Top Davie REALTORS® will tell you that selling luxury homes is a bit different than selling mid-range homes. The homes are larger, the prices are higher and the number of potential buyers is smaller. Make sure your luxury home sells in the shortest possible time at the right market value price using the tips below.
Selling a luxury home takes time, so plan on being patient. Not only are there fewer buyers in the luxury range, but the buyers are often more particular. When a Davie homebuyer is making the kind of investment required to buy a luxury home, they are more likely to wait until they find the perfect one.
Focus on the Potential Buyer
Luxury homes are all about lifestyle; it’s not a matter of whether there are one or two bathrooms. Luxury homebuyers are looking for the location and amenities that fit their lifestyle. Therefore, start your marketing by thinking about the type of buyer who would love your home.
Certainly, your perfect buyer needs to have the financial resources to purchase your home. After that, however, what’s different about your home that would attract a specific type of buyer?
Do you have a large theater room that would attract someone who loves movies or who has children that do? Are you in an outlying neighborhood where you can walk to fine restaurants and shopping? Perhaps your home will attract those who want to live in a walkable neighborhood without being in an urban setting.
Once you’ve identified the type of buyer you’re looking for, your marketing campaign can focus on highlighting the features of your home that will be most in demand and set you apart from your competition.
Stage Your Home to Sell
You may think that your home is perfect, but the odds are you still need to do some things to make your home show at its best. You want buyers to walk through your home and imagine themselves living there. If you have wallpaper that you love, but might be considered too colorful for many people’s taste, replace it with neutral paint. If you have photos of five generations of your family in a collage in the family room, replace them with family-neutral wall decorations.
Sometimes, it’s difficult for homeowners to make the kind of changes that will bring them top dollar. Just keep remembering that you won’t be living in the home. It doesn’t matter if it looks a bit too sterile for your taste.
Think Carefully about Holding Open Houses
Luxury home marketing is usually very targeted. Mass marketing tools such as open houses may not be the approach you want to take for a number of reasons.
- You can’t decide who will attend your open house, and you may end up wasting time with people walking through who aren’t qualified to purchase it.
- Some people attend open houses just to see what a home looks like on the inside, with no intention of purchasing.
- Sometimes, you’d rather not have a group of people you don’t know roaming your home.
Before you jump into holding open houses, decide what your objective is and determine how effective the open house will be at helping you meet it.
Pick the Right Price
As with all homes, setting the right sales price when your home first hits the market is crucial. Some people think you should set your price high at the beginning because they don’t want to leave any money on the table, and because they know they can always reduce the price over time.
The truth is that homes that are overpriced at the beginning usually sell below market value. Obtain a home valuation from a respected Davie REALTOR®. Armed with that information, you can set your sales price at a fair market value and realize a higher profit on the sale.
Create an Effective Marketing Plan
Marketing a luxury home requires attention to detail. For example, hire a professional to take the photographs of the home, and have videos produced professionally.
Internet marketing is an important part of selling real estate. In addition to listing your home on the MLS, it should be visible on social media sites and websites that specialize in showing homes for sale.
Networking is another critical part of a marketing plan, especially for a luxury home. Since there is a smaller pool of potential homebuyers, the odds are that Davie REALTORS® know people who are looking in the luxury range, or they know other REALTORS® who do. Don’t underestimate the Davie area’s “hidden real estate market.”
Selling a luxury home in Davie can be a very rewarding experience, especially when you have a top Davie REALTOR® working with you. Choose a REALTOR® who knows the luxury market, someone who is good at setting a fair market price the first time. It’s also helpful if the agent is well known and has a large network they can access to promote your home.
If you’re thinking of selling in Davie or any of the surrounding areas, consider the experts on Teri’s Real Estate Team for personal, professional and effective assistance. Contact us at 954-242-8030 or online.