Selling an ultra-luxury home? Follow these best practices
August 17th, 2020 Share
Because the buyer pool for these homes is so limited, luxury sellers should prepare for a longer path to closing.
It’s not about bedrooms or bathrooms or even price. High-end buyers usually decide on a home based on the lifestyle the property will afford them.
In our market, luxury homes can begin around the $500,000 price point. But there’s a difference between selling and marketing a home in that range, and listing a home that is valued at one million dollars or above.
If you’re planning to sell your luxury home in the coming months, consider these insights and reach out for customized guidance and marketing plans for showcasing your home in this niche market.
A strong network is key
The first step to selling your high-end home is sharing property highlights with a solid network including other Realtors who may have or know clients interested in purchasing a luxury home. Edina Realty’s network of more than 2,300 agents across Minnesota and western Wisconsin, as well as our global network through our parent company Home Services of America, offers the advantage of connecting buyers and sellers in every market. We meet regularly (in-person, virtually and through our exclusive digital platform) to showcase luxury listings and share buyer needs. We are able to tap into personal connections and long-term relationships with buyers and homeowners to help sell a luxury home to that smaller, qualified buyer pool.
In addition, unique marketing strategies will help get your home in front of luxury buyers who live in and outside our market area. Whether it’s promoting a six-bedroom lake home in Minneapolis-St. Paul Home + Design Magazine or buying a spread in a publication aimed at international buyers, we will work together to craft a unique plan to get in front of buyers with higher budgets.
Set the right price — and a realistic timeline
Top dollar luxury homes can be difficult to price since there may not be dozens of similar recently sold properties for comparison. That is where research, market understanding and experience make a difference. Together we will determine a fair price point that will meet your goals and generate buyer interest.
And while it may be true that homes in lower price points are selling in weeks, days or even hours, luxury home sellers should prepare for a longer path to closing. It sometimes takes time and dedication to find a uniquely qualified buyer looking for the perfect upscale home.
Market the home by selling a lifestyle
Next comes the fun part, highlighting your home’s best features. The number of bedrooms and bathrooms pale in comparison to those inviting elements that make the property unique.
Whether it’s highlighting a house built to entertain the masses, a wine cellar that rivals anything in Napa, or a garage that’s right out of a car collector’s dream, it’s important for high-end homes to have that “something special” that helps to draw in the right buyer.
Luxury buyers want to picture themselves enjoying their favorite things in the home. So when we market your property, we’re not just selling an address, we’re selling a lifestyle.
Update the home to reflect current trends
Last, it’s important for luxury sellers to recognize that tastes may have changed since they built their home or moved in. Some updates or decor changes may be required to better reflect current style or buyer preferences.
Together we will stage your home to play up its best features. Usually this is done with modest rearranging, complimentary design choices and excellent lighting. In some cases, an outdated home may benefit from some strategic upgrades, especially in areas like kitchens and bathrooms. We will talk about options, return on investment updates and other ways to generate the most interest in your top-dollar home.
Get the guidance you need as you sell your luxury home
Whether you’re selling a high-end home or a modest starter home, reach out! Your home and your story are unique, and you deserve a personalized approach to preparing and listing it.