What is the process of selling a luxury property?

Is the process of selling a luxury property more specific than standard properties? Our experts share more in this post!

On whom do the processes of buying and selling a luxury property most often depend?

The sale of a luxury property is a complex business involving various people with key competencies on both sides of the transaction, and the buying and selling processes can often depend on credit consultants, lawyers, notaries and other experts and related parties in addition to the seller, buyer and estate agent.

Buying and selling a luxury property also proves to be a more difficult task than most property owners expect, as it has its intricacies, and reaching a deal requires a strategic approach to the overall presentation of the property, the formation of a price, 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 good deal takes time. Therefore, if you have decided to step into the property market with the sale of a luxury property, it is good to be familiar with what the overall process of the sale is and on whom it depends to reach an agreement that satisfies both parties.

From seller or buyer

External factors, such as the current state of the property market, lending rates, the national economy, personal financial circumstances, and personal buying and selling goals, significantly influence the buying and selling behaviour of both parties. This has a tangible impact on the timing of a transaction.

Among the current specifics on the basis of which buyers are guided, for example, is housing to be in buildings of new construction. The criterion of younger buyers is mainly oriented towards houses or apartments in gated complexes or in boutique buildings. The profile of buyers covers both the already familiar customers from the corporate sphere and Bulgarians living abroad. There is also no shortage of pre-retirement buyers who are considering the purchase of a luxury home, provoked by the desire for a secure investment of personal finances.

All these peculiarities, preferences and requirements of the buyers naturally influence the behaviour of the sellers, who have to meet their expectations in order to make a successful transaction for the purchase of a luxury property. This makes it clear that the overall process is equally influenced by the commitment and dedication of the buyer as well as the seller.

What is the process of selling a luxury property?

To ensure a quick, easy and hassle-free sale of a luxury property, you need to reach the right target groups first. This is a key stage of the buying and selling process, through which you officially announce that your property is for sale. Not only is the number of people who will see your listing essential, but also their profile. As you know, every home is in a certain price range. Thus, the lower price range homes will only be of interest to buyers who are looking for a property to purchase in that price range. Conversely, homes in the high end are sought after primarily by people accustomed to a higher standard of living.

Today's buyers have broad access to information, are knowledgeable and search thoroughly before making a decision to purchase a new home. They are aware of their requirements and preferences and choose a property that best suits their style and lifestyle. They have usually decided in advance what properties to view, guided primarily by features such as luxury and modern architecture, yet comfort and homeliness.

Listing the property for sale

An attractive and realistic description of the property will attract the attention of buyers and help them navigate its advantages. It is desirable to make the information as comprehensive as possible to give the most realistic picture of the property's specifics. It is advisable to include in the description the extras and amenities it has. It is the features that will attract the attention of buyers, as they have the role to distinguish your apartment among all the others. Among the most popular amenities of a condo are: proximity to shops, pharmacies, and eateries. Not unimportant for Sofia properties are the presence of green areas, well-established infrastructure, as well as convenient transport links to the central parts of the city.

Also, whether you have a new apartment, old or inherited, the buyer will always be interested in its history - whether there are co-owners, whether you are not in litigation or the object is under arrest. It is a good idea to get to know all the details that concern you as a seller in order to reach a satisfactory transaction for both parties.

Prior 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.

Often, a realistic valuation of the property, and therefore its price, are some 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 a real estate agent comes to the rescue. 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. An agent can make an objective and realistic assessment to advise you on the real value of your luxury property. Through commercial approaches, he can maneuver the price, reducing it at a certain point to make it attractive, and offer to the right people who know what budget they have and how much they can negotiate.

Before listing your luxury property for sale, it is key to consider current trends to get a deal done at the right time. Above all, for this, you need to be familiar with the stages and processes of the real estate market. Study what the supply and demand is, how the price levels of the properties in this class are going, keeping in mind the different urban areas and the advantages they offer.

Keep in mind that if you list your property for sale at the wrong time, you risk it not reaching the right buyers. The property market is characterised by alternating phases of boom and bust. If it is currently in a phase where apartment prices are down, demand is low, while supply is at its peak, you better have some patience and wait for a more favourable time to make a bigger profit.

In order to sell your property at the right price for it, it is best to trust a professional in the field who will not only assist you in setting the price, but will also take the job of finding potential buyers for you and advise you on the right time to put your luxury home on the property market.

Meetings and viewings with potential buyers

When selling a luxury property, it is key to prepare the property so that it gets the best possible sale price. Pay attention to the details! A modern, tidy and clean property attracts significantly more attention from potential buyers and is sure to have a positive impact on pricing.

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.

Consultation, preparation and detailed discussion of the property documentation

If you are interested in selling a luxury property, then you should know that a successful sale begins 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.

The sale of a luxury property can happen with and without a real estate agent. But, consulting a real estate professional will ensure you have peace of mind that you will go through all the steps of selling your apartment without any problems. By choosing to trust the services of a professional consultant, you will save yourself a serious portion of both the obligations and responsibilities and 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 profitable 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.

Transfer of ownership and finalisation of the transaction

When making a purchase and sale of a luxury property, the change of ownership takes place as we described above, based on a predetermined specific amount that the buyer pays to the seller. However, in order for the transaction to take place, a preliminary contract must be drawn up and signed by both parties. It describes the subject matter of the agreement, the price of the home, the terms and conditions for its acquisition, the method and time limit for payment of the sale price, the time of handover of the property, the amount of the deposit, the rights and obligations of the parties, etc.

For the finalization and transfer of ownership to a new owner, the purchase transaction is witnessed before a notary and the buyer receives a notarial deed.

Unique Estates will always be your trusted partner. If you are looking for your dream new home, want to invest or wish to realize a property, contact us. Our team is available to assist you with all your luxury real estate questions and to advise you in the best way to protect your interest.