What You Need to Know When Selling Luxury Real Estate

Posted by Premier Commission on May 14, 2015 in Helpful Tips, Real Estate, Selling Real Estate

Real estate agents focus on finding clients the perfect home to fit their personality and character and the unique needs of their individual family.  However not all of the homes on the market will be feasible for the average client, so how do you face the challenges of selling a luxury real estate property?  Since luxury real estate limits the number of buyers potentially interested in a property, advertising and selling these properties can be complicated.  Despite this, there are some tips and tricks that have been proven to get results when it comes to selling luxury properties.

Advertising and Marketing Luxury Real Estate Properties

Luxury properties definitely have a target audience of affluent buyers, so expanding your advertising and marketing to several different areas is key in order to reach this small pool of potential buyers.  Advertising online, in print formats, and in other venues will greatly increase the number of people seeing the advertisement and therefore talking about it, sharing it, and spreading the word about the property.  A potential buyer may not be living in the immediate areas surrounding the property, so utilizing online advertising can help reach buyers that may live in other areas of the country or even the world.  The target audience for this type of property is going to be high-end buyers, so networking with people and companies that can help you reach this kind of audience can help you find a buyer more quickly.

Helping the Seller Set Realistic Goals for Selling Luxury Real Estate

It is your job to help your client set realistic goals when it comes to the selling price of their property and when the property is likely to sell.  An overpriced property is sure to stay on the market, and a client that is pushing to sell the property as quickly as possible may overlook important details that are crucial in the process of selling.  Because of this, agents need to be up-front with their clients and help them set realistic expectations for selling their home.  A sense of urgency can be off-putting to potential buyers who may want to take their time considering the property and it can certainly cause unnecessary tension between you and your client, ultimately drawing out the selling process.  Rushing can also make it difficult to ensure the property is enhanced for showing to potential buyers.  If the landscaping is messy or the arrangement of the house is not optimal, potential buyers will likely overlook the property and move on.

Helping the Client Explore Their Options

If a potential buyer is on the fence about purchasing the property, adding extra incentives can help “seal the deal” and move the selling process along more quickly.  Including appliances, furniture, or art pieces can be the incentive a potential buyer needs to make a final decision about purchasing a client’s property.  Also, a client might consider whether or not their property may be able to be sold as something other than a residential home.  Could the home be converted to a business or other type of building?  This may increase the likelihood of selling.

Whatever properties you are working to sell as a real estate agent, Premier Commission can help you manage your business and cash flow with a commission advance.  You no longer have to wait until closing to receive your commission, and Premier Commission can help you advance your business without waiting for a commission check.

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