Selling a luxury apartment can be a challenge, especially if you have a narrow target audience. But several strategies can make the process easier and more efficient.
Your goals will likely include a combination of getting the best possible financial offer for the home, selling it quickly, and keeping the sale process lean and efficient. However these priorities end up aligning for you, certain tactics can make you more likely to achieve them.
Do Plenty of Market Research
First, you’ll have to do substantial market research so you’ll know your prospective customers. Who is looking to buy luxury properties in this region?
What kind of money do they make? What is their background? What are their core values?
Such research will help you understand what your target buyers will be looking for – as well as the best ways to pitch the property to meet those needs. This is also a great opportunity to learn which other listings you’ll be competing with and how to make yours stand out from the rest.
Employ a Mixture of Mediums
There are any number of suitable marketing and advertising strategies that can improve the visibility and reach of your listing. Each will have its advantages and drawbacks, but it’s typically going to be in your best interest to use a mix.
That way, you can capitalize on the strengths of each and minimize their various weaknesses. Consider all of the following:
Traditional listings. Traditional listings in the local newspaper, online, and in various other channels will remain among some of your best bets. They’ll give you a ton of reach, they’re easy to set up, they’re inexpensive, and they’re one of the first places many of your potential buyers are going to check.
Digital ads. You can also invest in digital ads and other online marketing tools. One of the greatest strengths here is that you’ll be able to target your audience with considerable accuracy, and filter out people who wouldn’t be interested in the property anyway. This raises your efficiency.
Physical postcards. Printed marketing and advertising may not get as much attention from marketers as it used to, but real estate postcards can still be highly effective. They’re famously inexpensive, especially if you print bulk, and they enable you to target prospects who live in specific neighborhoods. This is also a great way to get the attention of people who might be interested in buying a new luxury property soon, but aren’t actively browsing local listings at the moment.
Work With Professionals
An experienced professional can help you sell a luxury property much faster. If you’re not already working with a luxury real estate agent, think about hiring one so you can get an expert’s perspective and advice. If you are a real estate agent yourself, consider working with other agents or a mentor to get feedback on your ideas and brainstorm new strategies. You can also work actively to keep improving and refining your skills.
Prioritize Your Photos
Did you know that homes that are featured in high-quality photos sell 32 percent faster than those with average photos? One of your greatest assets in luxury real estate listings will be imagery. Make sure to hire a professional photographer and have that person capture shots of all the home’s best angles. It’s also worthwhile to take photos of the home’s exterior and neighboring areas. People who invest in expensive real estate care not just about what the home itself looks like, but where it stands, and what you can see from it.
List the Details
Obviously, when you’re listing the home, you’ll have to cite some of the physical details – but you should go the extra mile to convey the most complete range of information you can. For example, in the luxury housing market, tall ceilings are a huge selling point; you’re probably listing square footage as a matter of course, but it also pays to be explicit about the ceiling heights and cubic footage, because those will appeal to particular buyers. The more thorough you can be, the better.
Show Off the Lifestyle
To luxury buyers, the structure is just one part of the equation. They want to live a luxury lifestyle – and to be able to imagine what life might be like in a place before they buy. To market to these shoppers, you’ll have to display the lifestyle, such as by describing nearby amenities or characterizing the local community.
Measure and Analyze Your Results
Finally, and perhaps most important, take the time to measure and analyze your results. Some of your strategies will be smashing successes. Others may show no effect whatsoever.
You’ll want to hash out the good from the bad, dump the failures, and invest more heavily in tactics that work. This will be a gradual, ongoing process, so keep optimizing and refining your approach.