When you are planning to sell a luxury home, it is only fair that you would want to get things properly right. Considering the value of luxury houses, which can be over millions of dollars, they are substantial lifetime investments. And since luxury homes out there are fewer in numbers, the seller would go to any length to ensure the positive image of the place and get the maximum value for it.
Selling luxury homes isn’t easy. It’s not like visitors would walk in as potential buyers and start bidding the value. You have to attract the right kind of buyers and make them understand the true worth of the house.
Negotiation is also critical in the sale of luxury homes. And it can only be effective if the house is listed at the right price through a competent and experienced luxury real estate agent.
Below are three effective and efficient tips to sell a luxury home for the most cash in the quickest way possible.
Research Your Market
Before you put up the “for sale” sign and eagerly wait for people to walk in any minute to look around the house, you should know what you are up against. That involves knowing how many days a single-family luxury home spends in the market on average, and the median sale price of the house based on its size in square feet.
If you know the details and facts about your city’s luxury real estate, you can further compare the numbers of different months to get an idea about which month has the most competent sales in the luxury houses. That will help you strategize exactly when should you talk to a realtor and when you are ready to put up the “for sale” sign.
According to the National Association of Realtors (NAR), in August 2019, the luxury residential properties had a median price of $278,200 and they spent 31 days on the market.
That was just an example of the facts you need to make yourself familiar with when you start planning to sell your house. Because let’s face it, a realtor isn’t going to explain every little thing to you – or would they? Check out the second tip.
Hire a Brilliantly Competent Realtor
When you are selling a luxury home that’s basically your lifetime investment, you can’t make do with the ordinary realtors, no matter how good they are, because stakes are much higher with the luxury property.
What you need is an experienced agent by your side who knows all the ups and downs of selling a luxury home. In other words, they need to have detailed field experience in the sale of luxury houses and knowledge about luxury estate market trends.
Ordinary buyers don’t buy luxury houses. And a high-end buyer knows exactly what they are looking for. If your realtor isn’t competent, they are likely to push the buyer away.
In an expert opinion, when a high-end buyer calls, they expect a pick-up or a call back in return immediately. And if a realtor isn’t paying attention or doesn’t know all the facts, the buyer wouldn’t waste time.
A real estate agent’s job might be hard, but it becomes harder when we are talking about luxury real estate.
Top-Notch Marketing
When a certain standard of real estate is considered, shoddy photos with half-done descriptions wouldn’t work. The level of marketing needs to be extremely professional.
If you have a competent realtor from the very beginning, they might be able to fix things for you. But it is important for the sellers to also know how their luxury family house is being portrayed and described to the potential buyers online.
First of all, photos need to be extremely high-res with captions that grab everyone’s attention. Quality photos sell houses 32% faster. Luxury buyers are more likely to look at the pictures than read the listings. In that case, a virtual tour video of the house is a great integration. If needed, hire a pro real estate photographer.
Secondly, focus on what makes your home stands out. If there is a shed or a trampoline in the yard, make sure to include that in the pictures to give an idea about the size and utility. Similarly, make sure the views from balconies and terraces are portrayed significantly.
In short, market your house as if your life’s whole income is dependent on it.
Follow these 3 tips and it will be a much easier, stress-free process for you to sell your luxury home.
