Most luxury home sellers really love their residence. They’ve spent years living in and molding its design into something they can not only live in but also enjoy… not just a “house”, but a “home”. With that said, nearly every home has setbacks in the eyes of buyers. Just because a house is perfect for you doesn’t mean it will be perfect for someone else.
I love my house. I love it’s modern design, the open floor plan is perfect for my lifestyle, and I enjoy the quiet, dead-end street. However, if I planned to sell, there are a number of things I would adjust and “de-personalize” to make it more attractive to a larger pool of buyers. Similarly, if you are a luxury home seller, you should think through what changes would benefit you when marketing your home towards a new owner.The key when selling a home is to reach the broadest spectrum of home buyers as possible. Here are 6 common mistakes that home sellers make and why a house auction can alleviate some of these mistakes.6 mistakes luxury home sellers make and why a house auction is right for you:
Setting too high of a sales price: It is important for home sellers and their agents to do their research. Look up comparables and see what they sold for. Concierge Auctions will work with a home seller and their agent to set reasonable terms for an auction — whether an acceptable reserve or without reserve. With a reserve auction, we will set a minimum bid so that a luxury home seller knows the minimum price they will receive on auction day. The number must be intriguing enough to show the market that you are a “real” seller (ie, motivated!) in order to attract savvy buyers who don’t want their time wasted. Then, on auction day, when a number of pre-qualified buyers are forced to compete, the bids will drive the price upwards to market value.Not having an inspection: Ordering a professional inspection prior to offering your home for sale is important because it uncovers minor repair elements that you might want to fix prior to marketing your home. An inspection also offers buyers a transparent view of your home’s current condition. At Concierge Auctions, we suggest the seller conduct a home inspection for all homes that aren’t new construction. As we near the auction, the majority of our bidders are confident in the inspection that we our sellers have already conducted. This eases some of the burden on the buyers and makes the transaction quicker and smoother.Failing to market your home effectively: In today’s competitive real estate market you cannot simply put up a “for sale” sign and wait for the buyers to come. Ask your agent how they plan to market your home. What traditional (open houses) and non-traditional (social networking) marketing tactics does your agent plan to use? We at Concierge Auctions create a comprehensive, customized marketing plan to run for 4-6 weeks leading up to each house auction. We work closely with your agent and utilize personal outreach, print advertisements in major local and national media, online marketing such as e-blasts, banner ads, and Twitter, and aggressive public relations outreach.Not having a special “event” open house: Open houses are great. We host them nearly every day alongside the listing agent in the weeks heading up to a house auction. Have open houses and individual showings for high profile clients, but also have an “event” open house. Have a one-time “broker open.” Or have an exclusive invitation only “event” with music and drinks for your top prospects. A special “event” leading up to a home sale creates urgency and a buzz.Ineffective home staging: Sellers should stage their home for a broad section of buyers. Those designer Italian couches may look amazing to a couple, but does a young family want their kids destroying them? Install more neutral furniture, replace photos with artwork, and lighten up the place by opening windows. And must I even mention… leave your pets out-of-site. At Concierge Auctions our business development and marketing teams will work hand-in-hand with you and your agent to stage your luxury home in a manner appropriate for a large spectrum of home buyers.Failing to make sure a buyer is qualified: Any buyer that submits an offer should be pre-qualified for a mortgage big enough to purchase the home. Luxury home sales can fall apart due to financing problems. Luckily for house auctions conducted by Concierge Auctions, we take this issue off the seller’s plate. We pre-qualify all our bidders, and require a deposit just to participate in one of our house auctions. Buyers who win at our auctions are required to close within 30 days, so you can be sure that all our bidders are qualified. The Concierge Auctions process aims to correct most of these mistakes that luxury home sellers make: We will work with you and your agent to set an appropriate sales price. We will encourage our sellers to have a home inspection. We will do a more comprehensive job of marketing your luxury home, in a shorter amount of time, than any real estate competitor. We will showcase your luxury home through open houses, but also through special “event” open houses. Our business development and marketing teams will work with you, and perhaps a staging company, to stage the home in a manner to appeal to the largest amount of potential buyers. And all buyers that present a bid will be pre-qualified.Like what you hear? Click below for a free seller evaluation:
