In 2022, among people who are wealthy enough to afford a high-end property, 67% say they are interested in purchasing a luxury property.
Selling a luxury home will take more than just listing it online. There are many steps and things to consider.
To get the most profit out of your sale, you will have to commit your time, energy, and money. If you’ve never sold a luxury home in Paradise Valley, you may feel overwhelmed.
We are here to give a little advice and explain the process to you. Read on to learn everything you need to know about creating a home-selling strategy.
Find a Realtor
There are thousands of realtors out there, but that doesn’t mean just anyone is going to be able to help you sell your property. Working with a realtor who specializes in luxury homes will make all the difference.
They will not only be experienced and know what works best, but they will also understand your expectations. Your privacy may be your top priority, and someone who has previously dealt with high-end properties will acknowledge and respect that.
Selling luxury real estate can require extra marketing and someone with connections in the industry will increase your chances of selling your home. When you’re looking for a real estate agent, be sure to ask some of your friends and neighbors who also have high-end properties. They may have some recommendations.
Pricing Luxury Homes
Pricing can make or break your sale. You’ll want to get the most profit possible for the property, but pricing it too high could be detrimental. The longer a house sits on the market, the harder it is to sell.
If you list it for too much, it’s likely to sit for a while. You will also deter a group of potential buyers. If your house is overpriced, some people won’t see it when they are searching, because it’s priced out of their range.
You also don’t want to price it too low and risk not getting the amount it’s worth. You and your realtor will need to do some research and make a plan for pricing it out.
Look around the area and see what other properties that are similar to yours are selling for. Pricing correctly from the beginning will help ensure a smoother and faster process.
Know When To List
There are times when you can’t wait to list your home. Jobs and family emergencies require us to move quickly sometimes. However, if you have the luxury of time, there are certain times that are better for listing a high-end property.
Typically, the summer months, May and June, are the best time to sell. The amount of days a home sits on the market is lower and many people are moving so you’ll be able to get more for your property. Your agent will also be able to advise you on market trends and tell you when the best time to list is.
Private Viewings vs Open Houses
Open houses are great for non-luxury properties. It allows the home to get a lot of exposure. Things are a little different for high-end properties.
Private viewings are beneficial for several reasons. They allow you to maintain your privacy. You won’t have a bunch of strangers coming in and out all day.
Another great thing about private showings is you won’t be wasting your time. If you open your home up to the public, you’ll likely have noisy neighbors stopping by, who aren’t actually interested in buying. With private showings, you know you won’t be wasting your time.
Luxury buyers will also like the privacy that a scheduled appointment will bring. It will show potential buyers that your property is exclusive, thus increasing their desire.
Consider Virtual Tours
The majority of buyers look online for a house first before contacting a realtor or looking in person. It’s crucial that you showcase your property online properly. That’s where people are going to have their first impression.
Luxury buyers aren’t always looking for their primary residence. They may be purchasing the property as a second home or an investment property.
If they live in another state, they may not want to fly in to see the property right away, or even at all. Some people prefer to purchase completely online.
Offering virtual tours, photos, and videos will appeal to some of your potential buyers. It’s a nice touch and could help you reach out-of-town clientele.
Marketing is so important. Without it, how will people know your property is for sale?
If you don’t know much about marketing, hiring a professional can be extremely helpful. They will have knowledge about where and how to advertise your property so it gets the most exposure.
A professional will know which designs and colors look best together and will know the most effective ways of advertising luxury homes. Someone who knows the industry will have connections and resources that you may not have.
Be sure to focus on graphic design, photography, and copywriting. You’ll also want your online content to be easy to navigate, find, and share.
Below are a few features that are popular in today’s market. If your home has any of these items, be sure to use them in your marketing.
- Multi-care garage with a showroom or lifts
- Outdoor living area
- Eco-friendly appliances
- Smart tech-automatic window shade, charging station, home theater
Hire a Professional Photographer
The iPhone does take some good photos these days, but they still don’t compare to a professional’s. When you’re selling a luxury home, you want it to look the best it possibly can.
Hiring someone who specializes in luxury home photography will make a big difference. They will know what angles to get and which lighting is best for each room.
Don’t be surprised if the photographer wants to take photos at different times during the day. A room can look very different in the morning than in the late afternoon.
You’re going to want your photographer to get quality photos, but don’t forget about quantity. Both are essential when it comes to highlighting luxury home features.
The photos should showcase what’s unique about the house. Think about the other homes in the area, what does your property have that they don’t?
Work With a Stager
A home stager can really help elevate your luxury home. They will be able to draw attention to your home’s best assets while putting the not-so-great features in the shadows.
When you’re looking for a realtor, consider if they have a background in staying or design. While staging alone won’t sell your home, it will make an impact.
They will likely decorate your home in a way that appeals to high-end buyers. This will help potential home buyers envision themselves there.
A stage will be able to create a look that doesn’t overwhelm the buyers and also doesn’t push one style too much. If privacy is a concern, be sure to remove personal items, such as pictures.
When you’re staging your home or having a professional do it, you don’t want too much emphasis on the furniture. It’s likely the pieces in the house aren’t staying there.
Try to put the focus on the home’s features. For example, the floor-to-ceiling windows, the open concept, or the recent upgrades.
Make Your Luxury Home a Brand
Making your home stand out against others is important, too. If there are a lot of luxury homes in your area for sale, you want people to recognize and remember yours.
Creating a brand isn’t as complicated as it sounds. You can create a logo or slogan to go along with your home. You’ll then be able to use that signature on material materials, online social media pages, and brochures.
This isn’t a must, but you may find it beneficial. If you’re a property investor, you could potentially use the logo later on for another house, too.
Tips For Selling a Luxury Home
When you’re selling a luxury home, it needs to be done right. Small mistakes like listing too high or a poor marketing strategy can take a chunk out of your profits. If your home doesn’t sell as fast as you thought it would, it can become a burden and a stressor.
If you’re considering selling your property, contact us. We have worked with many buyers and sellers and we are confident we can help you sell your luxury home.