Even if you’ve sold a couple of homes in the past, you may find the experience very different if you’re selling a high-end home in a luxury market. When it comes to luxury properties, everything from price range to marketing techniques needs to be optimized in order to target the right buyers. Selling a home in the higher price brackets requires carefully made decisions and well-designed strategies that appeal to a subset of buyers who are willing to spend a lot and have high expectations for what they’re going to get.
If you’re a first-time luxury home seller, it’s understandable if you’re a little bit wary about selling a home in an exclusive market. Homes placed in the upper price brackets have narrower buyer pools, which means you may have your work cut out for you.
While selling a high-end home can be challenging, there are some things you can do to put your luxury home in an advantageous position to get the attention of the right buyers. Here are several pro tips on how to sell luxury homes:
Hire an experienced realtor who’s an expert in the luxury market
It’s all about working with someone who knows how to navigate the luxury real estate market successfully. Real estate brokers have their own strengths – you want to look for someone who has an in-depth understanding of the ins and outs of the luxury market, specifically with pricing and marketing.
You can start by talking to people within your personal network. Ask for a referral in case you know anyone who has managed to sell a luxury home in your area. You could also look into luxury real estate groups and take a look at their portfolio of past sales.
Find the right balance when setting a price
Setting an ideal price is a key part of selling a luxury home. Give it an unreasonably high price and you could end up with a stale listing. Pricing it too low on the other hand, will mean getting significantly less for what your home is actually worth.
The key is in finding the middle ground that reflects your home’s true value and what it has to offer, without deterring a large portion of the buyer pool. Your main goal is to stay competitive while trying to get the best value for your property. This is also why you want to work with an agent who has experience with pricing and selling luxury properties.
Hire a professional stager
Another key part of selling a luxury home is staging it so prospective buyers can imagine themselves living there. Keep in mind that homes in the luxury market are often customized in order to cater to individual preferences. This doesn’t mean you have to completely renovate the home to turn it into something tailor-made for an entirely new owner. A successful staging job displays a property’s potential without overwhelming buyers with the previous owner’s specific style.
Staging your home by yourself is possible, but keep in mind that it can be very difficult and time-consuming to do on your own, which is why hiring a professional stager is a smart decision. They’ll know how to highlight your luxury home’s most unique features and optimize it in order to rope in more potential buyers.
Quality professional photography is a must
Subpar photos of your home simply won’t do, even in the standard real estate market. To sell your luxury home, you’ll need to invest in top-quality photography, and make sure you get lots of incredible photos showcasing the property. The idea is to focus on both quality and quantity. Be sure to ask your realtor for recommendations.
In addition to still photos, you can also take it to another level by including virtual tours, videos, and drone shots (especially if your home is surrounded by an expansive lot and gorgeous scenery). Providing lots of visuals is important, especially when you want your home to appeal to foreign buyers. They often make up a significant portion of the luxury market and rely on photos in online listings, as they’re unable to personally visit the homes immediately.
Create a “brand” for your home
One of the best ways to market your luxury home is to create a unique identity for it, just like any type of product or service. You don’t need to go overboard by thinking about new ways on how you should talk about the home. What you want is a focused message that ties all of your marketing materials neatly together.
You can also have a custom logo created for your home that can be included with any relevant content, or perhaps create a slogan. Your home’s identity doesn’t have to be prominent, but it should anchor your entire marketing strategy.
Want to work with the best Cabo San Lucas real estate professional? Get in touch with Andrew Lemke at 310.922.1818 (US) or 624.122.5658 (Mexico). You can also send an email to andrew(dotted)lemke(at)engelvoelkers(dotted)com