Selling your luxury home means selling one of your most important investments. The task may be more difficult and daunting than selling a mid-priced home, especially since luxury home buyers have a specific taste for high-end homes that will greatly suit their lifestyle. That's why it is important to take the proper steps to ensure your luxury home is sold in a timely fashion and at its best market value.
1. Price Your Home Right
In whatever market you're in, pricing a home correctly is extremely important. However, pricing a luxury home is even more challenging. Custom features, upgrades, high-tech automation systems, amenities, and even the outdoor view vary from one home to the next.
Consider the dangers of overpricing, or even underpricing it. The luxury price range of homes also varies per region. Pricing your luxury home competitively from the very beginning will attract more buyers and won't let it sit on the market for too long.
2. Hire a Realtor with Luxury Market Expertise
Hiring a real estate agent who is also a local luxury home expert could be for the best if you are selling one of your most prized investments. Your chosen realtor should have a comprehensive marketing plan/system that they can use in promoting your home.
Ask whether they have a team of other agents who also work in the luxury market and can help promote your property to potential and qualified luxury buyers. Know whether the agent has other listings in your specific neighborhood, as proof of his/her expertise.
It may also help if the realtor and his team have a custom website where they can feature property listings.
3. Use Professional Photos, Videos, and Effective Marketing
Using amateur photos in promoting your luxury home is a big no-no, especially if you decide to promote it publicly. In the NAR Real Estate in a Digital Age Report (2016), 44% of homebuyers looked for properties online first.
Quality photos and videos are essential. Consider lighting, photograph your home’s best amenities and custom features, and highlight its exquisite location and panoramic view.
Most local MLSs have a limit on the number of photos you can showcase online, so a professionally-created video or virtual tour could give potential buyers a “walkthrough” of your luxury home and be a major advantage.
4. Present Your Home’s Location and Lifestyle Correctly
Luxury homes are all about lifestyle and location. Utilizing a video or virtual tour is a great marketing tool to accurately portray the location and lifestyle your home provides.
Prospective buyers want to know if the home suits their preferences and the lifestyle it portrays. It’s also important for them to know who else lives in the vicinity.
5. Consider the Right Timing to Sell
Timing plays a large role in selling your luxury home and showcasing its features. It’s important to select the correct time of the year and consider the current luxury housing market.
For example, selling a home with a luxury waterfront and resort-style infinity pool in the middle of a cold, stormy winter may not be ideal. The same goes for listing in areas with weather events that may not complement the house’s features.
6. Clean, Declutter, and Stage Your Home
Staging any home before selling is especially important for million-dollar luxury homes. Some luxury homeowners enlist help in keeping their home clean, so staging could be the only thing needed.
The luxurious amenities in a home should be showcased to help potential buyers envision themselves in it. For instance, a magnificent formal dining room should be staged with elegant dinnerware to help buyers visualize hosting fine dining and memorable parties.
