When you own a luxurious or high-end home, it’s even more important to get a good price for it. While a realtor will do their best for you, knowing how it should be done assists you in judging their representation. Here are 4 tips relating to the successful marketing of luxury homes.
Choose an Experienced Realtor of High-end Listings
It’s important to choose an experienced realtor, but more than that, they should focus on high-end listings too. What you don’t want is someone who mostly deals with $500,000 to $1m listings when your home is going to be put on the market nearer to $6 million or $10 million.
Why is this?
Their contact list of potential buyers has been built around the types of real estate they’ve previously sold. When they’ve only marketed less expensive homes in the past, they won’t have the right contacts who necessarily can afford or are in the market for something more impressive.
Luxury Homes Require Longer to Sell
Luxury homes don’t move as fast as less costly homes do. The list of potential clients who will be both interested in the real estate and able to afford it is far shorter. Certainly, the higher the listing price, the smaller the potential list of buyers. Indeed, many realtors will need to look to international buyers and seek to promote your home in social media circles that are frequented by the international wealthy potential buyers too.
So, expect the listing to require time to prepare, and even longer for the home to sell. The realtor should be able to give you a realistic idea of how the market is currently behaving and what to expect. Don’t be afraid to ask them.
Embrace Virtual Home Staging
Home staging is a popular way to turn an unfurnished or otherwise lackluster home into one that’s primed for the housing market.
Many buyers are choosing to view homes virtually online in the first instance now. Some may even purchase without setting foot on the property, but others will heavily rely on narrowing down their list of homes to attend a viewing based on early photos and videos.
Rather than deal with the inconvenience of a stager and their staff all needing access to the house, a modern approach is to use a virtual stager like Barion Design. Their staging technology allows them to seamlessly add staging imagery such as furnishings into existing photos without the fuss. This is hugely beneficial for potential buyers shopping around for a new home and lacking imagination for how a home will look fully furnished.
Avoid Any Suggestion to Host an Open House
While some realtors are actively avoiding any open house events due to Covid-19, their stance on that may change in the future. Depending on when you’re planning to have your luxury home listed, open houses might be back on the cards.
Avoid the open house. You want to create a sense of exclusivity to your listing. Limited individual viewing appointments, which can be conducted virtually by a realtor through live streaming to pre-qualified potential buyers, are the way to go.
While the realtor will provide the marketing for you, you still have a say as the homeowner. By following the above tips, it’s possible to positively influence the outcome in your favor.