There’s selling a home, and then there’s selling a luxury home. Selling a high value home requires different strategies and procedures than an average market home. A luxury home requires marketing to a smaller, more selective audience, intentional staging, and unique marketing techniques to do the home justice and find high-quality buyers. If you’re thinking about listing your luxury home for sale, take the following tips into consideration.
For assistance buying or selling a high value home in Isle of Palms, SC, contact Jimmy Carroll today!
Set The Right Price
Setting a fair and competitive price for your home is the first step toward a quick and profitable sale. A home with a price tag significantly higher than other homes on the market will definitely generate attention, but it won’t necessarily generate a sale. Your home is only worth what the buyers are willing to pay for it, so it is essential to carefully analyze the market, check out competitors, and settle on a price that is fair yet competitive.
Some sellers go into the process with the mindset that they can always do a price reduction later, but this could send up big red flags to buyers. They’ll see a price reduction (and an extended time on the market) and wonder why the home is not selling. Ask your realtor to run a competitive market analysis (CMA) to help you decide the best asking price for your home.
Customize Your Marketing Strategy
For a typical home, traditional marketing on a few home listing sites may be enough to attract qualified buyers. However, selling a luxury home requires a different marketing strategy. While it is important to stick with some of the more traditional techniques, such as print and direct mailing, home sellers should be intentional about the other strategies they implement into their marketing plan.
Social media, for instance, plays a crucial role in attracting highly qualified buyers. The majority of buyers who are using the internet to find their new home also have a social media account. If you are not listing your home on social media, you could be neglecting a large audience of potential buyers. Using social media as part of your marketing strategy also allows people to share your listing with others, immediately expanding your audience and increasing your chances of finding the right buyer.
Offer High Quality Photos, Virtual Tours & Videos
Part of a strong marketing plan is high-quality photos, videos, and virtual tours. Your home has a lot to offer, and buyers want to see every part of it. Giving buyers all of the information they need and want up front will help them feel confident taking the next step to schedule a tour of the home.
If you do not have the time, equipment or ability to take high-quality photos, hire someone to do it (or let your realtor take care of it for you). Potential buyers will click through 3-5 pictures and then decide if they are still interested in the property. If your pictures are not impressive, buyers will quickly move on. In the hierarchy of a successful marketing campaign, high-quality photos come first, followed by a video tour and then a virtual tour. If your photos are great, buyers will most likely move on to your video tour.
Video tours are another great option to give buyers an inside look at your property. These are often easier to put together and less expensive to create than virtual tours. This gives buyers a smooth, room-by-room tour of the home to get a feel of the entire layout.
Virtual tours give buyers a chance to really feel like they are in the home, making them a great option for out of state or international buyers. These can be more expensive and technical to put together than the classic video tour, but they can give buyers a fully immersive experience that they may expect from a luxury listing.
Tap Into A Specific Network
Buyers looking for a luxury home don’t just sit in front of their computers scrolling through listings. They rely on the recommendations and connections of their inner circle. It is important to work with a realtor who has extensive experience working with luxury homes and has built a solid network of buyers, sellers, and investors who are looking for these homes.
Jimmy Carroll has been in the luxury real estate business for over 30 years. Over the years, he has built up a network to connect the right buyers will the right sellers.
Timing Is Key
While timing plays a big role in a quick and profitable sale for any real estate listing, it is crucial for a luxury home. Consider the time of year when your property looks its best and schedule to sell during that time. Does your property have beautiful trees that look picturesque during the fall? Do you have a waterfront home that’s the perfect summer getaway?
Sell during this time to truly showcase the natural beauty of the property. Avoid selling waterfront property when its cold outside. Instead, opt for a season that highlights the beauty and prestige that comes with waterfront living.
Reconsider Traditional Open Houses
Open houses are a popular marketing tool when selling real estate, but they don’t work the same way with luxury homes as they do with typical homes. Public open houses don’t give buyers the exclusive, private, prestigious feel they are looking for when searching for a home. It is also impossible to determine if the people who attend the open house are even qualified to buy the home. For this reason, many sellers in the luxury market host a broker open house instead.
This allows competent realtors in the area to get acquainted with the property and take the information to qualified sellers, even scheduling a private tour to give buyers that exclusive lifestyle tour that they expect from a luxury property.
Sell The Experience
Buying a luxury property is not just about the property, it’s about the lifestyle and experience that comes with living there. Buyers looking for properties in affluent areas like Isle of Palms, SC are looking to be part of a specific lifestyle experience. Selling the lifestyle, the neighborhood, the exclusive local amenities, and experiences is a significant part of selling a luxury home. Buyers want to get a clear picture of what their life will be like when they buy this property and how they will fit into the community.
Jimmy Carroll Knows Luxury Real Estate
Selling a luxury home requires a specific marketing strategy, skill set and network of qualified buyers. In order to sell not just a property but a lifestyle, you need a realtor with experience in both luxury home sales and the local area. Jimmy Carroll has been in the business of selling high-profile properties in some of South Carolina’s most prestigious areas. Don’t leave one of your most significant investments in the hands of just any Realtor. Trust Jimmy Carroll to find the best buyers for your luxury property and increase your chances of a quick and profitable sale.