3 Tips for Selling a Luxury Home
Selling a home is never easy. There is often a prolonged period living in limbo as the decision to sell is finally made. What follows is a long list of responsibilities that need to be accounted for in order to get the property ready to show and into the hands of the next owners. It’s a complicated process that is compounded by the simultaneous challenge of finding a new place to live.
Selling a luxury home can be even more complicated than a traditional sale, mostly because the amount of preparation needed is greater for a luxury abode than a conventional home.
But it need not be. In fact, those who think that selling luxury homes in San Diego is a headache waiting to happen are going about it the wrong way. Why is that? Well, although selling luxury property does require an added level of expertise, the fact is that a top-class luxury realty company in San Diego can offer a wide range of services and opportunities to homeowners looking to sell. Unique market expertise and additional services can cut the selling time in half and make the entire process – from introductory meetings to final sale – more seamless.
So what, then, are some of these tricks of the luxury realtor’s trade that make selling a home in San Diego less of a headache and more like a walk in the park?
Here are 8 tips that can make all the difference in successfully selling a luxury home:
Tip #1: Get the Price Just Right
One of the foremost challenges in luxury real estate is the question of price. It is all too common for gorgeous homes to sit on the market far too long because the asking price is too high. This issue is borne out of a geographical problem.
Since higher-priced real estate is often located in small enclaves in proximity to – or sometimes right in the heart of – large metropolitan areas, it can be hard for a homeowner to know what the market price of their property is. The fact that luxury neighborhoods are not beholden to the same fluctuations and trends as the mainstream market makes it harder to determine a price. In this context, agents with experience selling top-tier properties can help determine an accurate price for the property.
How to Price Competitively
A lot of research is required in order to price a home competitively. There is no single rule of thumb here for getting the price in the sweet spot for potential buyers. Real estate agents with ample regional experience are an incredible asset here, as they can reflect on what recent homes have gone for and make an informed suggestion based on trends gathered from research.
This is one way to ensure the home is priced competitively: to take the recommendation from a real estate agent who knows their stuff.
Another way to ensure the home is priced competitively is to perform some individual research in the area. Take stock of what other properties of similar size and age are for sale in the neighborhood, and use this to inform the decision on a price. Having this first-hand experience will help in consultation with a real estate agent in the process of determining a competitive asking price.
Tip #2: Marketing Goes a Long Way
In contrast to traditional real estate listings, marketing for luxury homes goes a long way to convincing buyers to pull the trigger. Buyers in this upscale market have their own channels for research and discovery. They are not searching in Google for new homes as much as regular buyers are.
These discovery channels often come from real estate agents who specialize in luxury properties and who maintain a large email list of prospective buyers with which to share new properties. The use of 360 digital cameras, drones, and other modern equipment are put to use by agents today in order to capture the full splendor of a property.
Getting high-quality images, videos, virtual tours, and other marketing material for a property that are optimized for mobile viewing is an absolute must in today’s market in which a vast majority of buyers begin their search from their mobile phones. Packaging marketing collateral for a new property and sending it to high-profile audiences is one of the most effective channels for agents and sellers to make a sale.
Another effective marketing channel is digital advertisements. The primary benefit of digital marketing in real estate is that it can help prospective sellers reach a global audience of buyers, and agents that use extensive digital advertising strategies can consistently achieve this global reach. Native or banner ads on popular sites will optimize exposure and increase the likelihood of finding a buyer, wherever they live.
Tip #3: Hold an Open House at the Right Time
It is important to get the timing right when putting a house on the market. While in some cases life obligations force homeowners to put their property on the market when prices have dipped, those with the privilege of time need to use it to their full advantage and only put the house on the market when they feel it will have the best chance of going for the asking price.
But timing is important, too. After the property goes on the market, it’s important to consider whether an open house is a good idea or not. Rarely should this be decided before the property has been put on the market, as it is a preemptive decision that might just cause more complications. The majority of viewers who respond to a public open house are interested in admiring the furniture, not putting in an offer.
The answer will come after the property has been on the market long enough to gauge interest. If offers are coming in without an open house, then there is no need to go that route. Even if there are scant offers, it might make more sense to lower the asking price before going the open house route. These are important decisions to be made in consultation with a trusted real estate partner!
Selling Takes Time
Luxury home buying in San Diego is a growing market. With that said, however, it does not mean that homes are flying off the market like hot cakes. Big purchases often take a while to materialize, and so above all, it must be said that even with these tips in hand, there is every chance that a property will stay on the market for months, possibly a year.
Acting on these tips will shrink the time on the market, as will coordinating a sale with local, trusted real estate agents with a proven track record of performance.