Marketing Luxury Real Estate

Do luxury home owners have a reason to smile?

As early as May, 2013, market trends have shown that the real estate industry is moving towards luxury homes and upscale housing after a long dry spell. This was the opinion of the Institute for Luxury Home Marketing, an organisation that trains real estate agents who specialise in selling luxury properties.

The real estate market essentially offers three types of real estate properties: residential, commercial and luxury. Buyers either want a house as their dwelling; a commercial property they can use for business or a luxury property for investment or personal use.

So what do real estate agents do when their buying audience changes? In marketing, it is important that the marketing strategy adapts to the buyers’ profile. With the demand for high-end or upscale luxury homes growing, real estate agents should be armed with the proper techniques or strategies on how to offer the properties to the target buyers.

Below are four tips for marketing luxury real estate:

1. Make the Right Impression. The end goal is to capture the interest of your prospective buyer so you should make sure that the property’s appeal will make a good impression on the buyer. This could be achieved by enhancing the property’s visual appeal – improved landscaping, neat and classy furniture arrangement, good lighting, etc. Staging a home properly and correctly can create a lasting impression.

2. Use Multiple Channels. Advertising is key to any business. Success is almost guaranteed by effective advertising. By using multiple media and channels in advertising your luxury property, you are gaining access to more people to view your property and encourage interest as they see what you’re offering. Make sure that your advertisements are going to the right kind of property buyers. Be in the same places as your prospects are so you can seize an opportunity when it presents itself.

3. Keep Things Clear with Buyers and Sellers. As a real estate agent, your primary objective is to sell a property and secure a buyer. And because there are two parties involved in the transaction you should make sure that all terms are clear to each party. You don’t want to be in the middle of a dispute caused by misunderstanding or miscommunication of terms.

4. Offer an Extra Sweetener for the Deal. You can negotiate with the property seller to offer some extra incentives to get more interested buyers. It can be imported furniture or art piece or décor which can be given for free. Sometimes, this gestures makes the deal.