Selling your luxury estate home - Part 1
This may be the time for you to consider selling your luxury estate home. The market in the Napa Valley is robust with lots of activity. In my previous article I shared with you three things to consider when buying a luxury home. In most every homeowner's life, there comes a time when selling is on the horizon.
Selling a luxury home is a niche market, therefore you need to embrace strategies that differ from selling other types of homes or commercial real estate. I have five strategies for you to consider in the selling of your luxury home.
In this three part series I will be discussing, The Fundamentals: your position and desired outcome, your home’s position in the marketplace, your broker. The Visuals: added-value review, identity, marketing collateral. The Social: collaboration, presentation, social media. The Digital: the MLS, websites. The Execution: privacy, negotiations, escrow.
Here in part 1 we will have an in-depth review of the fundamentals leading up to a sale.
Your broker is your conductor. Selling your luxury home is like a symphony so you need someone who can orchestrate the entire concert. Think of the process of selling similar to how a conductor facilitates the creation of beautiful music.
You need the right broker who knows your area and whether the location and lifestyle of your luxury home is being portrayed correctly. For example, a home with a 10 acre vineyard in Napa Valley has a distinct lifestyle compared to a beach property in Santa Barbara or an apartment cooperative in New York City.
Your broker needs to know the attributes of the property and what is important to a potential buyer. General vineyard knowledge in the Napa Valley is imperative while knowing the ins and outs of government control, ordinances and taxes is a priority in New York City. Here in the Napa Valley there are many things to consider that differ even from a luxury home in Marin or Pleasanton.
I like to think, “It’s not who you know, but who knows you.” This is a key to finding the right broker as it is much easier for 1,000 people to know of me and what I do rather than me know 1,000 people whom I need to tell what I do. If I am good at marketing myself, then I am good at marketing your property.
Not only does your broker need to be good at marketing, but also communicating. It is important to know your motivations for selling. Is there a change in family dynamics, business, job, finances? Something not liked about the property? Or, is it just a good time to sell and look for something new?
Part 2 will describe to you the visual aspects to consider as well as the social elements that play in marketing of a luxury estate home.
Burt M. Polson, CCIM, is a local real estate broker specializing in commercial, luxury estates and wineries. Reach him at 707-254-8000, firstname.lastname@example.org. Sign up for his email newsletter at BurtPolson.com.