How To Market Luxury Real Estate
When it comes to selling a luxury property, The Pearson Realty Group approach is much more involved and unique when compared to a typical home sale. The process in how to market luxury real estate is similar to our typical home sale process, but with a much more detailed game plan. While the process has the same important framework as any other property we list, there will be distinct differences. Our strategies, planning, and overall approach are more bold and grandiose to match the high-end homes we work with.
Over the years we have built up an impressive network of resources and industry experts to ensure our sellers are always equipped for the best possible sales experience. Take a look at our detailed process below to see how Pearson Realty Group can help you sell ANY luxury property. Or keep reading to learn about Pearson Realty Group’s 5-step approach on how to market luxury real estate (and any other property!).
Step 1: Preview the Home, Meet the Homeowner
First things first! We meet with the homeowners to learn about the home and get to know the home, and the owners themselves. We try to get a true feel for the home and learn about its unique features/selling points by having a sit-down with the owners. This discussion includes going over the specifics of estimated net proceeds, ROIs, and comparisons on pricing for similarly sized properties.
We also discuss all potential marketing strategies we can implement, tailored to the specific property. Targeted Google & social media ads, custom print materials, and email campaigns don’t even scratch the surface of all that we can do to market a luxury property. We then collaborate with our internal marketing department to develop these tailormade strategies for each home.
Homeowners may not want a lot of effort put into marketing to the public, purposefully limiting the number of inquiries. On the other hand, other homeowners may want every marketing effort available. Some may want open houses and others prefer only private showings. We do as little or as much as the homeowner wants, just like any other property, but with an added layer of flair and professionalism.
Step 2: Capture Professional Photography and Video
As soon as the home is ready to hit the market, we return with industry-leading professionals to capture the beauty of the home. This is one of the best important steps in the entire process of how to market luxury real estate. We strategize all aspects of capturing effective media content by considering the time of day, angle of the sun, cloud coverage, and weather restrictions with the medium of captures such as traditional professional photography, drone footage, Matterport virtual tours, and 360 camera shoots.
This is also when we will capture video of both the interior and exterior features of the property. Over the years we have found original video content is just as effective, sometimes more so than traditional photography. We then work with some of the top video production companies in Chicagoland to produce gorgeous professional videos that entice any buyer to come and take a look for themselves. 4k resolution, 60 frames per second, high-quality videos can turn a casual observer into a serious inquiry.
These media pieces will also be the high-quality assets used in any sort of digital advertising campaigns we do. This can be simple Facebook, Google, and social media ads displaying gorgeous photos of the property. All the way to generate a 30-60 second video to place on YouTube, Hulu, and Smart TV video ad placements.
Step 3: Post and Syndicate Listing
Now that we’ve finalized our financials, marketing strategies, and property photography it’s time to get the home on the market! Our goal is to inspire inquiries & showings in people, making them feel as if they can’t possibly miss out on seeing this home. This is when our marketing efforts truly hit the ground running and take their full effect. Hardcover brochures, neighborhood mailers, mass emails along with ads on Forbes, Conde Naste, and Robb Report leave no stone unturned.
Now, this is where our real “boots on the ground” work begins. At this time our marketing strategies will be in full swing – all advertisements, listings, and postings are now live with the appropriate supplemental print media being delivered as well. Once the property has some interest we then being to schedule and host private tours & showings and open houses.
Step 4: Property Tours and Fielding Questions
We make ourselves available 365/24/7 for all pre-qualified buyer inquiries, with the understanding that we walk a fine line between disturbing occupants and being flexible for the potential buyer’s schedules. Once pre-qualified buyers express interest in viewing the property we take them on a personal tour of the home. Best practices dictate that only pre-qualified buyers should step foot in luxury & high-end property listings. Due to several factors, the most important is to only bring serious & able buyers into the seller’s home. The general risk and liability involved with a showing on a larger price home are also much greater, making homeowners more cautious with public showings & open houses.
We always make sure that the home is sparkling clean before anyone steps in the home. This is also where we “stage” the property. Rearranging rooms, removing furniture, adding decor, changing lighting, and generally altering what the home normally “lives” like is not uncommon. Just as important, we prepare the outside of the home as well. Shrubbery, plants, patio decor, and furniture placement are all taken into consideration as we want the first look of the home to be as close to perfect as possible.
It’s important for us to remember that no matter what the price point on the home, that’s exactly what it is, a home. This is where the homeowner lives, eats, and sleeps so it’s important to us to preserve that sense of comfort for them. All showing times, alterations, and generally every decision surrounding the home should have the homeowner in mind first and foremost.
Step 5: Negotiate and Close Contract
Once the homeowner has found a buyer, just like any other home it comes time to negotiate. The difference here is much more money on the table as well as an increased overall risk for everyone involved. This is the precise reason we have a network of title companies, real estate attorneys, and other industry experts to ensure every deal we close is done with a gold standard of care. Staying up to date on our negotiating skills and strategies makes life easier for everyone involved in the deal, especially the homeowner.
We regularly meet & discuss with fiduciaries for clients on transactions ranging anywhere from $800k to $50,000,000. We also collaborate with international consultants to train us and hone in on expert negotiation tactics & best practices. This allows us to approach every deal with the same level of professionalism and excellence as the one before and get our clients top dollar for their homes with the least amount of trouble and time spent.
Takeaways On How To Market Luxury Real Estate
As you can see how to market luxury real estate isn’t too much different from your typical listing, with the process structure being more or less unchanged. The main contrast simply is the increased amount required of money for advertising/marketing, planning, and negotiating. Maybe even just as important that money is the time spent during the entire process including showings and an agent’s due diligence before even meeting the homeowner.
The constant that remains through all of our steps on how to market luxury real estate is our level of professionalism and care given to every client we work with. It means a lot to us that our clients truly feel confident and safe throughout the entire listing & selling process.
What Makes Real Estate “Luxury”?
The overall concept of what makes a piece of real estate luxurious or not can easily be boiled down to one factor: price. Simply put – the most expensive the home the more likely it is to be considered “luxury real estate”. But beyond this simple way of looking at it, there are some specific main factors that help qualify this for agents. Lot size & property square footage, location desirability, unique features/fixtures, and of course the price of the property.
With some of the most experienced, talented, and decorated real estate agents in the Chicagoland area we are confident we have an agent for every need and niche. So if you’re looking to sell, buy, or invest in any type of real estate we have the perfect realtor to work on getting you the best possible deal with absolute minimal time wasted. Take some time to browse all of the available properties on the market or if you’re looking to sell get your free home valuation today!Search Luxury Homes In Chicagoland