When selling a high-end property, it’s often about how you frame the positive features that hook an affluent buyer. Though many potential buyers will focus on the price tag, it’s the responsibility of the real estate professional involved in the transaction to know which features add value to the property and to understand the mindset of affluent buyers. In many cases, once a buyer understands the value of a given property, it reflects in the price they’re willing to pay.
- Highlight Unique Features
Most homebuyers love finding a property with unique features, which can exponentially raise the value of the property if showcased correctly. Before listing a property, make note of interesting features that are difficult to find elsewhere so that you can emphasize them in your marketing. Finding a detail that will grab an audience, and potentially taking steps to enhance this feature before selling, can increase the value and make buyers understand the price.
- Compare to Surrounding Properties
If you come across a property that is uncommon for the area in which you’re listing, be sure to communicate that to affluent buyers. For example, selling a property with a large yard in a city otherwise dominated by homes with little to no yard gives it increased value. Another example would be a property with historic significance in a market saturated by developments and brand-new homes. Unique features make the listing feel that much more special and boost the desirability of the property. The right buyer will understand the value of a home with a story and will agree to a price accordingly. As a general rule, affluent people want things that other people don’t have, so try adding “rare” or “one-of-a-kind” to the headlines of online listings to catch the attention of buyers.
- Feature Properties Based on the Target Audience
When you’re determining the core values of a given property, consider the kind of person who would be interested in purchasing the home. You can usually estimate the type of buyer you’ll be dealing with based on past experience, the demographics of a given neighborhood and the buying patterns of the specific market in which you’re selling. Although you will want to include all of the important details in your listing, deciding which features to put front and center based on what will be most attractive to your target audience can help save you time and money in the long run.
- Smart Marketing
It is no secret that attention spans are getting shorter and shorter, which is why it’s important to put the key messages of your marketing first. Once you establish what gives your property value, announce it boldly in your listings both online and in print. Real estate professionals often make the mistake of including pertinent details too far down in their property descriptions, and clients may miss it. If at all possible, feature photos of the parts of the property which give it value. Visuals usually speak louder than words, so be sure to show potential clients exactly what your property has to offer. You might want to consider hiring a professional photographer for complex listings. Mobile phones are great to capture certain spaces, but others might need a special touch to really shine.
- Leave the Price off the Listing
Sometimes properties are tough to sell because prospective affluent buyers see the price and run for the hills—all before knowing anything about the property. Leaving the price off of the listing is a technique that some real estate professionals use when they want to sell clients on the house before disclosing the list price. A benefit for leaving the price off the listing is that usually, the people who get in touch to discuss the property are genuinely interested in what it has to offer. This technique also effectively vets the buyers who only look at the price versus the value of a property.
- Emphasize Value at Open Houses
Open houses are a great opportunity to emphasize the true value of a property in person. As the host of an open house, the way you talk about the different rooms and features forms a strong positive or negative association in the minds of potential buyers. Stressing the value of a home for the price of the listing is almost always an effective way to communicate that the buyer is spending their money wisely. Spend extra time in rooms with unique features and draw attention to the spaces that add value to the property for the best results.
Diane Hartley is president of The Institute for Luxury Home Marketing, an independent authority in training and designation for real estate agents working in the luxury residential market. Hartley brings her passion for luxury marketing and more than 20 years of experience growing and leading businesses to her role as president of The Institute. For more information, please visit www.luxuryhomemarketing.com.