When it comes to selling high-end, luxury homes, you can’t just do what you would do for a traditional real estate transaction. The rules of the game change when the potential pool of buyers is so limited. Here’s what you should know.
Understand this kind of buyer. This is the first step you’ll need to take in order to sell a high price point home. This is not a buyer who worries so much about costs. They are looking for the best of the best and you need to figure out exactly what your property offers that makes it better than other neighboring luxury homes. Envision the kind of person who would fit in this home. What do they do for a living? What kind of access do they require to the city? What are their priorities? When you can get very detailed about your buyer, you will have all the tools necessary to find that person.
Understand the market. This market varies from the traditional market in that these buyers compromise on little to nothing. They have a laundry list of items they expect to find in any home they look at. They’re also not limited to local homes the way traditional buyers are. They can often have multiple homes in multiple parts of the world, so while your target demographic is narrow, your marketing should be international.
Consider timing. Since many luxury properties are bought as second homes or vacation homes, they are often purchased leading up to busier seasons when attractions in a nearby city are pulling them to that area. This means timing is everything. Determine the most desirable season in the city your property is closest to and market early enough to get the buyer in the home in time for that season. If your target buyer wants to spend the winter in Banff to take advantage of the ski life, you don’t want to market this home in the spring.
Find an agent who specializes in luxury. Since it takes much more than a listing to sell this level of property, you need an agent who has done it many times before. The easiest way to sell a luxury home is through someone who knows someone who is looking for this kind of home. Real estate agents who regularly work in luxury already have a list of contacts that are always on the hunt for new property.