Selling a luxury property in Marbella.
Selling a luxury property can be quite challenging, even for experienced real estate agents and seasoned property owners. However, with the right approach and well-planned strategies, it’s possible to navigate this complex process with ease; and even though it is not extremely daunting, it does require a certain level of expertise and attention to detail to ensure a successful sale at a fair price.
Our Seller’s Guide is a six-part resource offering a detailed roadmap for clients selling their homes. It covers all aspects of the selling process, from what to expect during the transaction to crucial factors to consider before listing your home. The guide is written in clear and concise language, making it easy to understand, and showcases our expertise and dedication to delivering accurate and insightful information to our clients.
8 Essential tips to keep in mind when selling a high-end luxury home.
What are the most effective tricks to facilitate the sale of your property? Here are some essential tips to keep in mind if you want to maximize your chances of finding the right buyer and closing the deal quickly and efficiently.
Does the price worth it?
Effective pricing is crucial for any property, be it a low-cost or high-end luxury home and it is especially vital to price luxury homes competitively to entice prospective buyers from the outset. However, some real estate agents often make a common blunder of recommending the highest possible price, which can adversely impact the property’s chances of being sold in the luxury home market; in such cases, the property may end up lingering on the market longer than a more reasonably priced home; it is, therefore, important to note that a luxury home can sell swiftly if priced appropriately from the outset.
To establish a competitive and suitable price for a luxury home, conducting a thorough comparative market analysis is important: a seasoned real estate agent must invest significant time and effort in exploring other similar luxury homes currently available in the market by carefully scrutinizing the data, reaching out to other experienced brokers who have recently closed deals on similar properties to the one in question, and having an astute understanding of every amenity a luxury home has to offer; only then can an accurate and justified price be determined for the property.
How to effectively Market the luxury home?
When it comes to marketing a luxury home, there are a variety of tools that real estate agents can use to market the property beyond just setting the right price. While traditional methods like direct mail and print advertising can still be effective, the internet has become an increasingly important tool in the real estate agent’s arsenal; and by utilizing simple mobile-responsive websites and blogs, agents can ensure their clients receive maximum exposure to potential buyers.
Social media is another powerful marketing tool that many real estate agents underutilize: with the majority of luxury home buyers and sellers having a presence on platforms like: Twitter, Facebook, and Instagram, it’s essential for agents to take advantage of these channels to reach their target audience. By leveraging the latest marketing tools and techniques, real estate agents can help their clients sell their luxury homes faster and for a better price.
To effectively sell a luxury home, a real estate agent must employ a strategic and thorough marketing plan instead of simply listing the property online and idly wait for the right buyer to turn up. The real estate agent needs to understand the intricate details of the home’s unique selling points and develop a targeted strategy to ensure maximum exposure to the right audience by determining where the property will be marketed and how often, as well as the most effective channels to reach potential buyers.
Tips for selling a home easily
Aside from these methods, other factors can also enhance the overall quality of a property.
- Inspect surfaces such as kitchen countertops or bathroom tiles made of wood or marble that may have deteriorated over time. Consider renovating them for a fresh look.
- Even if the walls appear in good condition, it is recommended to paint the interior walls of all rooms and, if feasible, the exterior walls.
- The entrance is a crucial aspect to consider. Creating clean, inviting, and eye-catching access is essential as it is the first thing a potential buyer will see. The first impression is critical.
- Don’t underestimate the importance of photographs. They serve as the initial introduction to the property and must be flawless to capture potential clients’ attention. Opt for a time of day with good lighting and take photos from an appropriate angle to enhance their quality. Great photographs can increase the number of visits from potential buyers.
- The exterior of the property is equally important. They can add value to the home, whether it’s a garden or a terrace. Maintaining and enhancing their appearance is crucial to make them more appealing to potential buyers. A complete renovation may not be necessary, but optimizing the exterior can make a significant difference in attracting buyers.
What level of quality can be expected from the photographs, videos, and virtual tours?
When it comes to selling a luxury home, the photos and videos you showcase online can make or break a potential buyer’s interest. While many real estate agents may offer to take photos and videos, it’s important to ensure that they are of exceptional quality, as research shows that over 90% of home buyers start their search online, so it’s crucial that your luxury home stands out with stunning visuals.
For top-tier real estate agents who choose to capture the property visuals themselves, it’s crucial to have the right equipment and expertise: a wide-angle lens and high-quality camera are just the starting point; the perfect shot also requires careful consideration of lighting, composition, and highlighting the unique features of the home’s exquisite location and amenities.
The value of a video is immeasurable, especially when it comes to showcasing luxury homes; and a well-crafted virtual tour is a fantastic way for potential buyers to immerse themselves in the luxury home, experiencing it from the comfort of their own space. In today’s digital age, relying on a limited number of photos to showcase a large and opulent home may not be sufficient, however, the limitation on the number of photos that can be uploaded to local MLS platforms has led to the increased importance of video tours; by including a virtual tour on the listing page, luxury homes can be shown in their full glory, increasing the likelihood of a successful sale.
Is it the appropriate time to put the property up for sale?
It is crucial selling a luxury home at the proper time; unlike non-luxury homes that can be sold at any time, selling a luxury home requires proper timing.
Are there any plans for holding open houses?
Is hosting public open houses an effective strategy for selling luxury homes? This is a question frequently posed by many sellers of high-end properties. However, the reality is that public open houses often attract individuals who are primarily interested in getting a glimpse into the lifestyles of the affluent, and it is uncertain whether they possess the financial means to purchase a luxury home; therefore, it can be argued that public open houses do not significantly contribute to the selling process.
On the other hand, broker open houses tend to yield better results in terms of selling homes because such events are tailored toward local real estate professionals who have clients actively seeking luxury homes, so by opening up the property to these professionals, there is a greater likelihood of the property generating interest and ultimately leading to a successful sale. Therefore, if you’re looking to sell your home quickly and effectively, hosting a broker open house is likely to yield better results than a public open house.
Is both the lifestyle and the location properly showcased?
Effectively presenting the lavish lifestyle and prime location of a luxury home is critical in facilitating its sale; when the property is situated in a neighborhood with essential amenities that are likely to draw potential buyers, it’s crucial to depict them accurately and this can be accomplished through the utilization of virtual tours or video; moreover, understanding the community and the people residing in the area is equally vital, and real estate agents should be well versed in this aspect as well.
Does it involve staging?
Showcasing a luxury home through staging can significantly reduce the time it spends on the market and increase its selling price, so even though staging alone cannot guarantee the sale of the property, it definitely aids the process. To stage a home effectively, it is crucial to highlight the features and amenities that define its luxurious status, painting a vivid picture of the lifestyle it offers to potential buyers; for instance, if the house boasts a super large dining room complete with exquisite place settings, it should be presented in a manner that allows prospective buyers to visualize hosting their own sophisticated dining events.
What is Home staging?
Home selling can be a complex process, but it’s not impossible. Home Staging was developed to simplify this task by combining interior design, marketing techniques, and real estate knowledge. This technique enhances a home’s value by making it more attractive and appealing to potential buyers. It goes beyond superficial makeup and involves strategic enhancements to showcase the property’s best features. Home Staging is derived from the English phrase “staging the house.”
Home Staging originated in the United States around thirty years ago. Over the last decade, this effective method has gained popularity among real estate companies, marketing experts, and individual property owners in other European countries, particularly in the United Kingdom, Sweden, and France. As mentioned earlier, the main goal of applying Home Staging techniques is to prepare a property for sale quickly and at the best possible price.
Which types of properties can benefit from Home Staging?
Home Staging is suitable for any property, whether a house, flat, chalet, penthouse, or duplex, located in the city or the countryside, regardless of size or age. It can be applied to properties for sale or rent, offices, and other types of properties.
Poorly maintained homes or those with lackluster decor often become subject to solid negotiations during the sale process. Prospective buyers may try to haggle for a lower price if they perceive that the property is neglected. In such cases, the final price may be reduced by up to 15% of the original listing price.
By using the excuse that a house does not look good, is not attractive, or has flaws, bargaining for its price can be attempted, similar to bargaining for a piece of clothing with imperfections. However, applying Home Staging techniques can prevent this and increase the chances of quickly finding interested buyers who will pay the maximum price. A professional Home Stager will objectively identify and make necessary changes to a house that the owner may not have noticed.
Home staging techniques
Home Staging is a set of techniques used to improve the appearance of a property to increase its sale potential. These simple yet effective techniques involve depersonalizing the space, organizing and cleaning, repairing damages, and harmonizing the overall design. These steps help to make the property more attractive, comfortable, and cozy to potential buyers.
- Depersonalize: A dwelling is a highly personal space that often reflects the character and style of its owner or current resident. As a result, it’s crucial to depersonalize the home as much as possible before putting it up for sale. This may involve removing photographs, religious articles, or political decorations. A house that is overly personalized or has a very distinctive decor may make it challenging for prospective buyers to envision themselves living in the space. The goal is to help visitors imagine living in the home they are touring right from the start.
- Order: Although it may seem like an obvious recommendation, many overlook it when trying to sell a house. Arranging all furniture, items, and decorative objects before putting the house on the market is essential. A cluttered home is a significant turnoff for potential buyers.
- Clean: There’s nothing like maintaining good hygiene. It’s crucial to present a house that is being sold in an immaculate and spotless condition. No one will be interested in a property that looks dusty or feels unclean.
- Clear: Having a staged home is essential when selling a house. It is one of the key recommendations given in Home Staging. However, having an excessive amount of objects in the home is not advisable.
- Optimize space and create harmony: To achieve balance, a house should not be empty or overcrowded with decor or furniture. An interior designer is knowledgeable in applying the best tricks to showcase a home’s strengths and minimize its weaknesses using Home Staging techniques, resulting in a harmonious and optimized space.
- Repair: Furniture in a dwelling can develop a worn or damaged appearance over time. Fortunately, many restoration techniques can improve their appearance and provide a completely refreshed look. In cases where furniture is damaged and cannot be used commonly, it’s essential to repair the broken items.
Golden Window of Opportunity.
The “golden window of opportunity” period in the real estate market is a crucial time when sellers are more likely to receive top money for their homes. In a primary home market, the golden window is typically between two to five weeks after the property is listed.
During this time, a new listed property attracts the most interest, and there are more potential buyers viewing the property. If a home is not sold within this period, it can become stale on the market, and potential buyers may begin to question if there is something wrong with the property, leading to fewer viewings and fewer potential offers.
Is Patience required?
Marketing a high-end property requires a unique skill set and level of expertise that differs from that of non-luxury home; selling a luxury home can be a more intricate process and may take longer than non-luxury homes; therefore, it’s important to approach this process with patience and a long-term mindset.
The limited pool of potential buyers is one of the primary reasons for the extended timeline of luxury home sales; there are a select few who can afford a multi-million-euro property but numerous buyers are looking for homes in the €400,000 price range; nevertheless, it is crucial to note that selling a luxury home is not impossible and by implementing the right approach, especially the above-recommended marketing strategies, selling a luxury home can be done successfully.
Are you familiar with the process of selling your apartment?
Statistics indicate clients are more impressed with a decorated house than an empty property. Homes that have followed Home Staging techniques are often sold at higher prices than similar properties in the same area. Also, adequately decorated homes have a 75% higher chance of selling than others.
Millennials turn to TikTok home tours instead of traditional Open Houses to sell luxury real estate.
The latest trend in real estate is leading the next generation of luxury home buyers to transform their admiration for scenic views into actual property purchases. Millennials are investing in the latest trend in multimillion-dollar real estate, which involves using TikTok for home tours.
According to Fortune, high-end real estate agents now produce brief videos on social media platforms to showcase opulent properties worldwide. These tours not only showcase the stunning aesthetics of the properties but also attract the attention of the upcoming generation of affluent home buyers who have the means to invest in such properties.
This trend is emerging and the #property hashtag has received a staggering 3 billion views. In comparison, #luxuryhomes has received an even more impressive 3.3 billion views.
Real estate agents believe that the desire for aspiration and escapism drives users to seek out luxury home content on TikTok. However, these videos aren’t just for entertainment purposes. Agents find that the videos can attract young, potential buyers interested in purchasing the featured homes if they go viral or reach the right audience. This trend of short-form real estate videos aligns with the popularity of shows like Netflix’s Selling Sunset and Million Dollar Listing, which have amassed huge followings. Viewers are captivated by the lavish homes featuring stunning verandas and abundant space.
According to Toronto-based real estate agent Andres Rivadeneira, luxury property tours are captivating to people for one of two reasons: either they want to take a virtual peek inside a home, or they’re among the minority who could potentially purchase the property. Rivadeneira notes that he frequently receives inquiries about his properties from people in high-value markets like London, New York, or Marbella. Comparing what one can get for their money in different locations generates significant interest, leading to increased engagement.
While Facebook and Instagram are currently the top sources driving traffic to property listings, TikTok’s potential to reach a vast global audience allows realtors to broaden their reach.
LuxuryForSale.Properties Real Estate.
At LuxuryForSale.Properties, we have a team of highly skilled professionals who can assist you in selling your property. Contact us for more information without any obligation. Our obligation to our vendors is to market their property to the highest professional level. To do this we produce our own glossy magazine featuring their properties as well as the Marbella lifestyle. We concentrate on full page, specific advertising of the properties in international magazines, and we produce individual full colour brochures of our sole agency properties.
David’s success lies in her long term, in-depth, and unbeatable knowledge of the Marbella property market. He constantly reminds the sales staff to “listen to the client, know which properties to show, and smile”.
To optimize the sale of your property, we work in partnership with numerous agents across the globe. We invest significant time and resources into marketing your property, and our carefully selected team of skilled agents will ensure a successful sale. However, you will not owe us anything if we cannot sell your property. Once we introduce you to the ideal buyer, you will be pleased to compensate us with our commission.