Selling a luxury property is slightly different than selling a more moderate home or property. To begin with, the new owners will often be more able to tailor the property to their own specifications and may not even view the property themselves; rather, they may purchase the property through an agent, sight unseen. Here are five tips to help you command top dollar for your luxury property.
- Don’t remodel or repair prior to selling.
Unlike almost any other property, the majority of remodels and repair work will essentially be wasted on luxury properties. Even essential repairs that are generally recommended on lower end properties, like putting on a new roof or installing a new furnace or water heater, are not recommended for luxury properties. Luxury properties are most likely to be remodeled entirely by the new owners, which may even include adding onto or tearing down parts of the existing structure. Unless the repairs are necessary for the protection of the property or structures—such as fixing a leaky roof—it’s often best to sell your luxury property as is.
- Hire a professional stager.
Most real estate agents will do some level of staging prior to selling a property, but that may simply include things like removing family photos and knickknacks and clearing away excess furniture to show off the spaces in their best light. With luxury properties, however, it is even more important to hire a professional staging company that can showcase your property without a lot of excess distractions that take the spotlight away from the “bones” of the property. Again, the majority of buyers of luxury properties will remodel anyway, so what they are looking at is merely its potential, not its current state.
- Advertise discreetly.
There is a certain amount of fame that comes attached to almost any level of wealth and therefore the wealthy owners of luxury properties will often pay top dollar for privacy. Loudly proclaiming a luxury property for sale will not only draw the wrong parties to the table, but it will also make the property a prime target for thieves and vandals.
- Hire a real estate agent who specializes in luxury properties.
Since real estate agents work on commission, almost any agent will be chomping at the bit to get their hands on a luxury property to sell. There are, however, specific agents that specialize in luxury properties and have both the specialized knowledge and resources to help you get the best price for your property. Sometimes, market trends for higher end properties are very different from current market trends for lower end properties. It’s important to find an agent that really understands the current market conditions for your specific type of property and can advise you on the best course of action for selling it. You might also contact a real estate training expert at a place like Success Path Education.
- Understand the true value of the property you are selling and market accordingly.
This is of great importance when selling a piece of property the seller may have sentimental attachment to, such as a family home. It’s important to understand where the real value in your property lies. If you have older structures on a valuable piece of property, then the structure itself probably has little value and may very likely be torn down. Make sure you can be emotionally okay with that before choosing to sell.
When done well, selling a luxury property can bring a tidy profit. But selling a luxury property is not like selling a modest property. That’s why it’s important to be sure that you surround yourself with the right people to help you sell. Look for an agent who has an established track record of successfully selling high-end properties and you should do very well.
This post was originally published on RISMedia’s blog, Housecall. Visit the blog daily for housing and real estate tips and trends.
