If you’re looking to sell a luxury property, you should know that entering the luxury real estate market as a seller is a tricky business. You need to understand the true value of your property, partner with trustworthy experts, and complete a considerable amount of home preparation before you sell. A qualified luxury home auction company such as Elite Auctions can assist you every step of the way and ensure your home sale is successful.
Before you begin the process of selling your luxury home, here are eight key things you need to know.
1. Luxury Homes Can Be Difficult to Appraise
Due to the unique nature of luxury homes, they can be challenging to appraise. Luxury properties typically have custom finishes and woodwork, imported built-ins, and one-of-a-kind features that are not found in any other home. Therefore, luxury home sellers are often challenged with deciding upon an appropriate asking price. While sellers can look to a professional real estate agent for assistance, many agents would likely struggle to find comps in the area on which to base the listing price.
However, when a luxury home is auctioned, the value of the house is considered standalone. Comps are unnecessary since the bidders can see for themselves the uniqueness of the property.
2. The Price is Driven Up by Competition During an Auction
During a luxury home auction, bidders are directly competing against one another. This drives the price higher and higher. It’s impossible to achieve this competitive advantage for the seller in a traditional home sale. In fact, luxury homes that are auctioned often result in record-breaking selling prices due to the intense level of competition that occurs among bidders.
3. Marketing is Essential to Sell a Luxury Home
When selling a luxury home, it’s not enough to take a few pictures and post the property on a multiple listing service (MLS). This method won’t attract the high-end buyers that you need to reap the value of your luxury property. A comprehensive online marketing strategy is essential to get the word out about the home. This is where a quality auction company like Elite Auctions shines. At Elite Auctions, we’ll promote your luxury home through multiple avenues to ensure you attract a handful of qualified buyers.
4. Your Digital Imagery Must Be High-End
Another thing you need to know as a luxury home seller is that the images used to represent the property must be high-end – almost on par with artistic photography. Think of the images used in publications such as Architectural Digest; that’s the level of beauty and professionalism that’s required.
5. You Don’t Need to Hold an Open House
Open houses work well for traditional properties; however, they are unnecessary – and even dangerous – for luxury homeowners. Holding an open house at a luxury estate is an invitation for thieves and other nefarious individuals to gain access to your domain. Therefore, you should avoid open houses as well as any agent who pushes you to hold one. Instead, opt for an auction, where directors and representatives understand the unique characteristics that make open house showings ineffective.
6. With an Auction, You Set Your Reserve Price
Did you know that when you decide to sell luxury real estate through an auction, you can choose the price? By setting the reserve price to fit your needs, you can protect your interests. And if for any reason the bidding doesn’t reach the reserve price at a minimum, you will not be forced to sell.
7. Luxury Homes Are the Hardest to Sell
Of all the homes on the market, luxury homes are the most challenging to sell. This is because few people have the funds to afford luxury real estate. Your property is simply out of reach for a majority of the population. That’s why enlisting the help of Elite Auctions makes so much sense. We already have a pool of buyers who can afford luxury real estate and are actively looking to purchase a property. Additionally, Elite Auctions understands how to market to those select few who desire luxury homes like yours.
8. Auctions Are a Stress-Free Way to Sell a Luxury Home
Selling a home is a stressful undertaking if you’re using a traditional method. However, if you choose to sell your home through an auction, you won’t have to lift a finger. When you enlist the help of Elite Auctions, we’ll do all of the heavy lifting for you. From planning, analyzing, and research to website creation, promotion, and the auction itself; we take care of everything!
Choose Elite Auctions to Help You Sell Your Luxury Property
Are you interested in selling your luxury home? If so, Elite Auctions can help. Luxury home auctions are the most effective way to achieve a quick and profitable transaction. For more information about how to sell luxury real estate, contact us today!
