Selling your luxury estate home - Part 2
Selling your multi-million-dollar home is more than putting up a sign and listing in the Multiple Listing Service (MLS) by your agent. Luxury homes are unique and have several facets to consider when presenting your estate not only as a home, but a lifestyle to enjoy.
In part one we focused on the fundamentals being our first step in the process. We covered the role of your broker, the identity of your estate and your motivations for selling.
A positive first impression is important and is where a good relationship is essential between you and your broker. A seller needs to give the latitude to her broker to walk-through the property and point out any detriments and suggest remedies--without prejudice or insult. This includes clutter, furniture that doesn’t compliment the home or maintenance issues.
Oftentimes, your broker may consider the use of a professional staging company to bring all the visual elements together to tell the story of a “lifestyle.” Telling the story of a lifestyle goes hand-in-hand with formulating the identity of the home and using the media available to promote that identity.
Consideration should be given to marketing and selling a home with some or all of its furnishings. In many cases furnishings, artwork and decor are tied to the finishes of walls and floors as well as built-in cabinetry, fixtures and appliances. A professional designer may have tied all these elements together to again create the lifestyle. Not including the furnishings, artwork and decor may discourage potential buyers.
There are multiple channels available for marketing and each is dependent upon the property, location and potential buyer pool. Marketing collateral used includes physical brochures, signage and advertising. Photography and lifestyle videos lay the groundwork of the emotions we want to create about the home.
Yes, social media marketing is used, but needs to be done right. Email marketing to select buyers is one effective tool the broker has in his arsenal.
“OMG, did you see the built-in espresso machine in the walk-in closet?” I’m not a fan of open houses, especially for luxury estates. There is some truth that an open house is a great way for an agent to obtain buyers--of other houses, but seldom does it sell the house you are representing. A publicly advertised open house usually does not occur for a luxury home because it brings out the looky-loos who want to see “how the other side lives.”
Your broker should focus on broker tours as well as making a good first impression for the private, scheduled tours of his or her clients and those of other brokers. With tours it is always prudent to get feedback from other brokers. Collaboration is the key as well as a team approach with the broker community.
As you can start to see marketing a luxury estate home encompasses a thorough strategy. In the last part of the series I will discuss the digital aspects to marketing and the execution of the sale.
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.