What do we need to know about selling luxury property?

What is the process of selling a luxury property?

Selling a luxury property can often prove to be a much more difficult task than most property owners expect as it has its intricacies, and getting to a deal requires a strategic approach to the overall presentation of the property, price formation, the period in which it is sold, the choice to sell with or without the help of a broker, and good marketing. Sometimes even with perfect execution of all these items, reaching a deal with a client takes longer. Therefore, if you have decided to enter the real estate market by selling a luxury property, it is good to be started in advance what you are expecting, what in the overall selling process.

What are the details of selling a property?

Today's buyers have wide access to information, are knowledgeable and search thoroughly before making a decision to purchase a luxury home. They are aware of their requirements and preferences and choose a property that best suits their style and lifestyle.

Therefore, when selling a luxury property, it is key to prepare the property so that it gets the best possible selling price. Pay attention to the details! A modern, well-furnished, tidy and clean property will attract significantly more attention from potential buyers and will certainly have a positive impact on the price.

Also, the preparation of proper documentation on your part is very important. If you advertise a property for sale but cannot prove that you have all the documentation available, you are very likely to put off potential buyers. In addition, whether the luxury property is a new build or an old heritage aristocratic home, the buyer will always be interested in its history - how many owners there are, whether you are in litigation or the property is under some kind of lien. It's a good idea to get to know all the details that concern you as the seller in order to reach a satisfactory deal for both parties.

How would you like your property to be marketed?

An attractive and realistic description of the property will attract the attention of buyers and help them navigate its advantages. Accompanying information should be as comprehensive as possible in order to create the most realistic picture of the specifics and pros of the property. It is advisable to include in the description the extras and amenities that the property has. It is the features that will attract the attention of buyers, as they have the role of distinguishing the home among all others on the market.

As we have said, a well-cleaned home attracts significantly more attention from potential buyers and will certainly have a positive impact when pricing the property. To make sure that you present your home at its best, you can trust a professional cleaning company with an approach and attention to every detail. It will make sure to make the home shine and the visitors, in turn, will be impressed by the atmosphere and the care taken of the property.

The professional advice of an interior designer will also help to further enhance the look of your proposed luxury property. Attractive furnishings play a major role in determining a fair selling price. But not everyone has the skill to properly furnish a home, so it's best to trust a proven professional. A professional designer knows how to select the furnishings for a luxury property to meet the expectations of buyers. Apart from the arrangement, an interior designer knows how to highlight the good features of the home so that it leaves a good impression during viewings on potential buyers. Creating a cozy atmosphere will help buyers feel the place as their own and imagine their daily life in it.

What marketing strategy would you like to see put together in relation to the sale of the property?

First impressions and a good presentation are crucial both in person and online. Bet on quality and quantity and hire a photographer with professional equipment and lighting to take impressive pictures of your luxury property. Depending on the exposure of the property, choose an appropriate time of day when the home is as bright and sunlit as possible, but so that the photos don't "burn out". Take photos from all angles so that the prospective buyer can get a good idea of what is where. Be sure to include a sketch with the square footage of the individual rooms to get an even better idea. With the help of new tools and apps, you can take a 360-degree virtual tour of the property, allowing the user to walk around the entire home in a few clicks. Video is also highly recommended, and you can also insert a human figure to make it even more spectacular and touch the viewer-potential buyer. The human element creates a connection and is a good approach when presenting.

Once you've prepared your listing for sale it's a good idea to think about how to reach more potential buyers. Use your social media profiles, share your ad on specialized platforms, pay a nominal amount for advertising. A small boost of £10 can significantly multiply the reach of your advert to ensure that the content is seen and reaches more consumers. The combination of paid advertising, active and relevant information will help improve engagement to your advert and generate a larger audience.

Social media is a strong marketing tool worth investing in to successfully market your luxury property. We recommend using social media platforms that focus on photos and videos, such as Instagram and Facebook. An advert is enough, but done professionally so that it attracts prospective buyers and generates real interest.

As we know, searching in online information search engines also has some subtleties that are good to pay attention to. The first important thing is that your advertisement or listing must appear in the right place where it can be entered immediately, namely the first page of the search engine. Search engine optimization (SEO) will help you get there. One of the main methods to rank higher in search results is to write with the right keywords in mind. There are also many free tools for finding the optimal keywords.

All of the above can be an overwhelming task to tackle on your own, which is why many property owners hire a property management agency to develop the overall marketing campaign for a property across all selected distribution channels.

How would you like to price the property?

The market price of a luxury property is determined by real estate professionals through the method of comparative market analysis. The purpose of the analysis is to determine the correct price range in which to position a property when listing it for sale. The price is a function of supply and demand, however, factors can be identified that influence the price, namely the location of the property, the infrastructure and communications of the area, the type of construction, the finish and quality of materials used, the floor and exposure, additional features, security and protection of the property, the availability of parking spaces and garages, among others.

Often, a realistic valuation of the property, and therefore its price, is one of the most difficult things to do when selling. Logically, you want to get the most and make the most out of the deal. But, if you set the price too high, you run the risk of the property remaining unsaleable for a long time, and thus stagnating and wearing out on the market. If you lower the price too much in an effort to sell quickly, there's a chance you'll end up getting much less for the property than it's actually worth. This is where the real estate agent comes to the rescue again. He knows the dynamics of the market, the pace of supply and demand, the different types of sellers and buyers, the characteristics of the area, the features of the home, trends and statistics. The agent can make an objective and realistic assessment to advise you on the real value of the luxury property. Through commercial approaches he can manoeuvre the price, reducing it at a certain point to make it attractive, as well as offer the property to the right people he knows what budget they have and how much they can negotiate.

How do you contact a real estate agent to work with when selling a luxury property?

Selling a luxury property can happen with and without a real estate agent, but consulting with a real estate professional will give you peace of mind that you will go through all the steps of selling your property without any issues. By choosing to trust the services of a professional consultant, you'll save yourself a serious chunk of both the obligations and responsibilities, as well as the worries that every seller faces.

We advise you to trust an agency if you want to achieve satisfactory results in the minimum time and with the most advantageous profit. Do your research on the agencies in the market by informing yourself about the history of the company, its awards and achievements, memberships in organizations, participation in international forums, symposiums, conferences, events, etc. This will give you an insight into the company's positioning, its reputation among others and the transparency of the services it offers.

If you are interested in selling a luxury property, then you should know that a successful sale starts precisely with the selection of a consultant and the definition of market objectives. Unique estates' professional consultants will give you the right guidance on how to make the most successful and satisfying transaction for your luxury home.

We will assist you and provide a reliable valuation of your real estate that is based on comprehensive market research and our own data accumulated over the years, applying best practices. By analyzing the consumer behavior and lifestyle of today's buyer, we can always provide you with timely, objective and accurate information. Our skilled professionals have a broad view of new trends in architecture and interiors and can make approximate predictions about changes in the luxury housing sector.

Unique Estates will always be your trusted partner. If you are looking for your dream new home, want to invest or wish to realise a property, contact us. Our team is on hand to assist you with any luxury real estate matters and advise you in the best way, protecting your best interest.