Selling luxury homes in DC is a different real estate market. Everything from how you price to how you market has to be adjusted for the right buyers. This is an exclusive market. The higher the price a house is listed for, the fewer the buyer pool becomes, and you might have a long road ahead.
Realtor.com’s luxury home index shows a 25% increase in luxury home sales across the country. Luxury markets see a 10% price growth year over year. So even though the market may be tough, there is a definite movement in sales.
No matter what market trends state, selling your luxury estate is your job as a seller. There are no guarantees in this market, but there are things you can do to make your luxury home stand out.
Here are Five Tips for Selling Your Luxury Home Fast:
Work with a realtor who has experience with the luxury market. All real estate brokers have specialties, and you want to work with someone who has experience in selling luxury homes in DC. Your broker should know the ins and outs of pricing and advertising a luxury home. Start with your network. Ask for referrals from agents who might know brokers who are a fit for you.
Print advertising and direct mailing should be a part of your marketing plan. Take advantage of the internet. The real estate agent should have his website. He should also use social media for maximum exposure. You should ask your realtor where the luxury home will be marketed, how, and how frequently. There should be a comprehensive marketing plan.
Develop a brand for your home. You should build a distinct identity for the house that you are selling. Have a focused message as a guide in your written materials. You can purchase an individual logo that can be placed in any relevant content or come up with a slogan.
Bring in a professional stager. This is one of the most important parts of selling a home. Staging the property makes the potential buyers picture themselves living in the house. A luxury home is usually customized to individual tastes. A professional stager can guide you through the process, especially in highlighting the house’s most exclusive features.
Staging helps maximize the price and minimizes the time on the market. Showcase the amenities which make the home luxurious. It can bring up to 25% more on million-dollar luxury homes. Hiring a professional stager to give you advice on decluttering and enhancing the property with fitting furnishings and artworks will help to sell the luxury lifestyle.
Find a balance when setting your price. This is the trickiest part of selling a luxury home. A high price might make your home stale in the market, while a low price might get you less than what you aim for. You and the realtor should find a middle ground in settling for a price. You should remain competitive and get what you can for what your house is worth.
Focus on what makes your home stand out. A McMansion was described as a large and expensive home but tasteless. You must distinguish your home from other properties with the same price point. Downplay the things buyers can find elsewhere, and highlight the things that make your home special.
A common real estate pricing mistake is suggesting the highest price. Your luxury home should be priced competitively from the beginning to attract buyers. An in-depth comparative market analysis should be done.
Photos of quality and quantity. You have to invest in high-quality photos of the house you are selling. Ask your realtor if he can recommend a professional photographer. You can also include a video for a virtual tour of the property. Foreign buyers interested in purchasing your property will appreciate this since they will not need to travel to see the house in person.
Unique, high-value features of your home should be the main selling point. Feature them prominently in the photographs and videos and can be mentioned as assets in your promotional material.
Market wisely. A yard sign of the place shared via social media will not cut it. Luxury homes are not like your usual real estate sale, so you need to invest in top-quality printed materials in addition to professional staging and photography.
While online marketing is critical to selling a luxury home, your printed material is as important. There should be an additional budget for marketing materials for a high-end home. Perception is everything for potential buyers. The marketing material should tell a story about the house and the city it is located in. Descriptions of the neighborhood, schools, etc. should also be included.
Skip the public open house. Luxury properties should have an air of exclusivity. There should be appointment-only viewings. With these appointments, buyers will feel they have the privilege of seeing the property alone. Selling luxury homes in DC is not about getting as many buyers as possible, but getting the right buyers through the door. You can stage an invite-only event if you want multiple buyers at once.
Plenty of people who do not have the financial capability to buy homes show up at open houses. Even those who have the money go to open houses just to compare. Due to the number of people coming in and out of open houses, you cannot detect who can take things and plan to enter the house later to rob the house further.
Selling a luxury property requires a give and take between you and the potential buyers. To sell your luxury home fast, you will need a good foundational strategy and a little bit of luck. Contact The DC Team if you are looking to rent, buy, or sell a luxury home in DC. You can set an appointment here: https://www.thedcteam.com/contact/