Selling a luxury home is unlike any other real estate transaction. The marketing is different, the potential buyers are different and the entire sales process is as well.
I hear from my luxury home clients that they found locating the right real estate agent to handle the sale the most challenging part of the process.
So, I came up with four qualities you should look for when choosing an agent to assist you in the sale of your luxury home.
Nobel Prize winner Albert Camus nailed it when he said that “You cannot create experience, you must undergo it.”
Agents experienced in the luxury home market are the only ones who understand the nuances of this market
Everyone else guesses and sadly, often miss the mark. That’s something no homeowner can afford.
When shopping for an agent, whether you plan on buying, selling or doing both, look for one that has experience with luxury homes and with high-end clients.
Cookie-cutter marketing plans don’t work with expensive real estate. While online advertising is critical to a marketing campaign, luxury home marketing sometimes requires more extensive and focused marketing.
Beautiful, full-color brochures and placing ads in places where they will be seen by the affluent are sometimes called for.
When selling an expensive home, look for an agent that uses all of the marketing tools at his disposal.
Regardless of experience, if the agent you’re interviewing runs his business on just listing in the MLS, it’s highly unlikely that he or she will be able to afford the extensive and expensive marketing strategies required to sell a luxury home.
Remember, attracting the affluent buyer requires more than a listing in the MLS
It may require buying advertising in high-end publications. One Silicon Valley expert I know frequently advertises in Elite Traveler, a magazine for those who own private jets.
Ad rates vary, but placed in the right periodical can be rewarding.
Other luxury agents prefer a broader audience, such as that of the Robb Report. Here, ads cost from nearly $14,000 (for 1/3 page) and more than $39,000 for a full-page ad.
Many times a luxury home owner will offer a budget to the listing agent for advertising costs. This cost can be recovered through negotiations when the luxury home sells.
Another challenging aspect of listing a luxury home is setting the appropriate price. Since prices are based on the sales price of homes in the same general area, it’s vital that your agent is familiar with the market.
A good luxury home listing agent not only knows what has sold recently, but has seen the interiors of the homes personally. He is also familiar with homes currently on the market. Before we set a price on your home, I will tour properties to see what features each home boasts and determine how we price your home.
This familiarity is the agent’s best tool when determining a list price for your home
Don’t trust the sale of your luxury home to any agent that can’t provide details of his or her experience, marketing know-how, and local market familiarity.
I have had many years in selling luxury homes and would love to help get your home sold as well. Due to years my experience, I have authored 2 books on selling homes. One is titled Secrets Every Home Seller Needs to Know and the other is How I Sell Homes Others Failed to Sell. To get a FREE copy of one of my books, CLICK HERE. In the Dallas / Ft Worth Metroplex, luxury homes are abundant. Therefore marketing correctly and calculated will give rise to selling your home quickly and for the most money in your pocket. I look forward to helping you get your home sold so you can move on to the next chapter in your life.
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