When you receive a listing there are a number of typical steps you go through in the process of marketing and selling that home. Such as organising photography, posting a sign out the front, advertising the home online and having an open for inspection.
When you receive a multi-million dollar listing the way you go about making the sale requires a different set of tactics. A sign in the front yard and an ad in the local newspaper simply won’t cut it in these special cases.
What are the essentials when selling a multi-million dollar property?
We’ve come up with six essential elements you should contemplate when selling a multi-million dollar property.
More often than not luxury homebuyers will be working with an agent who specialises in high-end real estate. So the best way to tap into this segment is to make sure your property is exposed to high-end agents and luxury agencies that already have relationships with high-end buyers.
You can foster your professional network by hosting private open houses for agents, advertising your listing in agent only newsletters, even arranging private viewings with individual agents to get their feedback on what will drive enquiry for that particular property.
2. Presentation is key
Street appeal and interior staging is more important than ever when selling a multi-million dollar home. Luxury homebuyers are especially visual, so having a clean, organised and visually pleasing home is vital to help them to envision themselves living there.
To ensure the home is ready for showings you may need to advise the seller of minor changes they can make to increase the value of the property and make it more likely to sell. For instance, you could recommend a fresh coat of paint, window cleaning, to restain stairs and decking, pressure cleaning of paths and driveways, de-cluttering of spaces, rearranging or hiring furniture, to replace old carpeting and enhance the landscaping if need be. It’s also a good idea to remove any valuable or rare items (i.e. art or collectables) to allow the home to shine.
A gleaming example of an immaculately presented and beautifully styled luxury home is 81 Alfred Street, Kew, VIC.
3. Profile potential buyers
What type of professional, entrepreneur, international investor, large extended family or film star may be interested in your listing? It can be tricky to predict who your likely buyer will be, but we recommend considering as many potential candidates as you can before planning your marketing strategy.
Think about who your potential buyers are, where they currently live, what they care about most, what they read, watch, hear and are exposed to. You can then go on to tailor your advertising to the marketing channels that will be most effective in reaching and connecting with your buyers.
4. Exclusive events
A perfect way to attract high-end buyers is to host VIP invite-only events. Some agents go as far as getting luxury brands on board to sponsor their open house parties. Raymond Bolduc, founding realtor of ONE Sotheby’s International Realty and ultra-luxury property specialist, is well known for hosting lavish parties when he wants to close a deal. To sell a home on North Bay Road in Miami Beach, Florida, Bolduc hosted a gala at the house for 500 people, complete with yachts and Rolls Royces.
Exclusive events can also be a great way to bring in potential buyers you wouldn’t normally have access to. The sponsorship from a luxury brand or real estate agency allows you to access an extra contact list to spread the word about the event and more importantly your high-end listing.
5. Set realistic goals
Prior to setting an asking price you should check the listings of similar properties in the area, both online and in person. This will allow you to gauge the quality of your property with an honest and impartial eye and lead to setting a reasonable asking price.
Viewing properties in person also helps to get into your buyer’s mindset, as they will be shopping around and making the same comparisons between your listing and comparable homes on the market. Pay attention to what is going on in that particular suburb. See if similar houses are selling and what they have gone for in the past before setting your price.
6. Multi-channel marketing
To effectively promote a multi-million dollar property you need to utilise a range of channels. Think print, online and social media. Professional photography, a virtual tour and floor plans are must haves when advertising the property online. Distinctive signage, multiple web site listings and print advertisements (locally, nationally and internationally), first-rate direct mail and even editorial media type coverage are essential to bringing in qualified buyers.
Some fantastic international real estate websites to use include:
There are a few more considerations to make when targeting overseas buyers. Ensure your website is accessible on overseas search engines and utilise international real estate sites to promote your listing. It is vital to create a high quality virtual tour video of the home’s interior and exterior to include in your online listings. This allows potential buyers, no matter where they are in the world, to view the best features of the home, and get a feel for the lay out and size of the property.
158 Wolseley Road, Point Piper, NSW is a great example of a well executed virtual tour video and gallery.
Networking, staging, profiling, exclusive showings, realistic pricing and multi-channel marketing are the six essentials you need to cover to successfully sell a multi-million dollar property. Are there other tactics you've had success with in the past? Feel free to contribute below.
From the Homely Team
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