Selling your luxury home means selling one of your most important investments. The task may be more difficult and daunting than selling a mid-priced home, especially since luxury home buyers have a specific taste for high-end homes that will greatly suit their lifestyle. That's why it is important to take the proper steps to ensure your luxury home is sold in a timely fashion and at its best market value.
1. Price your home right
In whatever market you're in, pricing a home correctly is extremely important. However, pricing a luxury home is even more challenging. Custom features, upgrades, high-tech automation systems, amenities and even the outdoor view vary from one home to the next. Consider the dangers of overpricing, or even underpricing it. The luxury price range of homes also vary per region. Pricing your luxury home competitively from the very beginning will attract more buyers and won't let it sit on the market for too long.
2. Hire a realtor who has extensive knowledge of the luxury home market
Hiring a real estate agent who is also a local luxury home expert could be for the best if you are selling one of your most prized investments. Your chosen realtor should have a comprehensive marketing plan/system that they can use in promoting your home. Ask whether they have a team of other agents who also work in the luxury market and can help him/her promote your property to potential and qualified luxury buyers.
Know whether the agent has other listings in your specific neighborhood, as proof of his/her expertise. It may also help if the realtor and his team have a custom website where they can also feature property listings.
3. Use professional photos/videos and utilize effective marketing
Using amateur photos in promoting your luxury home is a big no-no, especially if you decide to promote it publicly.
In the NAR Real Estate in A Digital Age Report (2016), 44% of homebuyers in this digital age looked for properties online first, so it’s a no-brainer to use quality photos and videos when presenting your home online. In taking photos of your luxury home, greatly consider the lighting, photograph your home’s best amenities and custom features, and highlight its exquisite location and the panoramic view surrounding it.
Most local MLSs also have a limit on the number of photos you can showcase online, so a professionally-created video or a virtual tour could be an advantage in selling your property. A virtual tour could give potential buyers a “walkthrough” of your luxury home.
4. Present your home’s location and lifestyle correctly
Luxury homes are all about lifestyle and location. Utilizing a video or virtual tour is also a great marketing tool as it can accurately portray the location and lifestyle your home provides to its future owner. Prospective buyers would want to know if the home not only suits their preferences, but also the lifestyle it portrays. It is important for them to also know who else is living in the vicinity.
5. Consider the right timing when selling your home
Timing plays a large role in selling your luxury home and showcasing its feature amenities. It’s important to select the correct time of the year to sell, and to consider the current luxury housing market. For example, selling a home with a luxury waterfront and resort-style infinity pool in the middle of a cold and stormy winter may not seem to be the best idea. The same goes for listing in areas with weather events that may not complement the house’s features.
6. Clean, declutter and stage your home
Staging any home before selling could definitely help, especially in million-dollar luxury homes. Some luxury homeowners enlist help in keeping their home clean, so staging could be the only thing that’s needed. The luxurious amenities in a home should be showcased to help potential buyers envision themselves in it. For an instance, a magnificent formal dining room should be staged with elegant dinnerware to help buyers visualize having their fine dining and memorable parties.
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Counseling Session Activities
- Prepare the buyer for executing a buyer representation agreement
- Explain agency relationships to the buyer and get state required legal consent to represent, if needed
- Inform the buyer of working relationship based on state law, the REALTORS® Code of Ethics, and the broker’s business policies
Building a Relationship
- Learn the buyer’s wants and non-negotiable needs
- Understand the buyer’s budget and what will be needed financially
- Help the buyer understand what property their chosen budget will buy
- Consider having the buyer fill out a homebuyer’s checklist
- Assist the buyer in examining how much they can afford to spend
- Provide quality lender resources
- Partner with the buyer to locate suitable properties for consideration
- Match the buyer’s needs with available property
- Constantly re-evaluate buyer’s needs and refocus property showings to fit those needs
- After ensuring the buyer understands what is done for them, how it is done,and the benefit to them, obtain signatures on the buyer representation agreement
- Explain how compensation is paid, who pays it, and what the buyer’s options are for paying it
Educating the Buyer
- Communicate the working relationship based on state law, the REALTORS® Code of Ethics, and the broker’s business policies
- Explain Federal and State Fair Housing laws
- Explain what to look for in applicable property disclosures
- Reassure the buyer that their personal information will remain confidential
- Inform the buyer that you will always disclose all known material defects
- In accordance with state law, provide information on checking the sex-offender registry and crime statistics for the neighborhood
- Discuss available resources that the buyer can check to learn more about prospective neighborhoods
Preparing the Buyer
- Explain the timeline for house hunting, mortgage approval, and closing
- Explain the local market and how it impacts the buyer
- Show statistics on what percentage of list price sellers in the area are currentlyreceiving
- Inform the buyer on what home features are popular
- Identify current average days on market
- Share the dangers of using the price per square foot to figure home values
- Explain the concept of absorption rate and how it impacts the buying process
- Indicate current listing months of market inventory
- Share estimated potential out-of-pocket costs to complete the transaction
- Assist the buyer in analyzing the loan estimates
- Qualify the buyer for financial ability to purchase
- Help the buyer account for the complete costs of homeownership
- Prepare lender for listing agent calls
- Assist in comparing different financing options
- Help the buyer select for viewing only those homes that fit their needs
- Proceed in showing homes that fit the buyer’s must-haves
- Caution the buyer on posting information to social media
- Review the sample sales contract so the buyer is prepared when it comes time to make an offer
Showing Properties
- Schedule showings and provide access to all listed properties as soon as they become available in their local MLS broker marketplaces
- Educate the buyer on the immediacy of new listings appearing in their local MLS broker marketplaces and the lag time for them to appear on some websites
- Collaborate with the buyer on properties they may have learned about through their sphere contacts
- Research and assist on all unlisted properties the buyer wishes to see
- Preview properties prior to showing if needed
- Network with other agents to source properties not yet in their local MLS broker marketplaces
- Contact homeowners in focus areas to see if they are considering selling
- Set up an automated email alert system through their local MLS broker marketplaces that immediately notifies the buyer of properties that fit discussed requirements
- Arrange a tour of areas, schools, and key points of interest
- Provide resources containing neighborhood information on municipal services,schools, etc.
- Inform the buyer of negative aspects like nearby venues or operations that may result in issues that could impact value
- Collect and share any other vital information on available homes, remembering to follow all fair housing laws at all times
- Check applicable zoning and building restrictions
- Help the buyer decipher public property and tax information
- Collect and share pertinent data on values, taxes, utility costs, etc.
- Compare each property shown to the buyer’s wants and needs list and remind them of what they were looking for
- Help the buyer narrow the search until the buyer identifies top choices
Negotiating Offers
- Assist the buyer in getting the best property at the best price
- Suggest that the buyer learn more about the neighborhood prior to makingan offer
- Prepare a comparative market analysis (CMA) in advance of making an offer
- Prepare the buyer to have the most attractive offer in the current marketplace
- Explain common contract contingencies and include approved protective clauses in the purchase offer
- Ensure that the buyer receives and understands all state and federally-required disclosure forms
- Prioritize contract negotiation goals with the buyer
- Help create a negotiating strategy
- Use strategies such as an escalation clause to maintain a competitive offer
- Prepare the buyer for a multiple offer situation and develop negotiation strategies
- Write an offer that has a reasonable chance of being accepted
- Recommend optional contingencies and explain the pros and cons of using them
- Provide information on purchasing incentives that may be available
- Discuss financing alternatives
- Negotiate the buyer’s offers to arrive at the best price and terms
- Utilize hyperlocal expertise and strong communication skills to assist the buyer in being the successful offer
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