The luxury real estate market requires its own level of expertise for a variety of reasons. From lending to marketing to networking and beyond, the luxury real estate market is its own unique ecosystem when compared to more moderately priced homes.
It goes without saying that the first — and likely one of the most important — steps to selling a luxury home in the Phoenix area is pricing the property correctly. This not only requires experience in the luxury market specifically, but also in the geographic market, to best understand buyer behavior and local trends. Finding that sweet spot calls for both.
Once a luxury home is primed for attention — meaning it is looking its absolute best with no lingering unfinished projects — there are a few tips that move the process of selling along.
Work with a realtor who is experienced in the luxury market. From pricing to marketing to understanding the mindset and expectations of the luxury buyer, it is vital for those listing a luxury property to work with a Realtor who has luxury real estate experience. At Halpern Residential, our experience in the luxury market has shown us time and again that it is not the same as the market for more moderately-priced properties. Buyers come in with different expectations and financing options are different, too. Simply put, working with a realtor who offers a unique blend of market knowledge, high level strategy, efficient negotiating skills and outside the box thinking pays off.
Use a professional stager. Every homeowner has their own biases about what looks good, what is tasteful and how a room should be arranged. Despite a homeowner’s passion for a certain piece of furniture or art, it may not be to the buyer’s taste and distract them from the home. Professional stagers not only take the emotion out of the process, but — like realtors with luxury experience — they have a better understanding of what a buyer prefers. Think of it as an investment in the sale rather than a cost associated with it. Industry statistics indicate the return on investment when using a professional stager can range from 158% to 1194%.
Develop a marketing strategy. As any Realtor with luxury real estate experience would know, a marketing strategy for a luxury property goes beyond posting a sign in the home’s yard. When it comes to luxury properties, it’s best to develop a full marketing strategy that could include branding the home with a catchy name, professional photography, exclusive events, advertising in luxury publications and a social media presence. In addition, that strategy could or should include outreach to private lenders and bankers, which is a valuable network that experienced luxury realtors have likely developed over time.
Focus on standout features. Buyers will expect a certain level of upgrades to properties categorized as luxury real estate, so experts suggest that sellers spend less time focusing on pointing out countertops and flooring and more time on a home’s standout features. Those features may include home automation, an outdoor kitchen or even a backyard lazy river. By focusing on unique features, sellers have an opportunity to leave a lasting impression on potential buyers in a competitive marketplace.
Create exclusivity. Instead of hosting a public open house, consider hosting an invite-only preview of the home the day before or the day the listing goes live. In addition, experts suggest appointment-only tours or showings for luxury properties, to ensure the seller’s agent is present to answer any questions a potential buyer might have.
If you’re considering a home purchase or sale, the team at Halpern Residential is ready to help. We keep an eye on market trends so you don’t have to. Moving or investing in real estate is an exciting time of transition, and we’re ready to help you with it. Contact us today so we can learn more about how we can support your needs.