Luxury real estate doesn't follow the rules of a standard real estate transaction. It is a niche market where the buyer pool is small and expectations are high. But most importantly, the buyer of million-dollar homes is financially sophisticated and can intuitively recognize value. Attracting such a buyer requires careful planning and execution across different aspects of a luxury property.
In this blog, we look at what makes luxury real estate sales different and then provide a step-by-step approach on how to sell a luxury home.
Selling luxury real estate is challenging due to a thin buyer pool, pricing difficulties, and the complex nature of transactions.
Realizing the key value drivers of a luxury property and pricing it correctly from the start set sellers up for success.
Preparing a luxury property for sale and marketing it are essential aspects of the luxury home selling process.
Some properties are simply not suited for the traditional listing model and need an alternate selling approach.
Auctions enable sellers to sell their property by a fixed date, while retaining full control over their property in the entire process.
Understanding the challenges involved in selling luxury real estate is the first step to navigating the process. These challenges are:
Thin buyer pool: Luxury homes appeal to a small group of highly discerning individuals. First impressions matter more than you think and there is hardly any room for errors. Low-quality photography, lack of staging, and other factors that reduce the desirability of your luxury home can quickly exhaust your buyer pool.
Pricing a luxury home: Comparable sales are scarce and hence overpricing is a structural risk in the luxury home selling process. According to Luxury Homes Index, properties that stayed on the market for more than 120 days on average sell for 8.5% below their initial listing price.
Transaction complexity: Luxury asset transactions are complex, often structured around liquidity events, private banking arrangements, or portfolio loans. Sellers who don't understand these dynamics risk mishandling negotiations, ultimately resulting in the deal falling apart.
All these challenges result in a luxury property staying on the market far too long, eroding its value over time. Here’s a systematic step-by-step process on how to sell a luxury home fast for its best value.
Luxury real estate doesn’t employ conventional metrics like price-per-square-foot to estimate its value. What matters is the perceived value of a property and the lifestyle you sell with it.
The key drivers to pricing a luxury home are:
Location: Buyers look for a prestigious neighborhood that comes with exceptional views and proximity to luxury services like a private golf course.
Architecture and craftsmanship: Top-tier properties designed by renowned architects and constructed with high-quality materials stand out.
Amenities: Indoor and outdoor pools, saunas, smart lighting controls, security and other amenities essential to a comfortable lifestyle are non-negotiable.
Privacy: Seclusion is an important distinguishing feature for luxury properties because it ensures peace of mind for residents.
Apart from these factors, intangible elements such as historical significance or notable former owners can increase its value significantly.
Luxury homes often have longer sales cycles compared to average mid-market homes. However, it’s important to evaluate whether your patience is justified or if it's costing you money.
If your property is able to garner enough interest and serious discussions with qualified buyers, you’re on the right track. If potential buyers are just touring and walking away, it could signal a pricing problem. In such cases, you’ll have to lower your asking price or consider an alternate selling approach.
Luxury buyers need to be impressed from the get-go. They expect to see a stunning property that’s also ready to move in. To meet these expectations, you must lay the groundwork across different areas:
Luxury home staging is the process of preparing and furnishing a property for a sale. For luxury homes, this is an opportunity to show buyers the elevated experience and lifestyle that your property comes with. A professionally staged property with custom high-quality furnishings not only catches the attention of your buyers but lets you command a premium on your property.
As per research from the National Association of REALTORS®, staged properties saw up to an increase of 10% in the dollar value offered while also reducing the time spent on the market.
While the seller of a mid-market home can get away with a cell phone camera, luxury properties require professional real estate photographers and videographers. They know how to frame and show your property in the best light to attract better offers.
Beyond this baseline, sellers should also invest in drone photography to differentiate their listing. An aerial view of the property showcases the property in entirety and how indoor and outdoor spaces interact. Finally, you must also create a virtual walkthrough of your property, allowing interested parties to take a 24/7 virtual tour of your home at their convenience.
Following these steps optimizes the digital presentation of your luxury home and increases your chances of securing a visit from potential buyers.
Most luxury home buyers conduct a pre-sale professional inspection as part of their due diligence. These inspections look at the structure and foundation of your property, and functioning of essential systems like drainage, electrical, heating, ventilating, and air conditioning.
Any deficiencies found in these inspections gives buyers room to negotiate prices. Therefore, it is crucial that you carry out an inspection yourself before selling it. A pre-listing inspection commissioned by a seller indicates that the property has been well-maintained and is ready to move in.
Luxury real estate marketing gets your property in front of the right people to increase your chances of landing a sale. Let’s look at the different factors to consider when it comes to marketing your property.
Properties in the luxury real estate market move based on relationships. A good agent brings with them a network of stagers, legal advisors, and international buyers. The next thing to look out for in an agent is their marketing acumen. Can they transform your brick and mortar property into an aspirational lifestyle through an enticing narrative?
Apart from these two important traits, check your agent’s credentials, experience, and recent track record in selling a high-end home. Concierge Auctions realizes the importance of an agent in any real estate transaction and helps you find an agent that brings all these qualities to the table.
Some properties are simply too good for conventional marketing routes. So when it comes to such ultra luxury homes, it’s not about spending more on marketing, but being more selective and precise about who your buyer is.
Such properties usually require private and off-market marketing which relies on an agent’s private buyer network, invitation-only previews, and high net-worth referrals. Even though this shrinks an already thin buyer pool, it is a strategic choice to find the right buyer.
Selling a high-end home is inherently a global endeavour. An effective marketing campaign goes beyond just translating advertisements to adding cultural context and relevance to different buyer profiles. Thorough market research is required to understand what buyers from different regions are looking for.
With the rise of millennials as luxury buyers, digital experiences are no longer a good-to-have feature but must be an essential part of your marketing campaign.
Sometimes you can face hurdles in selling your luxury property despite pricing it correctly, preparing it for a sale, and marketing it well. This can happen in the following cases:
A property that’s been sitting on the market unsold for an extended period of time is called a stale listing. And the longer a property remains unsold, the lower its value becomes.
While there might not be any defects in the property, a stale listing makes the market perceive the property with less desirability. Your property therefore needs a fresh start, either by relisting it with a modified strategy or by using an alternate selling approach.
The real estate market has a less obvious seller, one who sells out of circumstances rather than choice. For example, take the case of a luxury estate owner who dies without a will. While the owner has unfortunately passed away, the financial commitments of the property like mortgage payments, maintenance, taxes, and insurance still remain.
For such sellers, time is of the essence and they often look for a way to sell the property by a fixed date rather than waiting indefinitely and losing money.
Properties that are exceptional and one-of-a-kind are difficult to price. There may be many intangible factors like its historical significance or authentic architectural elements to price in.
Anchoring a price could prove to be a mistake for such properties. Price it too low, you get a raw deal, and price it too high, you get a stale listing. Exceptional properties most often need a different approach like a luxury property auction.
A luxury property auction is an alternate way to sell luxury homes, where pre-qualified buyers bid for a property, eventually determining its fair market value. It creates a sense of urgency and provides sellers with the certainty of a sale by a fixed date. Let’s look into the process in more detail.
The auction process begins with the registration of bidders. Bidders need to accept the auction terms and conditions, provide ID verification, show proof of funds, and pay a bidder deposit. Registered bidders can then submit their starting bids, and the highest pre-auction starting bid will set the Market Reserve, which is the lowest price the property will sell for.
On auction day, bidders compete and drive up the price of the property. At the close of bidding, the winning bidder signs a contract and pays a non-refundable deposit into escrow. They have to eventually close the sale by a set date.
Compared to a luxury real estate listing, auction companies take an active role in selling your property. You get a dedicated marketing campaign which showcases your property to a global and local audience. Auction companies also maintain email subscriber databases and private networks of high net-worth individuals, all of which you can leverage as a seller.
As a result, you get a pool of pre-qualified buyers lined up before your property is up for auction, significantly increasing your chances of a sale.
Before committing to any auction, sellers must ensure that they have full control over their property at every stage of the process. Some points to consider are:
Reserve price: Is the reserve price set as a minimum published bid or an undisclosed reserve price?
Fees: In addition to the seller’s fee, also check the buyer’s premium. High buyer premiums can discourage potential buyers from participating in the auction.
Contingencies: In case the reserve price is not met, the seller should have the final say in what to do next.
Sellers should research the auction company’s network, marketing services offered, and general experience in conducting past auctions.
Concierge Auctions follows a time-tested auction methodology that enables you to sell your property in 60 days or less for the best price the market has to offer. Selling your luxury home at an auction through Concierge Auctions gives you multiple benefits:
International exposure: Our luxury real estate marketing ensures that your luxury property strikes a chord with the right buyer, no matter where they’re located.
Exquisite network: Access to over 11,000 people from our Private Client Group, which includes documented billionaires, influencers, and prior registered bidders who have participated in auctions.
Custom analytics: Keep track of all updates with our proprietary client portal, which measures the marketing and sales efforts for your property.
We have been managing luxury property auctions for more than 18 years and are committed to providing you a smooth selling experience. Read our testimonials to learn why sellers trust Concierge Auctions.
The best way to sell a luxury home completely depends on the property being sold. Traditional listings work for properties that are easy to price while auctions suit exceptional properties that are seen as rare and unique.
Luxury properties don't have many comparable sales and are hence mostly priced based on location, architecture, amenities, privacy, and intangible factors like its historical significance.
Properties that are overpriced from the outset and sit on the market for too long lose the most value over time.
Auctions offer a seamless selling process with defined timelines at every stage, be it bidder registration or completing the sale. Thus, the structure of an auction often helps in selling luxury properties fast.
Auctions allow you to sell a luxury home by a fixed date, eliminating the uncertainty and hassles of a traditional real estate listing.
Selling a luxury home is no easy task. With few qualified buyers in the market, properties often end up sitting unsold for extended periods, losing value over time. Following a methodical approach and investing in marketing can boost your chances of landing a sale, but some properties are simply not meant to be sold as a traditional listing.
Auctions are the preferred route of sale for exceptional properties and many high-end luxury homes. It provides sellers the certainty of a sale by a fixed date and full control at every stage of the process.
Sign up Concierge Auctions to sell your luxury home within 60 days at the best market value.
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