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Mansion Market: What You Need to Know about Selling a Luxury Home

Written by Posted On Friday, 19 May 2017 14:29

A glorious mansion lies before you. Your exits are INSIDE, EAST, and WEST. What do you do?

Selling a home can be difficult, but it can be even more challenging when you are trying to sell a luxury home. Many real estate agents do not have the expertise to sell a luxury home. There are certain steps that should be taken to make sure your home sells quickly and that it is being promoted in the right market.

Make Sure It Is Properly Priced

One of the biggest mistakes in selling a luxury home is listing it at the wrong price. Too often, real estate agents who are unfamiliar with the market for luxury homes list them at the highest price possible. Although you want to get as much as possible for your luxury home, the market may not justify such a high price. A real estate agent should complete an in-depth market analysis, messaging data, touring comparable homes and calling brokers who have recently sold similar homes in the area.

Proper Marketing

The internet has changed how people shop and the real estate market is no exception. A real estate agent should have their own website with detailed information about all homes they are selling. The site should be mobile responsive as many people now shop from their phone or tablet. A blog is another added benefit as a real estate agent can go into detail about homes they have listed as well as financing tips, inspection suggestions and more. Social media is just as critical as a website. Too often, real estate agents do not utilize social media sites to their full potential. Posting a series of photos on Facebook, or as story on Snapchat is a great way to draw attention to a luxury home.

High Quality Photos and Videos

If you want your photos to get noticed, hire a professional to take them. To get the best photos and videos, you need high quality equipment, not the phone on your camera or a tiny pocket-sized camera. You need wide angles, telephotos and other features that will capture the beauty of a luxury home. The right lighting is also important to make the home stand out, something a professional photographer will capture. You want to be sure the real estate agent has an album that will allow them to place many photos of your home. Luxury homes often require more than the average 25 photos a less-expensive home would have. Virtual tours are also an excellent way to showcase beautiful landscaping, amenities like pools, hot tubs, waterfalls or vineyards, as well as the higher number of rooms the house likely has.

Schedule a Broker Open House

Research indicates that a public open house is not beneficial when it comes to selling luxury homes. Often, those who visit during the open house are simply curious to see how the house looks inside. Instead, plan an open house for brokers only. This allows real estate agents who may have luxury home buyer prospects the opportunity to see the inside of the home and refer the right clients to your agent. Contact realtors like Coldwell Banker George Realty for more information.

In addition to these tips, consider staging your home so people can envision actually living there. Make sure that the timing is right to sell your home and remember to be patient as selling a luxury home may take longer than selling a less expensive home.

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