The luxury real estate market doesn’t abide by the same rules as the regular market. Luxury buyers are a different breed and they are looking for something different than other home sellers. They also tend to be savvier. Some may be buying the property for themselves or for speculation. This is why you need to have all of these buyers covered, with a strong strategy before putting a house on the market. Here are a few tips for selling luxury real estate in a competitive market.
Only Use Top Quality Media
You cannot present a million-dollar property through a 2-dollar lens. You have to make sure that you invest in top quality photography and videography for your listing. Bad pictures are one of the first and biggest red flags people will notice, and it will cheapen the property. That would be a shame considering how little of an investment good photography is. We also suggest you go a step further and invest in drone videography. This is especially important for large lots but can also be a great option for penthouses, for instance.
Work with an Experienced Realtor
You want to work with a realtor that is experienced with not only real estate, but luxury real estate in particular. Brokers tend to have specialties and you want to make sure that they understand the process of selling real estate from the pricing, to the advertising, to the closing.
If you want to find someone who’s qualified, the best place to start is your immediate network. If you know someone close to where you live who was able to sell their property, ask for a referral. Even if the agent is not the right fit, they might be able to find someone else who is. If you can’t find anyone that way, limit your search to groups dealing with luxury real estate, check their past-sales portfolio, and see what other people have had to say about them.
Use Virtual Staging
Another thing you could do is use virtual staging so that people who can’t get to the property in person can get an in depth 360° look at it. Virtual staging allows you to save by not having to physically stage the idea. The stager can arrange the space whichever way you like with different styles depending on the type of buyer you’re after. People can virtually go through the property and inspect every detail. This could be what sparks their initial interest, or it could even seal the deal for some.
Forget Open Houses
You want to make the listing seem as exclusive as possible, so you should skip open house events for appointment visits only. There is no need to take a shotgun approach with luxury properties – you’ll attract more time wasters than anything. Instead, rely on the proven network of your realtor to only meet with people who are serious about buying.
All of these tips should help increase your chances of selling your luxury property fast. At least, they should allow you to avoid costly mistakes and reduce the time your property stays on the market.