With such rewarding outcomes, many real estate agents aspire to enter the luxury real estate market. With substantial commissions, endless networking opportunities, and the ability to rub shoulders with high-profile entrepreneurs and celebrities, who wouldn’t want to get in on the excitement? Of course, the ultimate question is how to sell luxury real estate.
Selling luxury real estate means employing specialized techniques and strategies to cater to affluent buyers, so you can successfully close high-value transactions. There are several factors to consider, including having an understanding of the luxury market, knowing how to emphasize unique luxury features and amenities, and being good at leveraging exclusive marketing channels.
Whether you’re aiming to break into the luxury real estate market or just looking to enhance your existing skillset, we’re here to help. In our “How to sell luxury real estate” guide, we’ll give you all the insider knowledge and strategies you need to take your real estate career to new heights.
Luxury real estate property refers to any form of high-end residential property that offers exceptional quality, exclusivity, and luxury amenities.
You can often expect spacious layouts, premium finishes, state-of-the-art technology, breathtaking views, and extensive facilities such as swimming pools, private gyms, and concierge services.
Most luxury real estate properties are found in prime locations, from upscale, gated communities to crystalline shorefronts, all of which cater to affluent buyers that want to live in a place that surpasses your average home.
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When assessing whether or not a property is a ‘luxury’ property, you have to explore a few key factors.
When people ask us how to sell luxury real estate, we start by saying,
Location, location, location…
You won’t find a luxury property in an undesirable location. Most are situated in prestigious neighborhoods or exclusive communities. Think waterfront properties or city penthouses.
If someone is paying a luxury price, they don’t want to live in a cardboard box.
Most luxury properties have spacious layouts. The room sizes are often generous, sitting adjacent to expansive living areas and ample outdoor space.
Essentially, they provide the perfect balance between comfort and grandeur.
You can also expect quality architectural design and the best building materials.
People pay top dollar for fine craftsmanship and attention to detail when it comes to exterior construction. Think natural stone, such as marble, granite, or limestone, or sought-after woods, such as cedar and mahogany.
Like the exterior, a true luxury property should boast top-notch interior finishes.
For flooring, you might see marble or hardwood. In the kitchens and bathrooms, you can expect custom cabinetry, high-end appliances, and designer fixtures and fittings. Attention to detail is a must when learning how to sell luxury real estate.
Safety is another major concern surrounding luxury properties, which is why many incorporate advanced security systems, gated entrances, surveillance cameras, and secure access points. Residents pay for that extra line of defense to maintain higher well-being.
Though there are certainly luxury properties that are purposefully far removed from the hustle and bustle of urban and suburban life, most provide convenient access to a range of premium amenities and services.
Luxury lofts and communities often include access to concierge services, fitness centers, spas, private pools, valet parking, and a 24/7 on-site staff that’s ready to take on the needs of residents.
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Though it’s impossible to boil down the identities of every luxury buyer into a single identikit, as there are several personal preferences and cultural characteristics that differentiate them, there are certain traits we see time and time again.
Now that you have an idea of the type of consumer you’re selling to, let’s look at how to sell luxury real estate in practical form.
Most luxury property buyers have a breadth of financial resources. You can expect to find investors, company executives, successful entrepreneurs, investors, and celebrities, all of whom have the financial capacity to invest in high-value properties.
Luxury property buyers often seek exceptional architectural design. They look for home properties with premium finishes and luxurious amenities that align with their refined tastes and an appreciation for quality craftsmanship.
Many luxury property buyers prefer private estates, secluded properties, and gated communities that offer a high level of security and seclusion.
Location is a major factor. From upscale, gated neighborhoods to renowned resort destinations, most luxury buyers factor in location first. They want access to high-end amenities, the ability to enjoy scenic views, and access to prestigious schools, shopping, and entertainment for themselves and their families.
Though they might be living at their newly purchased property, it doesn’t make it any less of an investment opportunity. Luxury buyers often look for properties that have the potential to appreciate in value over time or generate rental income.
Learning how to get into selling luxury real estate and find success requires having strategies in place. Let’s take a look at ten things you should be doing right now to optimize your brand.
The first course of action when learning how to sell luxury real estate is setting up a proper website. Your website is the heart of your business.
It showcases your unique selling point and acts as a home base for your clients to learn more about what you do, see your past work, and learn from an industry expert.
So, how do we do this?
Well, by targeting relevant keywords related to luxury real estate.
This will improve your website’s visibility in search engine results and attract organic traffic from potential buyers. We worked hand-in-hand with full-service real estate advisor, GFI Partners, to design an SEO-friendly website. With real estate SEO implementation, they received a 300% website traffic increase and a 46% increase in return website visitors.
One effective way to optimize your site’s SEO is by creating informative blog posts that target specific keywords related to luxury real estate.
For example, you might write an article about “Luxury Real Estate Trends in [Location]” or “Tips for Buying Luxury Properties.” By incorporating these keywords naturally within your blog content, you increase the chances of ranking higher in search engine results.
Beyond blog posts, it’s equally important to optimize the other elements of your site, such as landing pages, meta tags, and headers, making sure they’re well-structured with all of the relevant keywords in the page titles and meta descriptions.
Does your Real Estate Website have all 10? Learn the secrets to driving more traffic to your website, generating more leads, and ultimately increasing sales.
You want to showcase your luxury properties in the best possible light, and what better way to do so than with quality photography and videography?
Breaking into the luxury home market is all about first impressions, which is why so many successful luxury real estate agents hire professional photographers and videographers to capture the elegance, design, and unique selling points of their properties.
These are your main marketing materials for your luxury properties, so take advantage of them.
Once you have your visual content for your luxury listing in hand, it’s time to use it as promotional materials.
Arthur Sharif & Associates is an excellent example of a brand that can teach us how to sell luxury real estate. The firm has top-notch visual media showcasing its properties the second you land on the homepage.
Remember, luxury real estate, as with anything in the luxury market, is all about aesthetics and discernable features that sets it apart from low or mid-level real estate. When you incorporate high-quality photos and videos on your website, you showcase that distinction.
Plus, visual content is highly engaging, helping potential buyers visualize themselves living in a luxurious space.
A virtual tour can do so much more than your average photo or video, giving potential buyers a truer taste of what it might be like to live in a specific space.
Not only do they eliminate the need for physical visits, but they also allow potential buyers to virtually walk through a property at their own pace without a luxury real estate agent looming over them.
Virtual tours used to be clunky, though with enhanced technology, they now provide a realistic and interactive representation of properties, giving guests 360-degree views and the ability to navigate through different rooms with ease.
Having a line of direct communication in the luxury real estate market is very powerful.
It enables you to follow up with your potential buyers or provide answers to any questions they may have. It also allows you to nurture a relationship, and anyone who knows how to sell luxury real estate knows the importance of building a rapport.
Plus, once you have their contact information, you can segment them into your potential buyers’ lists and send them new listings for million-dollar homes and market updates based on their preferences, budget, and specific requirements.
In the end, you’re building a network and a referral list. Even if they don’t make an immediate purchase, you’ll still have their potential down the line.
With hoards of information, staying ‘top of mind’ for anyone can be difficult.
However, sending regular emails with valuable information, market updates, and high-end estate offers can keep you on the radar, reminding potential clients how much of a reliable resource you are.
When they are finally ready to make that purchase, you’ll more than likely be their first point of contact.
Explore our in-depth email marketing guide to get started.
The fear of missing out — we all get it, though no one wants it.
FOMO taps deep into the psychological tendency of humans to desire what others want or have, especially if it appears to be in high demand.
Of course, using ‘limited supply’ and ‘highly exclusive’ keywords is the oldest trick in the seller’s handbook, especially when it comes to luxury properties that often have a limited supply anyway.
When people ask us how to sell luxury real estate, we tell them to emphasize the high demand and significant interest in a particular property. In doing so, you create a perception of scarcity and exclusivity, which can then generate a sense of urgency among potential buyers.
The goal is to compel potential buyers to take action quickly before the opportunity is lost.
We’re slowly beginning to say goodbye to the days of organic reach on social media platforms.
With ever-changing algorithms and increasing competition, real estate agents of all kinds have to use paid advertising to stay on top. The beauty of paid advertising lies in the ability to target specific buyer persona characteristics, such as demographics, age, interests, behaviors, and locations.
From setting up successful campaigns to carefully tracking performance data, social media advertising can feel overwhelming, which is why many luxury real estate agents and companies call on Mediaboom to get the job done.
The luxury real estate market is competitive, and one of the best ways to set yourself apart from other agents or agencies is by offering a pretty customization service.
Many luxury clients value customization and are willing to invest in properties that reflect their unique tastes and lifestyles.
For example, you may give clients the opportunity to customize various aspects of their home, such as finishes, fixtures, or architectural elements.
If you haven’t already leveraged social media for your branding, now is the time.
It’s one of the best avenues for connecting with potential clients and one of the top digital marketing tools for increasing brand visibility.
Of course, there’s a lot of noise on social media, which is why having a strategic and consistent social media strategy is crucial. No matter what kind of content you’re providing, it’s best to have a seasoned agency that can help manage your social media reputation.
Learning how to sell luxury real estate requires understanding unique clientele and teaming up with the right strategists to take your marketing to the next level. Get in touch with our team here at Mediaboom to see how we can help unlock the full potential of your brand.
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