Luxury home marketing isn’t like your run of the mill home sale. It takes a little bit more strategy to sell a luxury home.
The key is to sell it quickly because it has a high price tag. If a luxury home sits on the market for a while the price is going to have to come down.
Read on to discover the top luxury home marketing secrets to get your home to sell.
1. Define Luxury Homes
Your first step is to define what a luxury home is. A home can have an open-concept kitchen or modern architecture with a lot of clean lines. That doesn’t mean that it’s luxury.
Unfortunately, real estate agents have applied luxury to a lot of properties. The term has become a little diluted in the marketplace.
The problem is that there isn’t a standard that’s used to define luxury. Usually, million-dollar homes are defined as luxury. That number will be as much as $3 million in more competitive markets like New York or San Francisco.
You want to make sure that you use the term appropriately and don’t use it for a $200,000 home.
2. FSBO or Agent?
When you’re selling a luxury home, you’re going to pay a lot in commissions to your real estate agent. Do you want to save that money yourself?
You could sell the home yourself by using your own networks and the tips listed here. Is needing a real estate agent overrated?
You’ll want to weigh the pros and cons and decide for yourself.
3. Invest in Home Staging
Home staging can make buyers fall in love with your home immediately. Staging your home can increase the sales price by as much as 10%.
When you stage a home, use furniture and accents that spotlight the home’s charm and where you want to draw the eye.
For example, you can use a big cozy chair near a fireplace to draw the eye to that area. The buyer can immediately picture themselves sitting there on a cold night curled up with a book.
4. Write Your Description Like a Love Letter
You have to think about how people buy homes and market them accordingly. They will do a search online, look in Zillow or the MLS listings. They’ll then look at the images and description and decide if the home is worth looking at.
You want to be descriptive when describing your home. There’s a big difference between saying “3BR/3BA home” and “Come see this charming 3BR home tucked away in a quaint neighborhood for a private getaway.”
The more detailed you are, the better. You want to paint a picture with your words and help people feel like they belong in that home.
5. Amenities and Features are Selling Points
Of course, luxury homes have a lot of features and selling points. You don’t need to list off every single amenity.
You want to know which ones are the most important to buyers in your area and go in-depth about those features.
For example, a large, open kitchen can be described as perfect for entertaining the entire family for the holidays.
6. Target the Right Buyer
Luxury home marketing comes down to reaching the right person at the right time. You don’t want to waste your time targeting people that won’t buy a luxury home.
First time home buyers, younger buyers, and elderly people aren’t likely to be buying luxury real estate. Retirees are selling properties and younger buyers can’t quite afford them yet.
GenXers are the largest demographic of luxury home buyers. These are people between 38 and 53 years old. Baby boomers are also buying luxury properties to enjoy retirement.
7. Use the Right Marketing Channels
Once you understand who you need to reach, you now have to figure out how to reach them. You have to have a full-scale marketing plan designed to let potential buyers know about the sale.
You can start by inviting neighbors to an open house. Neighbors can encourage their friends to buy something close to them.
You can also use social media channels, as long as you use the right ones. GenXers are on Instagram, while Baby Boomers are on Facebook.
8. Look at International Markets
The luxury market has a global reach. There are people with a lot of money to spend in every part of the world. Some are looking for new markets to invest, while others are looking for properties near urban centers for business.
You don’t want to ignore a large market of willing buyers. Expanding your reach will help you sell your home faster.
9. Emphasize Move-In Ready Homes
In most real estate sales, buyers will pay a lower price and take on a few home improvement projects right away.
Most luxury buyers don’t want to deal with home improvement projects. They want something that is ready for them to move into and get settled right away.
If your luxury home is move-in ready, be sure to say that in the description.
10. Images Are Everything
Images matter when you’re selling real estate. You don’t want to go around and capture images of your home with your phone. The worst offenders are people who take a photo with a mirror and the flash and photographer appear in the picture.
That’s totally unprofessional and will turn buyers off.
You want the scene to be well lit with as much as natural light as possible. You also want to make sure that you remove unnecessary items from the scene. Keep it as basic as possible.
Luxury Home Marketing Tips to Sell Fast
The longer your home sits on the market, the lower the sales price will be. People will start to wonder what’s wrong with your house and think twice about checking it out.
With these luxury home marketing tips, you can sell your home fast. You need to make sure you know who the best potential buyers are and put your home in the best possible light. If it’s priced to sell quickly, you’ll get offers in no time.
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