The luxury real estate market is much different from the normal housing market; therefore, selling a luxury property is unlike any other sale. While a luxury home may be an excellent investment opportunity, it won’t sell itself when you’re ready to cash out and move on. Consider these common mistakes to avoid when selling a luxury home to prevent potential disappointment.
Not Using a Professional Agency
One of the biggest mistakes people make when listing a luxury home is thinking they can sell it independently. Your first step should be hiring a professional local real estate agent to assist you throughout your selling process. Before you choose, take a look at the homes they’ve sold in your area and ask about their strategies.
Don’t settle on the first agency you find or someone you know; instead, take your time scouting an experienced agent. You should work with someone who has prior knowledge and experience with the luxury property market and has access to many resources to make the sale as painless as possible.
Improper Pricing
Accurate pricing carries massive importance when it comes to luxury homes. You want to attract the right buyer, but that isn’t easy to do when you’re pricing is off-kilter. Although you might think a simple price per square foot calculation is adequate, you also need to consider the current market conditions and comparable sales.
Even with these considerations, it’s incredibly difficult to price a luxury home on your own correctly. As a result, you’ll have a better outcome when you leave the pricing to your expert real estate agent.
Poor Staging and Listing Pictures
Potential buyers will gather their first impressions based on the online listing; therefore, professional, high-quality pictures and videos will grab their attention and make them want to see the property in person. Without convincing images, buyers will scroll past your listing without a second thought.
“Capturing the essence of a home, in particular one appealing to a clientele who can afford quality amenities and higher-end features, is critical for real estate professionals who seek to sell luxury home listings,” emphasizes Melissa C. LeStrange, REALTOR® for Realty Network Group (Clarks Summit, Pennsylvania). “In today’s climate, creating that initial splash for a listing is most efficient for maximizing exposure, generating interest/showings, and producing offers. Of course, pricing and location, in addition to the type and recency of the updates throughout the home, matter too. The two best ways to capture a home’s essence, especially at a higher price point, is utilizing the services of a professional real estate photographer and an interior home stager.”
Professional real estate photographers will know how to produce images that are more than just a reflection of your home. Potential buyers need a type of emotional response to the photos to envision what their own life would look like in your home. Additionally, before you have photographs taken or schedule any walk-throughs, you need to know how to stage a luxury home.
Letting Your Emotions Take Over
When you’ve lived in the same house for a while, it’s entirely normal to have an emotional attachment to it. You’ve made many memories in your home, and saying goodbye isn’t always easy; however, removing emotion from the selling process is imperative for success. Proper pricing, marketing, and staging are much more difficult when you get caught up in the emotional whirlwind.
Now that you’re aware of some common mistakes to avoid when selling a luxury home, you’ll feel more equipped to take on the extensive process. The key is letting your real estate agent take care of as much as possible and pulling yourself away from the situation. Although you’re probably moving somewhere more suited to your current lifestyle, moving on and letting go of your previous dwelling is easier said than done.
