Luxury real estate listings have the potential for a big commission, but only for agents who know how to market them. Often, luxury listings challenge brokers due to their higher than average price point. Therefore, it’s critical to prove the value of the property while marketing to a pool of potential buyers that may be smaller, given the high price tag.
Let’s take a look at five tips that can help your next luxury real estate listing stand out.
1. It’s All About Photos and Videos
While photos and videos are important for all real estate listings, they take on a new level of significance with luxury properties. Potential buyers will shop online first, and your photos and video footage must show off all of the exclusive elements of the listing to drive interest.
Therefore, you should plan to hire a professional photographer and videographer to film the property and take photos of all indoor and outdoor spaces. You should also consider utilizing new technological advances that allow you to bring homes to life, whether it’s through augmented reality or a drone flyover of the estate.
2. Play up the Lifestyle Angle
As successful brokers know, selling luxury real estate involves marketing the luxury lifestyle. That may explain why so many brokers are active on Instagram, as the social media app is all about curating lifestyle content.
To connect authentically on Instagram, focus on sharing what you love about a listing. Viewers engage positively with those who share what excites them in an authentic manner.
3. Consider an Auction
The luxury real estate auction market has seen impressive growth over the past decade due to an increase in demand. Auctions offer a variety of benefits to luxury home sellers, who may struggle to complete a transaction through traditional methods.
Real estate auctions drive up the sales price and help you sell a home faster by generating buzz. An auction may also be the right strategy for premium properties that have been on the market with low local interest because there’s a greater certainty of connecting with a buyer who appreciates the full value of the estate.
4. Go Where the Buyers Are
With luxury listings, the pool of potential buyers is much smaller due to the higher price tag. Therefore, it’s essential to seek out marketing channels that connect you to qualified purchasers. Instead of focusing on direct mailings, look to social media to extend your reach. Focus on channels that are primarily visual, such as Instagram or Pinterest, over platforms like Twitter. You can also place advertisements in upscale magazines that cater to the luxury lifestyle. Finally, tie all of your marketing efforts together with a website that highlights your photos, video content, and listing specifications.
5. Time it Right
Last but not least, you must consider market timing. The longer a luxury property sits on the market, the more questions potential buyers might have about its value. With this in mind, you should leverage the seasons by listing at the right time of year (for example, spring in the Northeast).
Need Help Selling a Luxury Property? Reach out to Elite Auctions
By implementing these five tips, you’ll reduce time spent on activities that don’t pay off and ensure you find the right buyer for your luxury property.
For more information about the best ways to sell a luxury listing, contact Elite Auctions today.