All REALTORS® sell homes. But only a special group have the expertise and experience to sell luxury homes.
When done well, though, selling luxury homes can be incredibly rewarding.
But wait, what are luxury homes?
REALTORS® have plenty of experience selling homes. But when it comes to selling luxury homes, sometimes real estate agents can get flustered or overwhelmed.
Understandably so, because luxury homes are a whole other level of homes.
Meaning they require a whole other level of attention when it comes to selling them.
Take for instance the homes in the new Paradise Valley development 'Azure' by Shea Homes. The neighborhood of Paradise Valley is extremely affluent already, giving a new meaning to 'luxury' as compared to another part of the country.
It also depends on the person who is buying the home and what they have come to expect.
Daniel Stevenson of The Agency even comes to say that “luxury is simply in the eye of the very covetous neighbor.”
There are so many things that you can do to elevate your selling experience and help you to sell your properties efficiently and effectively. Check out our 5 tips to selling luxury homes.
Tip #1: Say Good-Bye to Open Houses
Back in the day, open houses were the way to show off the house that you were selling. It would attract potential buyers and also those that were seeking inspiration, or simply just curious.
Open houses have become commonplace, and it isn’t entirely necessary to have open houses anymore, especially with the advent of new technologies.
But luxury houses are not commonplace by any means. They are special and will be bought by a very specific niche of people.
We’ll get into those buyers later, but basically you want to be showing your luxury home to people who are serious in buying and able to buy.
Open houses typically attract everyone, and most of those people are just curious. Sure, it’s cool to look, but those people aren’t going to get you the sales that you want.
Further still, open houses are bound to have many people walking in and out of the house. It is impossible to track everyone, and it makes it especially difficult to track the items in the house. Things might get damaged or stolen even before you have sold the house, causing more trouble and worry.
Tip #2: Know Who You're Selling To
As mentioned above, the type of buyer that will be able to buy a luxury home is different from your average buyer. To quote real estate leader Bill Gassett, “you are not always casting the widest net but trying to appeal to a certain audience.”
So, you need to be looking at the right group of people. But beyond this group, you also need to sell them on why they need this particular luxury home.
As a real estate agent, you should have a great knowledge of the home as well as the area that surrounds it.
In the case of Azure in Paradise Valley, what's in the area? Is there convenient access to groceries, shopping, and entertainment? What is the distance between the home and nearby schools or libraries? All of these things, among others, should be considered when thinking about who you are selling to.
Tip #3: Price It Right!
Depending on the location of the house, the market you are operating in, and the types of amenities in your luxury home, pricing is variable. Because of how unique each house is, it may be difficult to compare with other luxury properties.
Pricing is a slippery slope. Most buyers of luxury properties should be able to comfortably afford a luxury home, but price the house too high and you may not get a single prospect.
If your house is too expensive and get no buyers, it might be stuck on the market for a while.
When a house is stuck, it develops a stigma. Suddenly, your luxurious house doesn’t look so luxurious anymore.
You get the dismal picture.
How do you avoid this? Do your research! Talk to other REALTORS® tour comparable luxury properties, and even work alongside an agent who has experience working with luxury real estate.
Tip #4: Use Good Quality Photos and Videos
When it comes to marketing your luxury house, the appearance of it is of utmost importance.
Consider if you were the buyer in question. If you came across photos of the house that were blurry, poorly taken, and just an overall sloppy job, would you be interested in buying the house?
When it comes to showing off all your luxury home has to offer, consider investing into a professional photographer/videographer who can take gorgeous shots of your house. These can be integrated into your promotional material, your website, and even could take the place of the open house! Virtual tours are the latest thing, allowing potential buyers to “walk through the house” even though they may not be in the area. With amazing video and photos, it could make all the difference.
Tip #5: Use Social Media in Your Marketing
So you have the photos and video and they look fantastic. Now what?
Integrate them into your social media channels!
What good is having good quality photos and video if you aren’t sharing them with potential buyers? You can use them to your advantage by using them in different marketing materials, all of which are part of your marketing strategy.
While you can still have print ads running, turn your focus online. More specifically, jump onto social media and share your listings that way.
Think about all your potential buyers. They probably use Facebook, Twitter, Instagram, and other social media channels, right?
So should you!
If you haven't already, take the time to work on your social media presence as a way to connect with potential buyers, share your photos and video, and also link to blog articles or other pieces that you wrote about your luxury properties.
Time to get selling!
To be able to sell luxury houses to clients can be incredibly rewarding, but definitely requires a lot of research and patience.
Hopefully this article:
- Explained what a luxury home is
- Provide 5 tips on how to help you be successful in selling luxury real estate
Are you ready to sell a luxury home? Login to RESAAS to post a listing to the RESAAS platform and get started!
Rachel Wong is the Digital Content Co-op student at RESAAS. She loves coffee and beer, writing and talking, and has been the same height for pretty much ever. Check out her RESAAS profile ›