Luxury homes can prove more difficult to sell on the open market. Their higher price and luxurious details will attract a buyer in the higher income bracket, but this means they may be trickier to gain interest in than a traditional home.
How does a real estate agent sell a luxury property? Is it really that much different than a traditional home? There are some differences, yes. Here is an idea of what a luxury property real estate agent does.
Understand The Home's Right Buyer
Luxury homes will attract a very specific type of buyer. It's not just about how much they can afford, it's about details such as the size of the home, the layout of the kitchen and living areas, to even the type of work the buyer does for a living. This means an agent must develop an understanding of the right type of buyer for that home.
Real estate agents will develop a buyer's profile. This means they must know what a potential buyer would see in the home. Is it close to a major city or within city limits for the professional CEO to get to work? Do they also need an office space within the home? Are they a restaurant owner or top chef who needs to be near their restaurant? Or would they like to be near other high-end restaurants?
An agent who better understands the type of buyer for each home will have a better chance of selling it quickly.
Getting The Timing Right
Knowing when to put a home on the market is a skill that luxury real estate agents have learned. Depending on the location of the home, it will sell faster and for a better price at certain times during the year. For example, if the home is on a beach or where popular tourist attractions and amusements are located, the home may sell better because more people might see it or be attracted to moving there.
The same is true for homes within the range of a mountain ski resort or during the spring months when the flowers are out in bloom.
A luxury property real estate agent understands the area and what a buyer might be most interested in to help them decide on the right timing for listing the home.
Marketing The Property Correctly
While the multiple listing system or MLS is one way to market the property, it certainly isn't the only way, or in some cases the best way. Luxury properties need to be marketed directly to the target audience. This means networking with other high-end property agents, getting the list price right for the home, and marketing it online.
Marketing online could include professionally shot videos of the interior and exterior of the home placed on Youtube, photographs on Instagram or Facebook, and more. Offline marketing could be during real estate conferences, networking get-togethers, local and national newspapers, and more.
