Selling a home in Palm Desert is not the easiest of tasks but it also doesn’t have to be stressful either. The level of difficulty does increase when selling a luxury home, however. With increased difficulty, comes a need for increased knowledge.
Many real estate agents simply don't know how to sell luxury homes. It's important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!
Helpful Tips for Selling Luxury Homes:
Price it Right
Pricing a home correctly from the beginning, is essential whether selling a $100,000 home or a 1.5 million dollar luxury home! Don't make the mistake of pricing at the top end of the market. It’s important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the get go. It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly in the first place!
Additionally, it is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price!
Read more: 6 reasons you can't sell your home yourself
Print advertising and direct mailing should still be a part of any real estate agents marketing plan/system. The internet, however, is the real marketing tool. Whenever selling property, you should be using the internet. It’s important that a real estate agent has their own website and/or blog and that it is mobile responsive as well. Many home buyers do their shopping on their tablets and mobile devices.
All great agents should also social media. Social media is a great marketing tool for real estate agents that can help give their clients maximum exposure! It is a marketing tool that most real estate agents don’t utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account? 95%+? Not marketing on social media is a huge mistake.
Make sure your agent has a solid plan for marketing your luxury home.
Acquire Quality Photos and Videos
Most have heard the saying, “quality over quantity.” This relates perfectly to the quality of photographs and videos of a luxury home for sale. With over 90% of buyers beginning their home search online, it’s critical the photographs and videos of a luxury home are nothing but the best! You need a professional photographer with the right equipment.
If a picture is worth a 1,000 words, how much is a video or virtual tour worth? A billion? When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.
Wait til the Time is Right
When selling a luxury home, timing plays a larger role than when selling non-luxury home. For instance, if a waterfront luxury home is being sold in a cold climate, it’s important to select the correct time of year to sell. Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront home in a warm climate, selling a home during hurricane season may not be the best time.
Portray Location and Lifestyle Well
Luxury homes are often luxurious because of their location and lifestyle. If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a home's location and lifestyle.
When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home. It’s important to know or find out who else lives in the area.
Stage to Showcase
Staging does not sell homes but it certainly can help! Stage to showcase the amenities. Beautiful patio? Set up a bbq and great furniture. Elegant dining room? Set out fine place settings.
One of the biggest things that a seller needs to consider when selling a luxury home, patience is a necessity! Selling a luxury home will normally take longer than a non-luxury home.
One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home. Not everyone can afford a home on the high end.
Selling a luxury home presents a different level of difficulty and expertise than the non-luxury home market. However, it doesn’t have to be impossible, and by considering the above 7 tips when selling a luxury home, the process can be quite a bit smoother.