The reason behind this is that high-end homes tend to appeal to a specific and quite narrow pool of target audiences. Besides that, these homes have posh decor and amenities that require a certain type of marketing strategy. Without a sound marketing plan, you might end up selling the house at a lower price.
Even in a crazy seller's market like right now where things like escalation clauses, bidding wars, and an appraisal gap come into play, homes can still sell for less than they ultimately should.
Other than the internal factors, there are even external factors outside your control. Things like the location of the house, its economy, and the market in which you are selling.
So, here's a guide that will help you to market your luxury home the right way and hence spend fewer days on selling it. If you think creatively, the tips mentioned in this guide will help you to sell your luxury home even in buyer's markets.
Tips to Market Your Luxury Home The Right Way
Before marketing your luxury home, it is crucial to formulate a plan and strategy. Here are certain tips that can be a part of your strategy and will help you to market your luxury home.
Work with a realtor who has experience in the luxury market
Having an experienced Realtor by your side can prove to be a huge advantage while you decide to market your luxury home. A person who has experience in successfully navigating through the luxury estate market can preferably help you to find your target audience.
However, when you choose a Realtor, make sure that this broker has all the required skills. This means they should be adept in all the different aspects of selling a luxury home like its pricing and advertising.
Finding an experienced Realtor in the luxury market is not a daunting task. All you need to do is research the local real estate market to find anyone who has sold luxury homes before. Other than this, you can even search for different luxury estate groups for such people.
Bring in a professional stager
The prospective audience will purchase your luxury home only when they can picture themselves living there in the best possible condition. So the tip here is to understand the requirements of your target audience and then tailor the staging process according to what's needed.
Say, for example, if your audience appreciates more modern decor, then do so. On the other hand, if your audience appreciates the unique furniture pieces or aesthetic art frames in the property, or shiny flooring like 3D flooring, then you should do that!
So staging is all about optimizing the house according to the requirements of your potential buyers to sell it more quickly.
Find a balance when setting your price
Pricing your home correctly is one of the most important elements while you sell a luxury residence. The right strategy for pricing a home correctly is to conduct an in-depth and detailed competitive market analysis. Doing so will help you to determine a competitive price for the property.
Part of the process for a real estate agent will be to compare other luxury homes in the immediate location that have closed recently. It will also be prudent to look at the pricing of the current competition as well.
When it comes to photos, think quality and quantity
In this era of digitalization, the quality of your pictures can make a real impact on the marketing process of your house. In fact, research even shows how high-quality pictures have a 32% faster chance of selling your house sale as compared to images with a low quality.
So it is crucial to hire a photographer who can do the job for you. Apart from the pictures, you can even bolster your listing by adding videos and providing a home tour to your virtual guests.
Once you have taken care of the quality of your images uploaded, the next thing to consider is the quantity. When your prospective audience sitting on the other side of the screen is considering making a purchase, they will want to look into each aspect of the house.
So it is important to have a plethora of images that can satisfy your audience and help them decide whether this is the right house for them or not. Shooting every room from multiple angles is essential.
Create a Dedicated Website for the Home
In this technological era, people generally start their searches for homes online. So you can tap into this opportunity by creating an entire website for your opulent home. This website is an ideal location for you to add all the relevant details of your home, like its square footage, neighborhood, unique features, amenities, furniture, and other contact details.
However, creating a website is just the first step to building an online presence for your home. The next step is to promote your website through specific marketing campaigns and strategies.
Some of the best ways to promote this website are by sharing it on social media and emails. Other than this, you can even hand out brochures and Flyers that have an enticing image of your house along with its website address to your prospective audience.
In case you find it difficult to create a website and promote it on your own, you can hire the services of a digital marketer.
Skip the public open house
Since the target audience while selling a luxury home, is quite limited, you should skip the public Open house option and rather switch on to appointment-only viewings. There are two major benefits to this.
First of all, when you avoid the public open house option, you evade the hectic process of setting up the house each time a visitor comes to see it. Generally, many curious people who are not interested to buy the house might even come to look at it, just because it is an opulent property.
Secondly, avoiding the public open house option will make the prospective purchasers feel that just seeing the property is a privilege. Hence this could improve your chances of selling it.
Promote It Internationally
If you face it difficult to promote your house domestically, then why not switch to the international markets? Sometimes promoting your luxury home internationally can prove to be fruitful and rewarding.
Moreover, once you connect with a single international client, you can even tap into their Connections and hence amplify your networks for future referrals.
Develop a “brand” for your home
Anything which has a unique identity is better observed by the people and hence entices them. The same goes for your opulent home.
You can bolster the chances of selling your luxury home by giving it a distinct identity, like purchasing an individual logo for it, or even creating its unique slogan. Basically, the “brand” of your home can help to enhance your marketing strategies so that more people know about your house and hence can consider purchasing it.
Offer some perks
Offering additional perks serve as a cherry on top of the cake while you decide to market your luxury home. The more benefits you provide to your target audience, the more chances you have to sell your house quickly.
You can offer additional perks to the buyers of your home like adding your aesthetic collection of paintings and frames along with it. Or, you might even consider parting up with your room master bedroom furniture. No matter whatever it is, additional perks are likely to enhance your chances of selling the home in all circumstances.
Thus, these are some of the tips that will help you to market your luxury house in the right possible manner. Following these tips is crucial because selling a luxury house is altogether different from selling a usual house located in the suburbs.
Your high-end, posh dwelling will only entice though target audience who have an eye for intricate details and fine things. So, the above tips will help you to make sure that you go the extra mile to get the home sold in the best possible way.
About the author: The above article on how to market a luxury home was written by Efa Yasin. Efa exhibits her witty personality, through her intriguing writings.
Her works have been published on various websites, like NOGOZO and THETOPTOURS. With her forte being in English, she has conducted research and concocted articles on various niches like marketing, travel and tourism, information technology, and many more. Currently, she is writing for a digital marketing and SEO services blog: aregs.com.