It is extremely important that a luxury home is priced competitively from the start, to attract buyers from the first marketing campaign.
An in-depth comparative market analysis must be completed on the home in order to determine the price. This includes an agent spending several hours analyzing data, touring comparable homes, and speaking with other brokers in the luxury market.
While there may be a similar home in a different neighborhood, it may have fewer amenities, or be located near the beach, these aspects will be taken into consideration when pricing your home competitively.
Effective Marketing is Vital
Be sure that your agent has effective marketing skills and is using the internet to best market your home. An Agent must have a comprehensive market plan in place, you do not want a "post and pray" agent who simply posts it and then waits hoping it sells.
Social media, MLS, their brokerage website, and personal website, in addition to print and mail marketing, are extremely effective in getting your home in front of the right buyers.
An estimated 95% of buyers are searching for their next home on the internet, it's important to know how it will be marketed online and how frequently.
Photographs, Videos, and Virtual Tours are a must!
When selling a luxury home, a professionally created video or virtual tour can be the difference in whether or not the luxury home sells.
While most local MLS’s have a limited number of photos that can be updated, they also allow videos to be uploaded. These videos give your potential buyers a feeling of a walk-through without leaving the comfort of their homes.
Time is Everything!
Timing plays a huge part in marketing your home.
For example, listing a waterfront home during hurricane season will not be the best time to attract luxury buyers to the area. However, listing it during warm, hot months will appeal to buyers looking for a place to spend their summer months.
Deciding if an open house is necessary
While selling a modest home, an open house is a must-have, however, when selling a luxury home, they often tend to bring in only lookers who want to see "how the rich and famous" live, rather than potential buyers.
That said, broker open houses are a great way to market the property to agents who are searching for their luxury home buyers and this may be exactly what's needed to find the right purchaser.
Lifestyle and Location
Luxury homes are often considered luxurious due to their location and lifestyle.
It is extremely important to showcase the location and lifestyle offered in the home and area. Portraying these incorrectly could be the difference between an offer and a looker!
Staging is key!
Staging a will assist in maximizing price, showcasing the home's attributes, and minimizing its time on the market.
Declutter, depersonalize, and disengage from the home while marketing your home. Remove personal photographs, ensure closets and storage areas are organized, and that it's ready for a showing at all times.
Be sure to showcase all amenities, such as; waterfront or yard, bbq area, swimming pool, indoor fitness facilities, formal dining rooms, and such by ensuring there the table is properly set with a fine place setting or welcoming beach chairs with cushions.
Remember, potential buyers, want to envision themselves living in your home with their belongings.
Patience is a must
Selling a luxury home often takes longer than a modest home.
There aren't as many buyers who can afford million-dollar homes entering the market on a daily basis, making the buying pool much smaller than that of a standard home.
However, if you have the right agent and have followed all the tips above, your luxury home should sell quickly!