Guide To Sell Luxury Properties
Congratulations, you’re embarking on a satisfying and fulfilling road to selling luxury homes. Our guide to sell luxury properties will get you started on the right foot in the thrilling world of luxury real estate for sale. In our guide, we’d like to tackle some of the DOs and DONTs of selling luxury properties, interspersed with some top luxury agents’ anecdotes of their first-person experiences in this market.
The Dos And Don’ts In Our Guide To Sell Luxury Properties
Of course, there are things to do and things to not do. We’d like to help agents new to selling luxury properties with some quick and dirty dos and don’ts, so here goes!
DO make it ready to show. Luxury buyers certainly have imagination, however when they view a luxury property they don’t expect to have to be a downright visionary to see that it could be a good fit for them and their family. That’s where you come in, the savvy luxury property agent. Before showing the property, ensure that it’s ready to be seen. In doing so, you may boost the property’s value from 5%+ percent. It goes without saying that a thorough and complete cleaning is in due order, followed by organizing the space. Organizing extends to even the closet space, just in case some nosy, albeit legit buyers peek inside every nook and cranny. If outdoor space comes with, ensure that the landscaping is spot-on. Grass should be cut, hedges trimmed, and your doggy’s poos are picked up (duh).
Finally, after the white-glove treatment on the property is complete, the next step is staging. Consider hiring an interior designer to stage the property - not only might it boost the sale price, it very well may sell faster. The designer will compose an overall theme for the space, bringing in furniture, lighting, artwork, and foliage to give off a stylish vibe that is highly attractive to luxury buyers.
DO Photograph the property. Luxury homes for sale better be photogenic. Consider hiring a professional to not only capture an accurate representation of the property, but portray it in such a way that highlights all its positives. Once you have the photos, ask your friends and colleagues what they think. This honest feedback is invaluable, giving you a test run before prospective buyers see it. And as you know, a photo is worth a thousand words – as many luxury buyers will see the photo before reading anything about the home, it is the first impression as well. Make it a lasting impression.
You may also consider incorporating a virtual tour as well, filming the property so prospective buyers can view online. Make them excited to view the home in person. To really go all out, upload floor plans online as well. This provides a fantastic visual for buyers to see the entire layout. In doing so, the prospective buyers may more easily visualize future changes to the layout, whether it be knocking a wall to create more space or where a potential bathroom may be built in lieu of a closet.
DO Network, always. There are fewer prospective buyers for higher-end homes, making tapping into your personal and professional network an imperative. This is where the adage of “six degrees from Kevin Bacon” applies. "Sphere of influence is one of the factors," in finding clients, explains Kate Greenman, who sold a 7-bedroom four-bathroom house in Jamestown for $6.3 million. She also sites her reputation in the community gives a boost as well.
You never know who knows who is looking for luxury homes for sale, so put out feelers for any luxury home you’re representing and get the word out. Jack Cotton, a legend who first started selling real estate from his dorm room in 1974, has this to say of selling luxury homes: "it's really the relationship business." Mr. Cotton knows, having sold a $6.5 million home on Eel River Road in Osterville, Mass. In his view, wealthy buyers prefer to live near other wealthy people, often buying in the same areas. Like attracts like. "Typically, they have a people connection," Mr. Cotton said.
Another option is to organize an exclusive party promoting the property for all the top-level brokers and celebrities you know to create some serious buzz. Word travels fast, your job is to get people talking and sell that luxury property.
DO Show the property. Selling a property is a numbers game. The more times you show the property, the better your chances are for making a sale. Always accommodate any interested party’s schedule to get the property in front of those in a position to move it to “sold.” Always be flexible, however, showings should always be within reason. You are never expected to show a home at 11PM, of course.
Because you represent a luxury listing, look the part. Ensure you always have clean and nice clothes to wear at all times, just in case you have the opportunity to show it last minute.
Now, For The Don’ts In Our Dos And Don’ts Guide To Sell Luxury Properties
DON’T practice windbaggery. This isn’t about you. Let the home speak for itself, don’t share your life story or the most awkward thing that happened to you on a first date. Save it for another time – better, save it for after you nail that “SOLD” sign.?
DON’T show up late. Punctuality demonstrates that you respect others’ time. Always be on time for showings and meetings with your sellers. Your word is valuable, when you break promises prospective buyers may start to question all the other assertions or promises you make. According to Larry Jones, an agent who sold $16 million property in Snowmass Village, CO, “a realtor's reputation is key. More than anything, it's about building up trust and experience over time." If your reputation is known for being late and not for representing clients and their homes in the best light possible, chances are you will not make it very long in the competitive market that is the real estate biz.
DON’T fib. Be honest, tell the truth. Don’t try to embellish or color disadvantages about the property, if you get caught, then you will either lose the sale or lose a potential future client down the road. Don’t do it.
We hope this handy Dos and Don’ts guide gets you on the road to selling those luxury homes, fast.
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