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Selling Luxury Homes

Selling Luxury Homes

Shanne Carvalho Luxury Homes

A Guide to Selling Luxury Real Estate

Luxury homes require a different kind of selling strategy than typical listings do. Luxury clients aren’t as constrained by budget and availability. In addition, they are usually not in a hurry to make a purchase. They are more impressed by unique features of your home they can’t find elsewhere. They usually view many more homes that traditional buyers do before making a decision. If you are selling your luxury home this article will give you a better idea of what you should focus on to get the best results.

Preparing your Luxury Home for Sale

When luxury buyers visit homes, they expect impeccable cleanliness and staging. You want buyers visiting your home to imagine themselves living there. It should be as well appointed as a luxury hotel suite with fresh towels, fresh flowers, and spotless floors. All personal items like family photos, clothing, and bathroom supplies need to be out of sight. Closets and cabinets need to be well organized. The garage needs to be free of junk and cardboard boxes, so they can easily image parking their cars there.

The yard too should be well manicured and free of dead plants and broken pottery. You should also invest in making repairs to broken bathroom and kitchen fixtures, and replace stained tiles. Any problem buyers see will make them wonder what other hidden problems are lurking out of view. When you’re done preparing your home for sale, ask yourself, would the most finicky buyers feel at home here?

Pricing Your Luxury Home

Unlike most homes, many luxury homes lack nearby comparables that could be used to determine market value. The more unique a luxury home is, the more difficult it is to price. This is another reason why you need to hire an experienced real estate agent to help you with your sale. Usually if there aren’t enough recent market comparables in the area to evaluate, real estate agents will start with a price-per-square-foot model and adjust the price up and down based on the home’s features and drawbacks. An ocean view, for example, will greatly increase the value of a home. While the lack of a spa tub or separate shower in the master, or lack of air conditioning in a sunny home will be considered a drawback.

Examples of features that may increase the price of a home include: separate guest quarters, swimming pools, spa tubs, cathedral ceilings, marble or heated flooring, large usable yards, outdoor living spaces, and room for boats, car collections and other recreational equipment. If your home was designed by a well-known architect you’ll want to account for that in the price as well.

The neighborhood and its local amenities also play into the value of your home. If you’re close to the beach, near parks, or close to a country club, you’ll be able to ask more for your home. Gated communities add value to a home too. If you’re using a local security service you’ll want to include that information in your selling materials. Access to valuable services is important to more affluent buyers.

Reaching Luxury Clients

The key to finding buyers that will appreciate your home is to target specific groups based on lifestyle preferences. If your home is close to an accessible beach you’ll want to target families and seniors who would enjoy spending time there. If you’re close to a golf course you’ll want to target golfers by advertising in golfing magazines and on golfing websites. The right targeting strategy isn’t always obvious. You’ll want to work with an experienced real estate agent that has successfully marketed homes like yours in the same area. Out-of-area real estate agents might not be able to do as good of a job targeting buyers in your market.

Your specific home’s unique features will also help your real estate agent decide which target audiences to focus on. If you have a swimming pool you’ll want to target buyers who have families, or who like to entertain often. If you have a large gourmet kitchen you should target chefs and feature details about the kitchen in your marketing materials and online ads. If you have a horse property you’ll want to advertise in equestrian magazines. Where you advertise your home and what you say about it will be different based on which group you are targeting.

Another way selling to luxury clients differs from working with traditional buyers is how you manage your open houses. Luxury open houses often feature elegant hor d'oeuvres, wine, and background music. Guests are treated to a personal tour by one of several agents working the open house. Guests might also be invited to stay and relax by the pool to take in the scenery, or visit with friends. Some real estate agents host special events at luxury homes they are selling and invite target clients to enjoy special entertainment. Neighbors are also invited to open houses and events since many times friends and relatives of local residents are interested in purchasing in the area.

Marketing Your Luxury Home Online

In today’s market most all buyers are using the internet to find and evaluate homes they’re thinking about visiting. Even when they are working with a buyer’s agent, luxury buyers will view homes online before planning a visit. This is why having an impressive web presence is critical to successfully marketing your luxury home. Most real estate agents will be able to create a dedicated web page for your home that will feature high-end photography and videos, as well as descriptive text carefully crafted to appeal to target buyers.

It’s important that you and your real estate agent hire a professional photographer that has experience working in high end homes. Make sure to ask for a portfolio before selecting a photographer. A good photographer will work closely with a stager to get the right furniture and décor in their shots, and avoid trouble areas that might turn buyers away.

A good luxury home video will be more than a series of photographs set to music. It will also have a narrative that describes the best features of your home, and why a buyer might find these features particularly interesting. It should take into account target buyers, just as the property website should. And finally, a good video will invite clients to come and see the home for themselves to see additional features not shown in the video, such as a walking path to a creek, or a custom garage. The idea is to leave the viewer wanting more so they are more likely to schedule a showing.

Hiring the Right Real Estate Agent

Not all real estate agents have experience selling luxury homes. You’ll be better served by finding an agent that has sold homes similar to yours. Talk to past luxury clients and find out what the real estate agent did that was exceptional, and what they might need to do better. Million-dollar-plus homes also require spending a significant amount of money up front to prepare and advertise. Make sure to ask real estate agents you talk to how much they will be willing to invest to sell your home more quickly. High end brochures, for example, are more expensive to print. Full page ads in real estate magazines are expense too, as are high end photographs and videos. Ask your real estate agent to give you a market budget you can agree on in advance.

Call Shanne today to find out how he can make your life easier, 831-588-2374.