The house hunting process is sometimes a long one, especially for those potential luxury homebuyers. Any individual who wants to buy a home is bound to have their fair share of questions, concerns, and desires to vocalize. Despite the often simple communication, someone who is looking into buying a luxury home may have different priorities than the average homebuyer.
The point of a luxury home is to impress. If these homeowners aren’t met with a dazzling first impression, they may see working with you as a pointless venture. As a real estate agent who deals with luxury homes, you may face challenges that other agents may not.
Luckily, we know what luxury homebuyers really want.
Location, Location, Location
Above all else, location matters. Approximately 71% of luxury homebuyers will pay more for a great location. Case in point -- interiors can be changed according to taste, but nothing can fix a terrible view. If the home you’re showing has a view, sell it and sell it well. You’ll also need to take the interests of the buyer into account, too. If they’re looking for a historical home with a large plot of land, you may not want to look into city properties.
Location should be your first and most important research topic. Take care to learn where your clients would like to be located and then focus your lens on those areas. If the budget and location don’t mesh, then researching areas similar to those the client has suggested is a great jumping off point.
The Price Must be Right
Just because someone is wealthy doesn’t mean they’re not looking to be economical. You should be prepared to learn about each property’s history and to assess any issues -- major or minor -- that could drive the price down. In addition, the bare bones of a home are usually what matter most to luxury homebuyers. Many luxury homebuyers may wish to design and build their own homes, but it’s more economical to renovate an already existing home. If building a new home is the true goal of your client, they may want to look at homes with a lower price tag to renovate.
How is Space Distributed?
A luxury home is, by default, usually a very spacious structure. Despite that, it’s not always size that matters the most. Rather, how the space is distributed is very important to many homebuyers. Before you begin the search for properties, you should take into account your client’s desires for a home. If a spacious kitchen is something they value above all else, you may want to steer clear of those homes with smaller kitchen spaces. If they’re planning to renovate, however, then showing the home with a smaller kitchen may still be acceptable.
In addition to cooking and dining spaces, master suites are also especially valued among luxury homebuyers. Storage space can also be a major factor for luxury homebuyers, whether it’s closets or garages. To ensure you don’t run into any issues while showing homes, make sure you know your clients’ priorities before you begin the search.
The Best Amenities
In the event that a homebuyer is looking for certain amenities, you can seek them out. Many homebuyers are willing to add amenities themselves, but if you’re already aware of which amenities they would like, you can seek out homes that already have some of them in place.
Eco-friendly homes are currently on many homebuyers’ minds, so it may be a good preliminary measure to look for homes with amenities such as solar panels and eco-friendly heating solutions. Smart solutions are also becoming quite popular. Services that can be controlled remotely or with mobile devices are always a great place to start.
Pay Attention to Appliances
When relocating to a new home, appliances like a dishwasher, stove, and refrigerator are expected to be up and running prior to moving day. Although not being able to see these appliances during a showing may vex some, it’s even worse when luxury homebuyers see out-of-date appliances are still in place.
In the vast majority of cases, stainless steel is a good way to go. It’s sleek, easy to clean, and durable. Many luxury homebuyers are willing to expand their budget for higher-end appliances to be installed.
Above all else, make sure you’re communicating with your client. If you’re not aware of their preferences, then you could be in for a world of frustration. Even worse, they could move on to another real estate agent. Making the most of your time and of your clients’ means not wasting it in the first place.
