How to Sell a High-End Home During Any Market

BHGRE February Blog - How to Sell a High-End Home During Any Market

Considering the value of high-end homes, it’s understandable that luxury homeowners and agents would be interested in moving these properties in any market. The world of high-end real estate is unique, however, in that it doesn’t follow the standardized formula that many agents are used to. A repetitive sales system or a one-size-fits-all strategy doesn’t apply when entering into multi-million dollar listings.

Why not? For one, buyers of luxury properties are different than those who purchase homes at a more modest price. Additionally, part of the secret to selling high-end homes lies in creating the right story to connect with potential purchasers.

Here are some tips you can implement to sell a high-end home in any market.

Before we get into how to sell a luxury property in any market, we need to define what a high-end home is. Keep in mind that this definition can vary depending on area, but generally, a luxury property is any home above the grade of the current market. It typically has high-end finishes, compelling architectural design, and a higher square footage than most surrounding properties.

Luxury properties often have distinct views and special features like expansive outdoor living spaces, a chef’s kitchen, a wine cellar, sports courts, or a theaters. Luxury real estate is usually exclusive with highly-desirable features like location in a private community or townhomes on a private floor.

Luxury home buyers are sometimes seasoned real estate purchasers and almost always affluent people motivated by desire and not need. They look for a connection with a property, in its current state or as a framework to create something that allows them to live a specific lifestyle.

People who buy high-end homes want properties that work seamlessly with their lives in every aspect from morning to night, considering factors like rest and relaxation, work and the care of children, entertainment and more.

Asking your sellers the right questions and listening carefully to their answers helps you craft the right story to sell a property. Understanding the high-end homeowners’ psychological connection to where they live is key. What makes their life the way it is because of their home? What do they love about the property? Strive to leave no detail uncovered as you delve into the homeowner’s relationship with such a home and what would compel luxury buyers to part with their cash to achieve the same.

Once you’ve uncovered the story and considered how you’ll tell it to potential buyers, it’s time to market the home in a way that specifically targets those who would be an excellent fit for the property. Consider a cinematic video where you show humans interacting with the home as they would in real life, such as a person waking up in a bedroom and walking out onto a deck to enjoy the morning view. Or scenes that show a homeowner entertaining poolside or in a private vineyard.

Create a script and storyboard based on your discovery question and answer session with the seller. Think about how you can incorporate current lifestyle and design trends and show what life in the property is like without the buyer even stepping foot in the home. Today, video is one of the most effective ways to connect a consumer with a product instantly.

Pricing luxury real estate correctly is crucial. Because there’s a smaller percentage of high-end homes on the market than average-priced properties, luxury buyers and their agents will likely remember every home they’ve looked at and will easily recognize price drops.

Additionally, luxury agents should clearly understand the difference that location makes when choosing comparable properties. For example, they should know in detail what makes one neighborhood or street more desirable than the other and be able to account for unique factors that influence luxury home values like views, controlled access, and privacy.

What might a good luxury home sale strategy look like? Among other tactics, you should:

  • Build a buyer persona. Become familiar with the desires of the luxury buyer.
  • Interview your seller. Ask questions to determine why the home is desirable.
  • Draft your story. Create a storyboard complete with model profiles.
  • Take impeccable photographs. Look for a photographer who is a great visual storyteller.
  • Shoot cinematic video. Show buyers what a luxury lifestyle in the home looks like.
  • Host events. Showcase the high-end home through broker and client parties.

Are you looking for more marketing tips to sell more homes? Read our Be Better Blog to learn how to use wellness and healthy lifestyles to attract luxury homebuyers and get ideas other tactics to sell your clients’ homes.

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