Marketing a luxury property isn’t the same as marketing a median-priced property. There are unique challenges when it comes to listing a million dollar home, but these tips will help you overcome them.
- Have attractive photos ready and increase the visibility of your listing before it hits the MLS.
- Leveraging your network and creating buzz makes luxury home marketing easier.
There are many unique challenges associated with marketing luxury properties.
Selling million-dollar homes requires patience as homes at higher price points tend to spend more days on the market.
Before you rush to the MLS to post your listing, take time formulate an effective marketing strategy using the following four keys to success:
1. Plan a photoshoot
Book a photographer, and hire a prop stylist or staging professional to enhance the home’s beauty and appeal.
It is much easier to style and fix decor and furnishings before a photo shoot than to use Photoshop afterward. Be sure to collect highly professional photos, with shots taken at sunrise, sunset and dusk.
A quality photographer will know how to make your property look its very best; you only have one chance to make a good impression, and using excellent photos on all marketing materials is necessary for doing so.
2. Build pre-MLS buzz
Have several well-written descriptions of the home that include its best unique features.
Was the look of the interior created by a well-known interior designer? Is there anything interesting surrounding this home? If so, you’ll want to take advantage of these selling points.
Another essential for creating buzz is getting in touch with high-end public relations connections.
Spread the news of your property, both on a local and national level, and prepare a good story to go along with your listing.
3. Use your contacts
Before uploading to the MLS, reach out to your network of contacts, including fellow luxury agents, attorneys, past celebrity clients and other high net worth individuals.
You can do this through your personal social media account or with an email account designated for your private network.
Let your close contacts know that you’ll be putting a luxury home on the market, and give them a small sneak peak. You might even call them to an exclusive event at the home so they have a chance to see it first, and you could invite the media as well.
Don’t just rely on an open house: Coordinate an event that everyone will want to attend.
4. Inform the neighbors
Your next step should be to let the neighbors know about the home; people who already love the area make a great fan base. More importantly, these individuals will have a personal interest in encouraging their friends and family to move to the area as well.
Send the neighbors a nice mailer to inform them that the home next door will soon hit the MLS. Offer them an exclusive opportunity to tour the property, and allow their friends to tag along as VIP guests.
This courtesy can put you in contact with potential buyers long before your property even goes on the market.
You can significantly reduce your home’s days on the market by increasing your listing’s visibility before posting it on the MLS.
Once you list the property on an MLS and its days on market start increasing, savvy buyers will expect a price reduction.
Keeping the days on market low is a major benefit to your sellers, especially considering consistent price drops reflect poor marketing.
Once the home hits the MLS, you should implement continuous digital advertising and hold several open houses.
Additionally, you will want to continue attending events that provide networking opportunities with both the media and potential buyers.
If you build momentum but don’t maintain it, all you’ll be left with is wasted time and unhappy sellers.