Selling a home is not easy, and the level of difficulty increases when selling a luxury home. The homeowner may not be sure how to sell this type of property, and not all real estate agents know how to sell a luxury property. It’s important the property be sold for a fair market price and in a timely manner.
Here are several tips to consider when selling a luxury property.
Timing and Pricing
The timing of the sale of a luxury home can play a bigger role than a non-luxury home. For example, selling a luxury home in a location that is best for the summer months may not do as well in the dead of winter. Timing and pricing go together. An important place to start is by setting the luxury home’s price correctly. A common mistake is pricing the home at the highest price in the luxury home market. A better approach is pricing the home competitively or aggressively initially to attract buyers from the beginning.
Unlike non-luxury homes, remodeling and repair work will most likely be a waste. Many luxury homes are remodeled entirely by the new owners, who may even tear down parts of the existing structure. Unless the property is in need of necessary repairs, such as a leaky roof, it’s usually best to sell it in the current condition.
Real Estate Agent
Hire an experienced real estate agent that specializes in the sale of luxury homes. Any agent will be happy to gain the commission from selling the home, but if they don’t specialize in luxury homes, it could be costly. Some agents have the specialized knowledge and resources necessary to sell a luxury home for the best price. The agent will help set a proper price for the home from the beginning to make it competitive on the market; including the amenities and location.
A good real estate agent will help plan a proper marketing approach that will make the best of the property. For example, an experienced agent will use the internet and social media to promote the luxury home to the right buyers with professional photographs and a virtual tour. This approach will not only maximize exposure, but it will also allow more buyers to tour the home from the comfort of their own home.
A written ad with a photograph cannot deliver the impact of a well-constructed video tour. The agent should hire a professional stager to help highlight areas of the property that are big selling points. A stager will move items and move furniture to show off any unique features of the home and large spacious rooms. Open houses do not help luxury homes sell because they do not attract the right buyers.
Selling a luxury property is different from selling other types of property and a seller can take a significant loss if the property is not handled correctly. It’s important to have an experienced and specialized real estate agent with an established track record in selling luxury homes to help make the sell for the best price.
Jodi Bakst, a Certified Luxury Home Marketing Specialist and Broker Owner of Real Estate Experts based on Chapel Hill, North Carolina, is not only an out of the box thinker, she is trained to showcase and sell executive homes.