There is a reason that some real estate agents and brokers specialize exclusively in luxury properties: it requires a specific skillset, and requires working with a unique type of client with unique needs and expectations. A luxury property is defined as a property that is valued within the top 10% of homes in a specific market, and the more you know about how to successfully market this kind of property, the more successful you will be.
6 things to consider in marketing luxury properties:
Luxury properties usually have a lot of two things: furniture and space. A professional stager can help you maximize both so you can showcase each room in its best light. The goal of staging is to highlight the home’s best features and appeal to a broad pool of buyers. Some homeowners can be hesitant to stage the home and take it as a personal attack on their home decorating skills. Assure owners that home staging is not about them at all, and instead is about helping potential buyers see themselves living in the home.
A professional stager will design a space that appeals to this specific type of buyer, showcases the home’s amenities, and most importantly, sells the lifestyle, not just the home.
High-end buyers aren’t looking on Facebook or the traditional MLS for property. They’re using more selective resources to help them find the luxury property of their dreams. This means you have to be intentional about customizing your marketing efforts to put the property in a place where these specific buyers will find it.
To find the right buyers for a luxury property, it may be more about who you know than what you know. Luxury buyers are often found through an extensive network of agents and brokers who have exclusive access to these high-end connections.
Word-of-mouth is one of the most powerful tools for marketing a luxury home. Do your best to get the word out about your property, and make sure you tell agents who specialize in high-end properties and have a reputation working with luxury buyers.
Sometimes, buyers looking for luxury properties just need a little something extra to sweeten the deal. What could you include in the sale that would appeal to the luxury buyer? Maybe include some of the high-end furniture, a grand piano, or even a car? Buyers want to feel like they are buying into a specific lifestyle, and including special amenities or features in your marketing may help generate more leads.
Pricing is one of the biggest contributing factors to a home sale, whether it’s in the traditional or luxury markets. Pricing too high means spending money while the home sits on the market. Pricing it too low will send red flags up to buyers and make them think there is something wrong with the property.
A few things to keep in mind when settling on the perfect price for a luxury property include:
- Many luxury properties are so unique that basing prices on local comps may not be the best way to price a home.
- In the luxury market, most buyers are less concerned about price and more concerned with finding the right property, in the right location, with all the amenities they’re looking for.
- Market research is key in understanding what buyers are paying for real estate in a particular area.
- The amount people are willing to pay for a luxury home changes by the day, so it is crucial to keep timing in mind. What buyers are willing to pay now may not be the same they’re willing to pay in the future.
A traditional open house setting typically doesn’t meet the needs or expectations of high-end buyers. Also, an open house is riskier with a luxury property, and many agents choose marketing strategies that don’t involve bringing strangers into a luxury property. Invite-only showings are a popular way to get the right buyers to see the property and offer a more private and exclusive home showing experiences compared to a classic open house.
Photos are one of the most important parts of marketing a luxury home. Hiring a professional photographer is a must, and adding innovative features like video tours and 3D walkthroughs can help interested buyers truly experience the home. When it comes to photos of luxury homes, it is important to balance quality and quantity. Having a lot of average quality photos won’t generate leads, nor will having only a handful of really great photos. It is important to invest in high-quality photos to showcase the unique qualities of the home.
The one thing that sets luxury real estate agents apart from traditional agents is education. Selling a luxury property requires in-depth knowledge of the industry and the local market. To sell luxury property, agents must invest in continued education to offer high-end clients the services that they’re expecting.
Want to learn more about how to market more effectively and build your brand? Mbition has online courses and resources to help you do it all! Check out the classes for new agents, exam prep, and continuing education.