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Selling in the Luxury Marketplace
By Barbara Pronin
In every aspect of selling real estate, specialization can be key. Earning a designation as a relocation or ‘green home’ or senior citizen specialist, for example, can win you increasing business in that market – and agents who specialize in selling luxury real estate will ultimately draw affluent clients.
 
But how different is selling the high-end property from selling the average home?
 
“I like clients to understand the neighborhood and community,” said Jeri Green, a top-rated Realtor and team leader with Prominent Properties Sotheby’s International Realty in Tenafly, N.J. “Buyers in the high-end market have an interest in country clubs and sports as well as quality schools and tight-knit communities.”  
 
The pool of prospective buyers may be smaller, notes Green, as well as others who list and sell luxury homes. But many of the same strategies you use to sell any home can help you connect your luxury listing with qualified and interested buyers.
  • Price it right – Whether you are listing a $100,000 home in mid-city or a $1.5 million estate in the country, pricing it competitively is vital. Buyers in the high-end market have done their homework, so understand the value of the amenities and location, tour comparable homes in the area, and talk to brokers who have sold comparable properties to be sure your listing is priced right.
  • Market to target – While print advertising in glossy high-end real estate magazines is nice, today’s marketing is all about smart social media strategy. Creating a strong website that resonates with your target audience and drives the right traffic is essential, and if the luxury market is new to you, it may be wise to invest in a good web marketing service to help you.
  • Get great visuals – With some 90 percent of buyers beginning their search online, having great stills and virtual tours out there can be a formidable starting point. The right lighting and angles are critical, so unless you are an experienced photographer, seek some professional assistance.
  • Be your own brand – It’s nice to have a recognized brand behind you, but it’s your expertise, integrity, discretion and unexcelled customer service that will keep your high-end clients happy.       
In many respects, these are the same attributes that should be applied with any property you represent, but they are especially crucial for creating and developing meaningful relationships with wealthy buyers.
 
Barbara Pronin is an award-winning writer based in Orange County, Calif. A former news editor with more than 30 years of experience in journalism and corporate communications, she has specialized in real estate topics for over a decade.

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