How To Sell Luxury Real Estate For A Higher Price
As a luxury homeowner looking to sell, one of your top priorities is going to be getting the best possible price for the property. If you’ve benefited from property value appreciation in the past several years, this could be an opportunity to turn a massive profit. However, this high price point isn’t a guarantee, even in a hot seller’s market.
If you want to sell your luxury home for a higher price, there are several strategies you’ll need to employ.
Work With a Real Estate Agent
First, it’s important to work with a luxury real estate agent during this process – someone who’s familiar with the local market in your area and the ins and outs of luxury property listing. Some people are reluctant to work with an agent because they don’t want to pay a commission for the sale.
However, this deal often pays for itself, with real estate agents helping you increase the sale price of your home for far more than you end up paying them at the end of the transaction.
Prepare the Property
Before you can begin marketing your property, it’s important to take some preparatory steps. Making your property more appealing to prospective buyers is going to increase interest in the home – and hopefully increase bids.
- Repairs. For starters, you’ll want to make any small repairs that need to be made to the property. Patch holes in your drywall, repair that cracked tile and replace that broken window. A single issue may not be a deal-breaker to a luxury homebuyer, but if your home is practically flawless, you’ll invite higher bids.
- Upgrades. Depending on your situation, it may also be worth making some upgrades. Installing some smart home technology or adding a fresh coat of paint can instantly make the house more appealing.
- Cleaning And Staging. It’s also important to declutter, depersonalize, and clean your home thoroughly, helping it make the best impression on people seeing it for the first time.
Use Multiple Marketing Channels
When gearing up for your listing and marketing strategy, be ready to use a variety of different approaches:
- Postcards. Postcards are an excellent strategy for letting people know about the real estate you just listed. They offer low costs, high reach, and an excellent rate of return (as long as you’re targeting the right audience).
- Online Listings. Obviously, you’ll want to list your property online as well, and on as many different platforms as make sense for your property.
- Digital Ads. Don’t shy away from digital ads. While they demand a bit of monetary investment upfront, they can practically guarantee people will click to look at your home.
- Social Media. Make your property visible throughout your personal networks – and tap into the network of your real estate agent as well.
Take the Best Photos
As you pursue luxury property marketing, you’ll want to invest in the best-quality photos you can afford. Work with a seasoned photographer who has specific experience in the luxury real estate market and take hundreds of photos to review later.
With more natural lighting, better angles, better equipment, and a better sense of space, your photographer will be able to show off the greatest advantages of your home (while minimizing some of the disadvantages).
While you’re at it, feel free to touch up these photos during the editing process – and select only the best 20 or so photos to include in your listings.
If you want to sell your home for the highest possible price, it’s important to remain patient. On average, homes in the United States are listed for almost a month before they’re under contract.
During that time, you may receive multiple offers below your asking price – or you may not receive any offers at all, depending on your original price point and local market conditions.
It’s tough to know when to pounce on an offer – which is why it’s so important to work with a luxury real estate agent throughout this process. Review each offer carefully, take your time with your decisions, and don’t be afraid to say no to an offer that simply isn’t worth it.
When you do have an offer that’s sufficiently compelling, be prepared to negotiate. Again, your real estate agent can guide you on this process. Together with the buyer, you can work to minimize some of your additional expenses – and get more money out of this luxury property.
Selling a luxury home can be challenging – and it can be a downright pain. But if you’re willing to invest in the process, trust your hired experts, and remain patient, you should be able to squeeze a higher sale price out of this property and walk away with a profit.