The luxury real estate market is considerably different to the traditional residential market and often comes with a range of quirks such as high paying clients, in-demand locations and unique home designs.
Therefore, it’s essential you explore and identify all of the valuable components of your home to effectively market and sell it for the right price.
We’ve compiled a detailed, actionable checklist so you can easily create and explain an engaging value proposition to your potential buyers.
1. Communicate Effectively
In order to communicate effectively to your clients, we recommend focusing on the following points:
- Find Unique selling points: What makes your house unique, is the location in high demand, is the area within a commuters belt or near a local train station? Identifying the key selling points allows you to confidently command a higher price for the luxury home.
- Use Power Words: Power words are a fantastic way to emphasize your key points, we recommend using these phrases whilst describing any key selling points or functional components of the house.
- Mixed Media: When communicating the value of your home to a potential client, it’s worth investing in multiple forms of media such as video, text and image content. People will respond differently to the various marketing mediums that you use, also Dr Albert Mehrabian’s study shows that our ability to absorb information is influenced by three distinct sensory inputs (visual, text and audio).
2. Pricing Strategy
It’s worth being thorough with your pricing strategy, too cheap and you risk underselling the property, but too expensive and it might drastically lower the supply of buyers. The luxury real estate market is a small market, thus whilst researching the location we recommend the following:
- Ask 3-5 real estate agents for prices on similar sized or location-based luxury homes.
- Research and aggregate the average price for luxury homes in your location by using luxury listing websites.
- Start high with the initial price for your public listing and only reduce the price if required.
3. Know The Demographics
When selling luxury property, its vital to specifically target your market. If your audience is too broad or your message is generic it can lead to inadequate results. Performing audience or customer research is an effective way to overcome these challenges.
- For example, you can research the age range, income, and lifestyle to streamline your communication with the desired audience and their preferred interests. Several data sources include:
4. Brand Your Home
Despite prospective buyers primarily focusing on the number of bathrooms/bedrooms or garden size of your property, there are additional methods to successfully differentiate your property:
- Mention any immediate perks such as:
- Being in close proximity to schools, universities or colleges.
- Having a beautiful view or nearby natural attractions/parks/woodland.
- If the building was created by a famous/skilled architect, make sure to include this within your initial presentation.
- Provide a range of high quality local contractors inside of the real estate package in cases where renovation work would be required.
5. Effective Storytelling
Creating a compelling story is a useful tactic and ensures your luxury property remains competitive and top of mind for prospective buyers. Whilst crafting your narrative remember to focus on the lifestyle that your buyer could have if they purchased this luxury home. Here are 3 useful resources to improve your storytelling:
- A Storytelling Guide for Those Who Stink at Storytelling.
- The ultimate guide to storytelling.
- Effective storytelling.
6. Offer Virtual Tour Packages
Both Commercial real estate agents and luxury home agencies can benefit from immersive marketing mediums, for example, a virtual tour allows your potential buyers to see the garden, kitchen and other rooms whilst being in the comfort of their own home. Plus, it can also empower your property agent, helping them to describe your property and close any opportunities/deals.
7. Only Do Necessary Repairs
For some sellers, redecorating rooms is a waste of time because buyers tend to refurbish it with their own style. Therefore only doing the essential repairs such as plumbing and electrical systems will help you avoid wasting time, money, and effort on unnecessary redecorations.
8. Create Personalized Marketing Experience
Personal marketing experience is the name of the game today. Know your target clients and design your marketing towards their interests, lifestyle, and future life plans. This can be your edge over other luxury real estate sellers.
9. Work with the Right Property Agent
Finding the best real estate agent should be a priority. They must be confident, smart, and friendly. Remember to check their track record and marketing plan. Several ways to qualify the quality of property agents are:
- Request client reviews, testimonials, and case studies.
- Utilize your existing network on LinkedIn to see if it’s possible to get a second opinion on the agency.
- Analyze their previous marketing collateral, social activity and content production (frequency, quality, and engagement).
It’s vital that they take the time to understand your property so that you can go to market with confidence and thus increasing the likelihood of your listing selling within a smaller time frame.
Luxury home’s require an investigation and bespoke approach, we hope that these tips help you succeed when you need to sell a luxury home.