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How to Sell a High-End Luxury Home

How to Sell a High-End Luxury Home

Brokering multimillion-dollar luxury home deals requires an entirely different array of skills and tactics. From how an ultra-high-end property is valued and priced to marketing, negotiating and staging strategies, every facet of the process must be tweaked.

There’s a reason why only the savviest realtors break into the luxury scene. Here is a collection of their most applicable industry secrets.

No Room for Error on Pricing

Standard homes are priced by a relatively firm set of criteria. Square feet, lot size, location, amenities & upgrades – plug these data points in to look for comps and your approximate starting point is all but calculated for you.

With a luxury home, there is nothing comparable. That’s what makes the property so special to begin with. Pricing such a home requires instinct and experience – the ability to compare intangibles such as historic architecture or one-of-a-kind location.

Getting the price right the first time is particularly important for high-end homes because there are so few of them on the market. If a listing goes stale, buyers (or at least their agents) will take notice – and a significant price drop will signal that the home has been overvalued.

The Psychology of Portraying Value

The value of a luxury home cannot be expressed using traditional metrics. Selling agents must understand and appeal to the underlying psychological profile of the target buyer for a given property.

The idea is to create a sense of mystique and scarcity, a high-end luxury buyer needs to feel that the property is unquestionably unique to the market.

Selling a luxury home is more about selling a lifestyle than the home itself.

Getting to Know Every Nook & Cranny of the Home

There’s an old real estate adage that goes, “Homes sell themselves. A great broker just has the best information.”

When you’re representing the seller of a multimillion-dollar home, it’s your duty to know the ins & outs of every room in the house. It’s simply unacceptable for a potential buyer to ask a question and have to wait for an answer.

From the pristine finishes and high-end applicances to the home theater, security system, wine cellar, climate control and more, staying up to speed on the most exceptional features of the house is paramount.

Invest in Top-of-the-Line Photography & Videography

Luxury buyers are accustomed to the best of everything. Never skimp on real estate photos and always include a high-quality virtual tour as part of the listing.

A talented real estate photographer can bring out the best and capture the essence of any property.

Build a Sphere of Influence

Some of the most extravagant homes to hit the market do so quietly. Owners who do not want the sale of their home overly publicized rely on agents with connections to find a buyer under the radar.

The more skilled a broker is at networking and expanding their sphere of influence in the industry, the more likely it is they can use their circle to connect with a buyer.

Timing is Everything

Despite the fact that more expensive homes tend to sit longer on the market, knowing when to list a particular property is vital.

As a high-end home depends on intangibles to generate value, the property must hit the market at a time when said intangibles are at their best if you’re to create an initial buzz.