive, especially the pricier your property is. Only a specific subset of buyers will be financially capable of purchasing your property, and they’ll likely have several expectations for the property if they are going to pay a high sum for it. This can make sellers wary of entering the luxury real estate market, especially first-time sellers. Fortunately, sales of luxury homes have increased in the U.S., so if you’re looking to sell your expensive property, now may be precisely the time to do so.
Still, you may not necessarily want to rely on market trends as an indicator of how quickly and profitably you manage to sell your luxury property. If you’re going to take charge of the sale of your property, you’ll want to take an active role in putting your property in front of the right prospective buyers. To help you sell your luxury property, we recommend following these eight tips.
1. Effectively Market Your Luxury House
The goal of marketing your luxury home is to reach qualified buyers, so putting up a For Sale sign in the yard and sharing your listing on Facebook probably won’t be effective. Buyers of luxury homes don’t look for properties in the usual places, so your marketing efforts will be wasted there.
You’ll want to target potential buyers who can afford your home and will be interested in purchasing a luxury property. Then you’ll want to focus on the aspects of your home that will make the property attractive to your targeted demographic. Putting money toward high-quality marketing tools like photography and professional staging can help you reach your prospective buyers.
2. Work With a Real Estate Broker That’s Experienced in the Luxury Market
When you work with a real estate broker with experience in the luxury market, your home reaches the right buyers — which means you’re likely to sell your property quickly and for a better price than you might have anticipated.
Additionally, especially if you’re a first-time seller of a luxury home, putting your property’s future in the hands of professionals who have sold numerous luxury homes can drastically increase your odds of making a successful sale. An experienced real estate broker like Brian T Hahs and Keller Williams Realty knows how to market and price luxury homes and can draw in multiple prospective buyers.
3. Set Your Price
Sometimes luxury properties can be difficult to appraise when there aren’t any comparable sales or if the property is particularly unique. This lack of a solid appraisal can leave sellers unsure of what an appropriate price for the home might be and how much they’ll make off of their home sale.
If you price the home too high, then you risk the home sitting on the market for months or years. If you price the home too low, you may risk selling the property at a lower price than it’s worth. Finding the middle ground will allow you to be competitive in the market and get as much for the property as possible. Alone, this can be a tough balance to strike.
4. Hire a Professional Stager
Staging a property can help buyers envision themselves living in a home. In the luxury housing market, homes tend to be customized to an individual’s tastes. While you don’t necessarily need to strip your luxury property to the bare bones, you’ll want it to be staged in a way that shows prospective buyers its potential and doesn’t overwhelm them with your personal style.
The process of staging can be challenging and a huge undertaking. Hiring a professional, especially someone with experience in staging luxury homes, can help you ensure you optimize the selling potential.
5. Take Quality Photos and Videos of Your Luxury Home
To showcase your luxury property, you’ll want to invest in a large number of high-quality photos. Including a virtual tour, drone shots, and other videos will give your property an added boost to appeal to prospective buyers. This can be particularly effective if your property is positioned on a lot of land.
A comprehensive album of imagery is also helpful for buyers who may not be able to travel to see a property in person before purchasing.
6. Focus on What Sets Your Home Apart
To sell your home, you’ll want to ensure it stands out amongst comparable homes in the same price range. Avoid placing the focus on furniture and similarities that can be found in other homes within the same price range. Instead, you’ll want to emphasize anything that makes your home special. These features should be prominently displayed in your videos and photographs. They should also be mentioned in your written materials for marketing.
Be sure not to assume that prospective buyers will notice the home’s best features on their own. Highlight those features in your marketing materials, so you can be sure buyers are aware of the unique aspects of your property.
Sometimes it takes a bit of luck to sell your luxury property fast, but your odds of selling are higher if you utilize an effective strategy. Following these tips can help you sell your luxury home quickly and profitably. Call Brian at (786) 432-8484 for a no cost consultation.