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How to Sell Luxury Real Estate: 5 Tips for Making a Successful Sale
According to reports, Florida’s luxury real estate market saw significant growth last year which continued into the first quarter of this year. This might be surprising given the economic downturn due to the pandemic. However, as homeowners find themselves spending more time indoors, having a comfortable home is now more of a priority.
Increased immigration may also positively affect the market as travel restrictions are slowly lifted. This might be the ideal time to consider real estate. If you’re willing to take the chance, here are some tips on how to sell luxury real estate.
5 Tips on How to Sell Luxury Real Estate
Real estate can be a lucrative investment, but when you venture into the luxury market there are a few things you need to consider.
1. Hire a Real Estate Agent
Hire an agent with experience in the luxury market. Specialized agents would have had extensive dealings with people buying luxury homes. They will know the best pricing and advertising channels for this million-dollar market. Get recommendations from people you know and ask for referrals. Or you can do your own research. Just ensure your search parameters stay within the luxury market.
2. Have Your Property Staged
You must show potential buyers all the possibilities of your property. Stage it so that they can envision living there. Staging is even more important for someone buying a million-dollar home because it’s a substantial investment and they want to ensure they’re making a good decision. Don’t be afraid to show them. A professional stager or staging company will know exactly how to do this.
3. Be Realistic When Setting Your Price
Although the luxury market is doing well, you should still be realistic when pricing your property. Find a balance so that your home doesn’t stay on the market, or alternately you don’t want to end up not getting what it’s truly worth. Your real estate agent should be able to assist. Or you can liaise with a mortgage broker who transacts daily with lenders in the market so he/she will be familiar with prices in the luxury market.
4. Know Where to Advertise
Your real estate agent can handle this, but you should do your own research to ensure they’re exploring all marketing avenues. Traditional marketing channels aren’t the way to go when trying to entice someone to buy a luxury house. It requires investing in high-quality marketing channels, staging your home well, and having professional photos taken.
5. Throw in a Perk or Two
You can make your home stand out from other luxury homes on the market by offering potential buyers a little extra. A lovely, modern bedroom set or a grand piano might be the extra ‘something’ that pushes them to decide on your home. Additional bonuses will make them feel they’re getting a little more for their substantial investment.
Finding Success in Luxury Real Estate
If you’re ready to take the leap, there’s no better time to enter the luxury real estate market. The expected increase in demand for million-dollar homes and using the tips above will set you up for success.
The rest of our blog can provide you with information about how to sell in this exclusive market. Check out the rest of our site to learn more about how to sell luxury real estate.
Photo by Bailey Anselme on Unsplash
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Kaya Wittenburg
Kaya Wittenburg is the Founder and CEO of Sky Five Properties. Since the age of 10, real estate has been deeply ingrained into his thoughts. With world-class negotiation and deal-making skills, he brings a highly impactful presence into every transaction that he touches.
He is here to help you use real estate as a vehicle to develop your own personal empire and feel deeply satisfied along the way. If you have an interest in buying, selling or renting property in South Florida, contact Kaya today.
