5 Tips in Selling a Luxury Home

Luxury homes could be more challenging to sell compared to regular homes. In the United States, California’s posh Malibu has the most luxurious homes, followed by Miami, Florida. Since these are million-dollar-priced homes, they attract a much smaller and very particular buyer pool, so it’s crucial to showcase everything the property can offer when talking about it with a client or creating a listing. With high-end properties, you are not just selling a house; you are selling an experience and inviting people for a new adventure.

If you’re planning to sell a luxury home, here are some tips that can help you close a deal earlier than you thought:

1. Understand the market.

Selling a luxury home is not as simple as placing a for-sale sign on your property. Understanding the market is key in closing a sale. You have to know the preferences of your target buyers. Do they want a luxury home with a themed interior? Do they prefer the home raw?

Seasonality also has a lot to do with real estate divestments. The summer season, particularly June, is the busiest month for house hunting. Families with children typically do not want to uproot their family in the middle of the school year, so they wait until school is over to move so the kids can start fresh with a brand-new school year.

On average, properties in the luxury home category spend around 54 days on the market, but it also depends on if the area is either a homebuyer’s or a home seller’s market.

2. Hire a professional in the luxury home market

Tapping an agent with ample experience in selling a luxury property could be of great help. Having an expert agent with you through the divestment process can help you ease out stress and hassle since they know the affluent buyer niche and what they want. According to a report by Compass Inc., over $40 billion worth of residential real estate valued at $10 million or higher were sold in 2021, up 112% in 2020. Los Angeles, California, had the most transactions, with Manhattan and Palm Beach coming in second and third.

All real estate brokers have specialties, so be sure your agent knows how to navigate the luxury buyer pool, particularly when pricing and marketing the property. Finding a particular agent can be challenging but starting with your network is an excellent first step. If you know anyone who has sold a high-end property recently, ask for a referral. If you are with the right agent, there’s a smaller chance that you have to drop the price of your property in the process.

3. Invest on marketing.

The competition in selling luxury homes is pretty tough. This is why we recommend that you set the standard high in marketing or advertising your luxury home. It should feel like telling a story to all potential buyers, and the narrative is that they are in for a great adventure.

Properties advertised with quality photos sell 32% faster than those that aren’t, so we recommend that you hire photographers and videographers who specialize in home subjects. These pros know how to make your property stand out – like those that belong in a magazine.

You can ask the videographers to conduct a virtual house tour, too. If you want to take it up a notch, add drone footage of the property. Request the videography team to edit short clips to post on social media like Instagram or TikTok. Nothing spells like luxury without a little bit of teasing.

4. Highlight high-end features.

Emphasize what sets your luxury home apart from others. If your property is located at a higher place and breathes in a splendor view, use that feature to your advertising advantage. Being in a prime location with a gated entrance and having access to exclusive amenities shoots up the value of your property. If a well-known architect or developer constructed your house, you could also use that as a selling point to get the most from the sale of your opulent home.

A luxurious home is a house that makes the owner feel spoiled so think extreme extravagance and convenience. In-home gyms, backyard tennis courts, game rooms, pools, and sauna are among the few of the many more rich amenities home buyers look for in a high-end property. Most luxury home buyers want more, and you must give them that to make them say yes to your old home becoming their new one.

5. Make your home move-in ready.

 Staging your home accordingly could be a gamechanger in your home selling process. Many high-end property buyers are not looking for a high-maintenance property. Be sure your home is move-in ready and has undergone pre-inspection, so you don’t get into hiccups with potential buyers. Add high-end touches and furnishings that scream posh, abundance, and comfort. Hire professional movers that can set your home up in a way that showcases a deluxe lifestyle. Paying people to stage your home professionally may be costly, but if it gets you a higher offer, it would be totally worth it.

Conclusion

The real estate market for high-end homes is very different, so advertising measurements are also necessary. Many home buyers nowadays want upscale features like expansive walkways or wider balconies, so you may also harp on those to close a sale faster. The luxury home market may only be available to the privileged few, but with how money is not an issue with the rich, closing a sale won’t be impossible. Overall, market trends will take into place, but at the end of the day, a home seller’s job is to divest that luxurious property as quickly as possible.

Finally, if you want to sell your luxury home within less than a week, you can fill out a form in Shorefront Investments, receive feedback in a few hours, and get a real, no-obligation cash offer within 24 hours from the time of property viewing without commission fees and other transaction costs. You could get more cash in your pocket, and move on with your life early.