There is one thing all luxury listings have in common. Sure, many have high-end finishes, maybe an enviable wine cellar or a home theater sure to drop jaws. They likely have smart home technology throughout and perhaps even an indoor pool. While each luxury home is luxurious in its own way, all luxury listings have one thing in common.
The marketing rules for luxury listings are entirely different.
Why does this matter? Because knowing the marketing playbook is different enables you to find the right agent to list your property if you're selling or find you the ideal home if you're buying. The right agent will know the standard rules for selling a home simply do not apply.
Here's how marketing a luxury home is different, and what it means for you
Luxury real estate isn't marketed toward everyone
Not everyone can afford a luxury property, and that means marketing to everyone leads to a lot of wasted time, energy and potentially money. When you're selling a property that ranks among the highest priced on the market, you want to reach that segment of the population that is looking for something truly special. The right real estate agent will know exactly who that buyer is. If you're in the market for a luxury home, finding a Realtor who knows the luxury market is essential to securing the home of your dreams. If you're selling, be certain to work with a Realtor who knows and understands the luxury market, so you can get the right eyes on the property, right away.
The right pricing is key
Luxury homes aren't as common, and that makes finding a Realtor who is in the know even more important. For buyers, fewer comparable homes means it's harder to know what's realistic for pricing. For sellers, incorrect pricing could mean your listing stays on the market too long. Simply put, that can drive away prospective buyers. Real estate agents who are savvy will know the importance of accurate pricing in the luxury market, and they'll be able to calculate what's realistic for the property's unique features.
Video and photography? Think high-end
Capturing the true essence of a luxury property probably can't be done by Joe Schmoe Photo. A Realtor who gets the luxury market will bring in the best in the business, both for photos and video, to truly showcase the property in its best light. Selling a luxury home requires luxurious-looking photos and video tours, and that enables sellers to command the best price.
Marketing online and off
The right marketing strategy for luxury listings includes both online and offline marketing. Of course, the internet is invaluable these days for selling any property, but just as important is working with an agent who is well connected to the luxury community. With a robust network of the right people, luxury property sellers will have access to a targeted market for marketing their listing. And buyers will be far more likely to get the jump on the hot luxury property of their dreams.
Open house? Don't even think about it.
Open houses are for the masses. When it comes to luxury listings, it's vital that your marketing efforts appeal to affluent clients. Hold an open house, and you'll attract the masses who just want to see what a luxury property looks like — people who are merely curious and have no interest in a luxury property. Any Realtor who recommends an open house for a luxury property should be viewed with suspicion. A broker’s open house, one which allows local agents in, however, may be appropriate.
What luxury listings have in common: a different playbookWhether buying or selling a luxury property, knowing that the rules are entirely different can help you navigate the luxury listings playing field. The playbook is entirely different when it comes to marketing, but with these few tips in mind and a Realtor who understands the luxury market you'll be more prepared to win the game.