Selling multi-million dollar homes requires more than a few bells and whistles to attract attention. High-end buyers are financially savvy, familiar with traditional marketing ploys and selective about what they want. Learn how to market to this lucrative niche.
Establish a professional persona
A professional persona is essential for appealing to luxury buyers. Consider their social standing and the people they interact with each day. Update your wardrobe, be well-groomed and speak articulately. Establish updated credentials that show you are educated about the latest real estate and marketing developments. Use recent photographs on all marketing materials, including websites, social media accounts, brochures and business cards.
Speak the language
Interacting with luxury buyers is different from working with other types of buyers. Get to know the language of the clientele to determine how to market real estate to them. Visit coffee houses, restaurants, charity events and other places where they spend time. Become a member of local organizations that appeal to this community of buyers. Being part of their world makes a REALTOR® more familiar and accessible to buyers who prefer to work with people they know. Plus, this makes it easier to work directly with the buyers rather than their assistants or representatives.
Profile potential buyers
Create a psychological profile of potential buyers before deciding how to market real estate offerings. Marketing a luxury home is not about casting a wide net. REALTORS® must define the target market and learn to appeal to this select audience. Get to know the people in this demographic. How much do they have to spend and what are their preferences? Consider the amenities of the location, such as waterfront property or access to cultural events, restaurants, and shopping. Focus on highlighting the attributes of the property that appeal to the profiled buyers.
Proper pricing builds credibility
Often, sellers wrongly believe luxury buyers will pay any price to get what they want. While some buyers might not be familiar with current market values, they work with people who give them the facts. Overpricing a property raises a red flag to a tight community of luxury buyers. Even if the buyer is initially interested, they work with knowledgeable accountants, attorneys and financial advisers who help protect their wealth. Proper pricing builds a REALTOR®’s credibility, which is crucial in a million-dollar marketplace. Creating an environment of transparency and trust is the first step toward putting together a viable deal.
One opportunity to make a great first impression
Curb appeal captures immediate attention and REALTORS® have one opportunity to make the right first impression. Manicured lawns, decorative landscaping, and well-maintained walkways make a home more enticing. Advise your clients to use functional outdoor lighting to showcase various aspects of the property. Ensure swimming pools, hot tubs and saunas are sparkling clean. Let them know that that they can strategically place colorful potted plants near doors, decks, and patios. Also advise them to remove personal items, toys, and signs from the property.
Stellar staging strategies
Help you clients stage the interior of the house in a simple, modern way. Make sure they put away personal photos and paperwork. Everything should be clean, updated and neutral, with a few colorful accents. Buyers need to be able to imagine themselves living in the house. While the furnishings might not be their taste, they should be universal and high-end to appeal to the choosiest buyers. Often, it is worth the fee for REALTOR®s to hire a professional staging company with luxury home experience.
Modern online marketing tactics
Luxury homes deserve professional photography and videos that showcase their attributes. Create virtual tours to pique the interest of busy buyers. Use virtual reality to bring buyers into the home without actually going there. Establish a blog that individually highlights recent listings with complementary articles, images, and video. Write detailed property descriptions using search engine optimization techniques. Double-check all spelling and grammar for accuracy. Share blog entries and listings on your business social media pages, including Facebook, Twitter, Pinterest, and YouTube. Invest in pay-per-click marketing to expand your reach.
The changing face of the open house
An open house for a luxury property goes far beyond baking chocolate chip cookies and serving herbal teas. Most high-end buyers expect an event when introducing the house to the luxury marketplace. Savvy REALTORS® work with local community organizations and publications to plan sensational soirees that take place at the property. Invite local celebrities, socialites, and entrepreneurs to these gatherings. Distribute glossy brochures and promotional items as people leave the event. Marketing efforts should be sleek and understated rather than aggressive and blatant.
Remember that patience is a virtue when it comes to selling luxury homes. Discerning buyers tend to take their time and weigh their options carefully. A REALTOR® who is always accessible, knowledgeable and accommodating is most likely the one who will seal the deal.