Topic: Luxury Real Estate is Selling a Lifestyle
In today’s technology-driven world, there are endless ways to market and sell a home, but what about selling in a luxury market. Sometimes simply utilizing online resources isn’t enough in a high-end market. Look no further to learn about why selling luxury real estate is all about selling a lifestyle.
What is a luxury property?
The luxury real estate market tends to take up only a small slice of the overall market. Luxury homes often offer high-end finishes, architecture, and property design. The property may also provide premium views of say a mountain range, or a stunning body of water. These homes deliver premium design at a premium price.
Buyers of luxury properties are often as exclusive as the properties themselves. This exclusivity means that not only should an agent be marketing the property in an above-and-beyond manner, but also should be selling the lifestyle that the property offers.
How to find an agent in the luxury market?
If you’re a buyer or seller in the luxury market, it’s important that you find a real estate agent that is ready to take on the special needs of your transaction. Sourcing an agent can be tricky! Be sure to:
- Evaluate skill levels (especially in the luxury market you’re looking in)
- Consider conflicts of interest
- Observe the agent’s listening skills
- Gauge connections in your niche market
It’s also important that you conduct a proper interview of real estate professionals so you can be sure you have the perfect person on your team. Consider asking questions such as:
- How many luxury home transactions have you been part of in the past?
- What is your marketing plan for properties like mine?
- What are your fees?
- How well do you understand the luxury market in my area?
If you’re an agent trying to represent clients in the luxury market . . .
Understand basic tax and local regulations
Within the luxury real estate market, not only are you selling a lifestyle to buyers, but it’s also important to have a basic knowledge about tax and local regulations. When the price point is high, it can help you as an agent to understand your seller’s intentions if you know a few basic accounting principles and tax code. Brush up on these skills, and you’ll be sure to impress your clients.
See Also: Cochrane real estate
Become an expert in concessions and incentives
Breaking into the luxury market can come with the need for added concessions and incentives. As a luxury home selling agent, you can consider adding incentives like a country-club membership or high-end furnishings. Find a personalized value for your property, and you will stand out as an agent in the luxury real estate market.
Learn how to market assets
Marketing property is important for any agent, but it is an especially vital skill in the luxury market. Be sure to show off the lifestyle the property can offer and utilize both print and online marketing tactics. Creating impactful content includes marketing with professional photography and cinematography and utilizing sophisticated printed materials.