Tips for Selling High-End Residential Properties
When a home is priced within a multi-million price range, its market immediately becomes a niche audience. Brokers can expect that selling a home within this price range requires a different, more focused strategy dedicated to understanding the market. High-end residential properties are substantial investments, and it’s up to the broker to find the right buyer.
High-end residential properties – or luxury homes as they are commonly referred to – don’t always pertain to houses or condominiums being sold within a certain price range. In fact, “luxury” typically rests in the perception of a buyer; there isn’t one exact criteria for classifying a home as such. However, there are certain features that are consistent among high-end residential homes: lavish amenities, its location in a prime neighborhood or district, and top-of-the-line security and ensured privacy for residents.
Selling a high-end residential property requires creating a perception of quality. Every aspect of how you present the property needs to be refined to pique the curiosity of the market, and this responsibility of shaping a perception of quality rests upon the broker.
There are certain techniques that brokers can practice to attract the right buyers of high-end residential properties in this modern age.
- Profile the market
The first step into selling a high-end residential property entails knowing the market: their personalities, behaviors, and habits. It’s important to profile them beyond figuring out whether or not they can afford to purchase the property.
Brokers should also know the selling points of the home. Does it feature a huge kitchen? Is there a view from the master’s bedroom? Knowing the home inside out can help the broker articulate its key features to potential buyers and sell them on why they need that particular home.
Moreover, consider aspects beyond the home: the proximity of it to the city’s business districts, presence of nearby schools, the culture of the neighborhood, and even restaurants that could potentially attract buyers. Take into account the type of lifestyle these buyers have, because that contributes greatly to their decision.
- Use high-end tools for marketing
It’s important not to skimp on marketing materials, and when it comes to high-end properties, high-end marketing is also required.
Luxury homes deserve luxury photography. The best material a broker can provide when selling a multi-million home is by providing high quality photos of the home, one that accurately depicts the look and feel of the property. It may cost a considerable amount, but hiring a professional photographer ensures assures the quality of the photos that would also serve as material to show when meeting with clients.
Additionally, videos are as important as photos in selling real estate today. A video tour can give clients a good idea of what living in the home would be like. It’s also a great way to get introduced to a property before even setting foot inside.
It pays to get creative, especially when trying to capture the attention of a market that’s looking for something unique, new, and of good quality.
- Go online – and offline
Now that you have high quality photos and videos of the property, the next best thing to do is give them the maximum exposure they deserve. This could be done easily and quickly by taking advantage of social media channels.
It can be expected that high-end properties would stay on the market longer than usual, so it’s important to use all the tools possible – and to use them wisely. By being online, brokers not only engage a wider audience, but they ensure that the property is marketed to its fullest capacity.
While a strong online presence is effective, brokers shouldn’t also discount their offline presence. From the way they converse with potential buyers to how they present themselves during viewings, brokers are expected to dress and act the part. Attend events, have lunches, go to hot spots where the profiled market could be.
One way to also connect to more potential buyers is by co-brokering, which is essentially a process in which a broker sends out information about a property to thousands of other brokers, in the hopes that they could find an interested buyer. Co-brokering is advantageous for all parties involved, and is an emerging trend in the real estate industry that should also be considered.
High-end residential properties require a higher level of commitment on marketing the home to all prospective clients. It’s important for brokers to understand the efforts that come into selling the home to be able to achieve success.