Selling luxury homes is not like selling any type of property. The luxury market is very different and unless you play your cards right, you could end up being disappointed by your results. There’s also a lot more at stake and not much room for error either. To be able to stand a chance in this type of market, you need an advanced understanding of marketing as well as industry knowledge. Here are some of the most common mistakes people make when selling luxury properties.
Not Working with the Right Team
One of the biggest mistakes people make when selling a luxury property is not working with the right people. You need to work with someone who has a large pool of resources and has an understanding of the different types of properties. They also need to know your local market inside and out. As well as this, they need to have a verifiable track record.
If you’re trying to sell your home in a market like Minneapolis, you need to work with Minneapolis realtors that have a solid record in the community. Look at the homes they’ve sold and in what areas. Also, try to find out where and how they find their clients. Some will rely mainly on listings while others will have an extensive Rolodex of investors. You need to leverage both if you want to increase your chances.
Going overboard with the price is another very common issue with luxury home sellers. Valuing a home by yourself is usually a bad idea and this is something you should let the pros handle. Only a pro will understand the nuances that could make your house more or less valuable. When calculating price, things like the state of the market and the inventory will make as much of an impact as amenities or location. You will need to look at how much other similar houses in similar areas were able to sell for, the estimated net proceeds, and the types of incentives that are being offered. The issue is that luxury homes are rarer, which means that there are fewer units to compare. This is why it’s usually recommended that you ask an experienced realtor to handle that part for you.
You can’t shoot a $5 million home with a $2 camera. Do not expect the house to sell itself and instead do everything in your power to make sure that your images are professional. You want to take things even further when it comes to luxury properties and have professional video footage taken. You could also use things like drone photos and videography of the property for large lots or those with impressive vistas.
If you have had difficulty selling a luxury home or are thinking of selling yours soon, make sure to avoid these mistakes at all costs. This will increase the chance of you making a quick sale and allow you to get the most value for your property.