8 Tips For How To Effectively Market Luxury Homes
Selling high end real estate means you need a different approach than what you would use for a regular home. From the get go, you need to have a laser focused strategy that will take your listing to higher levels. You need to market the properties unique features that will attract the right buyer at the right price.
Below are eight tips to help you sell a luxury listing in the least amount of time and for the most money possible.
1. Price it correctly.
Pricing a luxury home from the get go is probably the most important step in getting the home sold. With that being said, luxury homes present an extra layer of difficulty when it comes to pricing. There are typically not as many comparable homes that you can reference, and higher end homes tend to have unique features that may appeal to only certain buyers.
The ideal way to price a luxury home is to consider other luxury homes that have sold in the last six months. You then want to look at comparable details like square footage, the features of the home and number of bedrooms. This will help you determine the right listing price.
2. Build pre-MLS buzz
Before you list the home on the MLS, it is a great idea to build up buzz about it. Come up with a variety of descriptions that provide any special and unique details about the home. Did a well known designer help build the home? Anything interesting about the area the home is in? Was the interior designed by a well known interior designer? These are all details to think about as selling points for the home. Next, think about any connections you have with higher-end public relations people that can help you spread the news about your listing.
3. Really understand who your buyer is
In order for any marketing to be effective, you need to have an in depth understanding of the desires and needs of the market you are targeting. The same applies in real estate. You need to think like the future buyer of the home. Consider the features, benefits and value prospective buyers may place on the home they are looking to buy. By doing this, you will be able to more effectively market the home.
4. Real estate flyers and high-end marketing materials are a must
When it comes to marketing a listing, perception goes a long way. When it comes to luxury listings, you need to take it to the next level and create high quality marketing materials. It is worth it to spend the extra money on video, photos, ad copy and even a dedicated website for your listing. Another great way to emphasize the value of an upscale property is with Real estate flyers. When creating yours, remember to focus on value beyond the usual selling points. Details like high-end materials used to build the home, imported appliances or a design by a specific architect, are all great selling points to include on your flyer.
5. Timing is everything
The right timing is key when it comes to selling luxury real estate. For example, if you are selling a waterfront home, it is crucial to select the right time of year to sell the property. Showing a home like this in winter would not be the right time!
6. Video marketing
When it comes to visual marketing, video is the gold standard. Creating a video highlighting the unique features of the home is a key component to properly marketing a luxury listing. Drone photography is another great tool to use. It helps with visualizing not only the property but the neighborhood and local attractions. Providing high end marketing like this, really is a must when it comes luxury listings and it will not go unnoticed by the seller or the buyer.
7. Reach out to your contacts
Prior to releasing your property onto the MLS, it is a great idea to contact other luxury agents, past high end clients and any other high net worth individuals. You can reach out via your social media accounts or through email and provide an exclusive sneak peak. You might also think about sending physical invitations, then follow up with each invitee individually. This will help create a buzz around the listing.
8. Knock on neighbor’s door
Neighbors are great advocates for the neighborhood and are great for expanding your marketing reach. As fans of the area, they can reach out to family and friends and encourage them to move to the area. Send them a nice real estate flyer to let them know that a property in their neighborhood is about to hit the market. You can even offer them an opportunity to look at the property and allow their friends to join too. The more the merrier.