Selling a home can be a complex and interesting process, regardless if you’re selling a $500,000 home or even a $5 million home. However, selling a luxury home can be a little more challenging considering the much higher price tag.
In order to ensure that your luxury home attracts the right buyers and doesn’t sit on the market longer than necessary, consider the following tips for a successful transaction.
Price it Right
This can be tough to do, especially if there are limited comparables to look at, which is usually the case with million-dollar-plus homes that are very unique. However, pricing the home properly from the get-go is critical in order to get your home off the market quickly, and avoid the dreaded ‘stale’ listing.
A common mistake that many sellers make is listing at a price that is well over what the actual market value suggests. In the luxury housing market, this can be a really big mistake. While it’s more common for luxury homes to linger on the market longer than lower-priced homes, luxury properties certainly don’t have to sit on the market longer than necessary if it’s priced properly.
Your real estate agent will conduct a comparative market analysis, and look at recently sold homes in the neighborhood that are similar to your home. It can be tough to find another luxury home that is exactly the same, which is why having an experienced real estate agent who knows about every amenity of a luxury home is essential when pricing a property.
Understand the Competition
If the neighbors in the area are also selling, check out what they are doing to market and list their properties. Of course, location and price are two of the more common factors to look at, but you should also understand what they are offering when it comes to incentives, unique marketing tactics, and property features.
Be realistic: if your house is the best in the area, price it accordingly. However, if there are others on the block that are somewhat superior to yours, price it appropriately before your competition does.
The biggest barriers to sellers of luxury real estate are poor pricing and lack of effective marketing. Keep your finger on the pulse of what is happening in the area as far as real estate goes. Determine whether or not comparative homes are selling, and see how much action they are getting relative to your listing. This info can help you make the right decisions and tweaks to your listing to attract more buyers.
Use Social Media Marketing Efforts
Advertising a real estate listing is a no-brainer. After all, how else will buyers be able to see your listing? However, don’t limit yourself to just print marketing or door-to-door advertising. With luxury real estate, marketing needs to be more innovative than that, and should include in-depth online marketing. The majority of buyers are taking to the internet to shop for a home these days, so it’s wise to make the most use of this platform to advertise your home.
When selling a luxury property, using social media is crucial. Social media platforms are very important marketing tools for agents that can help generate maximum exposure. About 95% of people who are in the real estate market to buy or sell have a Facebook profile, Twitter page, or Pinterest account, and tap into them when searching for luxury homes. If you’re not marketing your luxury home for sale on social media, you’ll be losing out on your reach.
Take the Extra Step with Your Listing Photos and Videos
Forget about snapping photos with your smartphone and using them for your listing. You absolutely need a professional photographer who will take many detailed, high-quality photos of your home. Professionals will use the right lighting for each photo, highlight the best features of the location and the home itself, and consider how furnishings and accessories are positioned to optimize the aesthetics of the space.
Your listing shouldn’t stop at photographs. Instead, you should take things a step further and include a creative virtual tour that can take buyers through your home as if they are actually physically there. Have a professional video taken of your property, and look into the use of drones to take aerial shots of your property and the surrounding area. The more sophisticated you are with your photos and videos, the more professional your listing will look and the more luxury buyers will be drawn into your listing.
Los Angeles is well known for its luxury estates, and the buying and selling process for such properties can be quite a challenge without the right team and the right tactics. If you are thinking of buying and selling in the L.A. area, be sure to get in touch with one of our experienced luxury real estate agents today!
Sorry, but we couldn't find any results in the MLS that match the specified search criteria.