The Institute for Luxury Home Marketing has released its Luxury Market report, showing a stronger but variable spring market. The report highlights trends, pricing realism, and a guide to marketing upper-tier properties.
The report is helpful because when you have a property that fits the title of “luxury” the selling process is different compared to regular properties. After all, with premium amenities, exclusive property, and a high level of opulence, it can’t be lumped in with regular listings. That’s why it’s crucial to choose the right luxury real estate agent, such as Lorie Ann Warren, a luxury certified agent(CLHMS) on your side.
Luxury real estate agents are specifically trained to deal with homes that are upwards of $30 million. They know the ins and outs of the process and are well-equipped to handle the high-level sale. These real estate agents also know how to market your home differently to appeal to the right crowd. This is how they do it.
Reaching your target audience
To ensure the sale of your property goes smoothly, and within a reasonable timeframe, it’s essential to get the listing in front of the right people. That means targeting marketing efforts towards those who can afford to purchase luxury properties and investments.
It’s not the same as regular marketing for real estate because you don’t want to get as many people as possible interested in the property. You want to engage the right people.
Moving away from traditional marketing
Many REALTORS®️ use various forms of marketing, such as social media, lawn signs, and word of mouth. However, luxury listings will not fare as well with these marketing efforts because the target audience is far less likely to see them.
That’s why it’s vital to market in the right ways. That means moving toward publications, magazines, and online sites that the target audience is more likely to read. A luxury real estate professional will know exactly where to place your marketing efforts and who to talk to when drumming up interest.
Ensuring the price is right
For marketing efforts to work for a luxury property, the home has to be priced accurately. This is a lot harder to do than average homes because there are far fewer comparables in the market. Other factors come into play regarding high-end houses as well.
A luxury real estate agent will look at the amenities, demand, and other factors to ensure that you’ve priced it high enough to get a good return on your investment and low enough that it won’t sit on the market for too long.
It’s all in the details
The details are vital when selling a luxury property. Buyers of high-end properties are usually well-established in what they do and do not want. When showcasing the property and preparing marketing materials, the finer details of the home will need to be the focal point to make it stand out in a way that shows off the high-end finishes and amenities.
This means staging the home in the correct manner, and using high-end photography when creating the listing. Quality images are especially significant for luxury sales because they draw buyers in, and when you don’t have a vast target audience, getting as many people in that small pool interested is vital.
Selling a luxury property isn’t easy, but with the right luxury REALTOR®️ like Lorie and her team, along with proper marketing techniques, the process can run much smoother.
“My husband and I just purchased 32B Hazel! I wanted to tell you that your video, picture quality and details for the property were probably the best we have ever seen! We have looked at houses for over 1M and your presentation blows them out of the water.” Rosalyn