Selling luxury homes is a fine and subtle art with slight but significant differences from the usual home selling process. It takes some time as well as expertise to navigate it successfully. As a result, it’s easy to make mistakes. Some of them can be costly and some can set you and your transaction back. Fortunately, you don’t have to experience these setbacks.
Let us walk you through the five most common mistakes people make when selling their luxury homes and everything you need to do to avoid them. If you have questions about selling Central Florida luxury homes, please don’t hesitate to get in touch with us.
Mistake #1: Not selling with a luxury realtor
It’s great when home sellers recognize the importance of hiring a real estate agent. But one thing people often forget is that not all real estate agents are the same. When you hire a real estate agent who’s inexperienced with your market, you risk losing valuable time and resources. Most of all, you might miss out on a great deal.
One of the most essential things you need to do when selling a luxury home is to work with an experienced luxury real estate. They know the market and all the steps to take for a successful home sale.
A luxury realtor who specializes in Central Florida luxury real estate can do a lot to further your real estate goals. Their most important qualities include the following:
- They know all the details. In selling Central Florida luxury homes, details matter. These help set luxury properties apart from other residential real estate in the market.
You can rest assured that luxury realtors know all the key features to highlight to make your listing all the more attractive even to the most discerning luxury home buyer.
If you are selling an older luxury home and want to make improvements, a luxury realtor can advise you on which upgrades to invest in. The right home renovations can increase your luxury home’s value and desirability.
- They have the marketing know-how. Luxury homes require different marketing strategies that appeal to the target market’s sensibilities. And since they have sold many luxury properties in the past, luxury realtors know exactly what to do to generate interest among luxury home buyers.
Take print advertising, for example. Unlike regular homes for sale, luxury properties make the most out of print advertising because they tend to stay on the market for a longer period of time. As such, luxury realtors know the best publications to advertise luxury homes for sale.
- They have a well-developed network (or have access to one). The most experienced and prolific luxury real estate agents have nurtured an extensive network they can always turn to when looking for clients or trusted real estate contractors.
This network can be especially helpful when you’re buying or selling Central Florida luxury homes. It’s common practice for luxury homes for sale to go unlisted. Instead of relying on multiple listing services, luxury realtors get in touch with each other and the people in their network to find luxury home buyers or sellers.
All these considered, don’t hesitate to ask potential luxury realtors about their professional network.
Mistake #2: Not setting the best price for your luxury home
Not all real estate is the same, but one thing rings true for all homes for sale: pricing matters. And no matter how many times people are reminded of this fact, incorrect pricing remains one of the most common mistakes home sellers commit. Even luxury home sellers are not exempt.
Inaccurate pricing can go two ways. Some sellers deliberately set their price lower than the market value in hopes of driving the price up come negotiation. Others ignore the market data, and believing their luxury homes are worth more, become guilty of overpricing.
It doesn’t help that pricing luxury homes is a trickier art than one might expect. Each property is unique, and a lot of factors can drive its price up. In addition to the staples, which include the location and lot size, other elements such as provenance or celebrity connections and amenities should also be considered.
Still, the best way to go about pricing luxury homes is to turn to accurate market data, both local and nationwide. These include the current inventory of luxury homes and the market conditions in your area. It’s not uncommon to have a limited number of comparable homes, but don’t hesitate to ask your luxury realtor for a comparative market analysis or CMA.
In addition to listening to current market conditions, here are other tips to remember when pricing your luxury home:
- Set your emotions aside. Some home sellers can’t resist overpricing simply because they believe their home is worth it. Don’t make that mistake. It’s important to keep your emotions aside and base the price on market indicators.
- Look at who’s buying in the market. The sky isn’t the limit when it comes to pricing luxury homes. The price has to be justified. That said, if you are aiming for a price on the higher end of the spectrum, get to know the buyers currently looking at the market. It will give you a picture of how much these luxury home buyers are willing to pay for a premium property.
- Accept that you may have to eventually reprice your home. Selling a luxury home can take a lot of time. It’s because there aren’t a lot of luxury home buyers to begin with. There is also the fact that some luxury buyers also have price caps. You might have to reprice your home (especially if the market conditions demand it) if you want to sell it as soon as possible.
Mistake #3: Not investing enough on real estate marketing
Marketing is as important as getting the right selling price for a luxury home. High-net-worth individuals do look at home prices, but what matters more is getting the right property. To convince these wealthy buyers that your luxury home is the one they’ve been looking for, you need to invest time and resources on real estate marketing.
It’s through marketing that you get to present your luxury home. That includes all of its features, amenities, as well as its story. Unfortunately, some luxury home sellers content themselves with the most basic of marketing strategies. In the world of luxury home marketing, listing photos and a descriptive write-up about the property won’t do.
How can you persuade high-net-worth home buyers that your home is the right one? Here are five essential marketing strategies to incorporate.
- Use the right words. Some words are better than others when it comes to luxury home marketing. For instance, using the word “luxury” won’t do your listing any good. Apparently a lot of high-net-worth clients dislike it.
Be careful with your word choice. Don’t go for hifalutin terms. Keep it simple and descriptive. Swap “luxury” with words like “upscale” and “prestigious.” Other attractive words that can help you sell your home include “beautiful,” “gated community,” “suite” when referring to master or primary bedrooms, and “open floor plan.”
The right words aren’t reserved only for your listing’s headline. Use these terms effectively as you describe each space and feature of the luxury home. Speaking of headlines, don’t pile on as many adjectives as you can. Short and descriptive will do.
- Every little detail counts. Property brochures might seem like a thing of the past, but in luxury home marketing, they can be an effective tool.
When designing the brochure, bear in mind your target market. Stick to a clean and modern layout and a timeless color palette. Choose thick card stock instead of other types of paper for a luxurious feel. For photography, keep it high-resolution. Have the brochures printed in full color.
- Tell a story. Take potential buyers on a journey that tells them more about the property and its story. You can do this through a combination of high-resolution real estate photography guided by creative and inspiring write-ups.
How you describe the property will impact the story and lifestyle you want to sell. Don’t be robotic. Instead of stating, “the property has a fully functional kitchen,” you can share that the property has a “spacious gourmet kitchen where you can entertain loved ones while preparing a feast.” See the difference?
For property descriptions, most people stick to adjectives. After all, their primary purpose is to describe. You can make your write-ups more engaging by including verbs. Don’t stop at saying a room has floor-to-ceiling windows. Go further and invite potential buyers “to watch sunsets through the living room’s floor-to-ceiling windows.”
The Institute for Luxury Home Marketing has more tips on how you can write the perfect copy for your luxury home.
Click here to learn all these secrets. - Make print media a priority. Although more and more home buyers are starting their home search online, print media still plays a significant role in luxury home marketing. This includes property brochures to be handed out to potential buyers and real estate professionals in your realtor’s Rolodex, as well as advertisements on certain publications.
The key to a successful print marketing campaign is to select the right kind of publications. Keep in mind your target market and choose the publications they often read or subscribe to. If you plan to attract international luxury home buyers, select publications with a global reach.
- Don’t skip video marketing. Don’t just tell potential home buyers about your luxury property. Show them. After all, if pictures are worth a thousand words, videos are worth much more.
In the world of luxury home marketing, another essential strategy is video marketing. As such, hire a videographer or production team that’s experienced in making real estate videos. As much as possible, get a licensed drone operator to capture the entire property and neighborhood on video. This will enable potential home buyers to fully visualize the location.
Like in your property descriptions and brochures, share the story of your property in the video as well. You can opt to have your realtor show prospective luxury home buyers around ala video tour or hire a professional voice talent to provide narration.
Don’t leave any stone unturned when it comes to marketing your luxury property. Listen to what your luxury realtor has to say and don’t hesitate to collaborate if you have any ideas on how to make your home seem one in a million.
Mistake #4: Not staging their luxury home to sell
It’s true. Luxury properties are a cut above the rest. Some of them are so stunning or so unique that their location or gravitas alone can drive their market value up and attract high-net-worth individuals from different parts of the globe. But does that mean you should skip home staging? No.
Even the most beautiful luxury home in the most picturesque or exclusive of locations can look uninviting or uninspiring when it’s not staged correctly.
It’s great to be confident of your luxury home’s attributes and strengths. If you want it to sell to the right buyer for the right price, however, you need to highlight these aspects and appeal to your target market. Home staging can do that.
Home staging is more than just decoration. It’s the art of dressing up a property for potential buyers, allowing them to visualize what life there could be like. Home staging can also be used to give buyers inspiration on how to utilize spaces depending on their lifestyle or needs.
In conclusion, home staging works in harmony with the overall marketing strategy to tell your luxury property’s story and sell it to enthusiastic buyers. Find an experienced and professional home stager to decorate your home to impress.
Let the Mel Bernstein Team help you sell
your luxury home in Central Florida
We’ve been offering excellent seller representation in Central Florida’s Lake Mary area since the 1990s. And now, we’re partnered with Premier Sotheby’s International Realty to provide even better white-glove real estate service.
Put our expertise to work for you. Contact us today at 407.810.4726 to schedule a private real estate consultation.