Top 3 Tips for Selling Luxury Real Estate
In the first quarter of 2019, luxury home sales fell 16% in the sharpest decline luxury home sales have seen since 2010. Does that mean that now is not a good time to try to sell luxury real estate? Not necessarily. It just means that you’ll have to go about it the right way.
Check out these three hot tips for selling luxury real estate so you can sell your gorgeous home for top dollar.
Hire for Professional Home Photography and Staging
According to data from the National Association of Realtors, nearly half of buyers begin their home search online. This means that if you don’t have a proper online listing, you’re missing out on almost half of your potential buyers. Of those that search online, 89% say that photos are very useful and 50% say that virtual tours are very useful. And that’s talking about all real estate.
The key to selling luxury real estate is to take things one step further. Pictures really are worth a thousand words and most people will just scroll on by a listing that has no photos. A listing with a photo of the jaw-droppingly gorgeous entrance to your home, on the other hand, is sure to grab someone’s attention.
To do that, you need to hire a professional photographer to photograph it. Smartphone photos won’t cut it in this case. Your phone may take stunning photos, but professionals know how to use things like angles and lighting to their advantage to showcase the loveliest features of the home.
Before the photographer arrives, it’s a good idea to hire a home stager. After all, you want to give the 
photographer the best possible canvas to work with.
Properly staging a home with neutral furnishings and decor allows buyers to envision themselves living in the home. This is important for the emotional component of buying a home.
When selling luxury real estate you should strongly consider making the extra investment and taking a video as well. The luxury market is smaller and there is a bigger chance that your buyer will be coming from far away. Videos can help them get a better feel for your home and encourage them to come and view it in person. Aerial drone photography is an impressive touch that you should consider for the exterior.
Hire the Right Agent
Hiring the right agent is a crucial step to selling luxury real estate. Be extra picky when choosing your agent. Look for one with extensive experience in the luxury market as things work a little differently.
Everything is bigger and bolder in this arena and your agent should understand that. For example, their full-service marketing plan should include a custom website just for your listing. This is where the professional photos and videos will be showcased, showing off the beauty of your home without fighting for attention on the regular MLS.
Plus, luxury buyers are used to a more…luxurious buying experience. A good luxury real estate agent will know that. They’re going to have to spend money to close this deal and wining and dining potential buyers (within reason) should be in their plan. Luxury real estate agents know they’re not just selling a house, they’re selling a lifestyle.
Agents are also vital to one of the most crucial steps of the sale process — determining the list price. Set your list price too high and your home could sit on the market too long. Buyers will become wary, assuming there is something wrong with the home and your listing could expire without an offer.
With normal real estate, you could wait a few months and list again at a lower price and perhaps have better luck. Unfortunately, luxury real estate for its uniqueness often sticks out. A few months may not be long enough for people to forget that no one wanted to buy it the first time. Obviously, pricing it too low means you won’t get the return you deserve on your investment.
An agent will lend their expertise to the process by performing a comparative market analysis to determine the fair market value of your home.
Comparative Market Analysis
However, comparative market analyses are difficult enough as it is. Agents look at various factors including features of the home, it’s condition, the neighborhood, and more to determine the list price they think they can sell it for.
The current state of the market also has an effect but remember the luxury niche may not be following the same trend as regular residential real estate. This is another reason that an agent fluent in luxury real estate sales is an invaluable asset.
A big part of this analysis is comparing the home to recent sales of similar properties in the area. As you can imagine, this becomes more complicated with luxury real estate. It is much harder to find comparable properties as luxury homes tend to have unique features that set them apart.
Selling Your Luxury Home
As you can see, selling luxury real estate is a little different than selling regular real estate. By following the three tips we’ve outlined here, you can drastically boost your chances of selling your home for the price you deserve.
So, don’t skimp on the photography, hire a knowledgeable luxury real estate agent, and price it right for a fast, profitable sale.
Be sure to check out our Luxury Homes for Sale in Worcester County, Massachusetts. This resource will be a great opportunity to see all of the luxury homes in the area.