When presenting a luxury property , it is important to attract the right buyer, know how to present the value of a luxury and expensive product to the buyer, and be able to negotiate effectively when selling such a property. Having a well-developed marketing strategy, a properly set price, and a top-notch agent are key factors in selling a luxury property.
TARGET AUDIENCE
First and foremost, you want to know who your buyer is, to whom you will be targeting in order to attract high-end clientele. Luxury real estate is not presented to the masses because it has its own specific and very niche audience. The last thing you want is to target a segment that cannot afford the property. Of course, the buyer must have high purchasing power to be able to finance this type of property. Luxury is not for everyone. It is important to understand the different desires and needs of luxury property buyers compared to standard buyers. It is important to ensure that marketing ideas and messages are emotional. Luxury buyers want to feel beautiful, elite, and unique, different from others. Creative design and a creative story are necessary to accompany the lifestyle that comes with the property, sometimes even more so than talking about the property itself. One thing you will often notice with apartment buyers is that they are interested in who already lives in the building and who has bought a unit. Buyers are attracted to each other because they want to live in a unique community surrounded by successful and attractive neighbors. But what exactly are you selling? In addition to the magnificent architecture of your property, are you selling proximity to top restaurants, award-winning schools, the best neighborhood in the city, or walking distance to shops? These are just a few examples. There is much more than just the property itself that enhances the quality of life for buyers and therefore increases the attractiveness of the property.
MARKETING STRATEGY
Understanding the market surrounding your community is important for standard real estate, but it is even more crucial for high-priced luxury products. As the market becomes more saturated, high-end communities have a greater need to differentiate themselves from their competition. A marketing strategy consists of several important components, all of which must be well-defined and executed with high quality.
Proper pricing
One of the most important tips for selling luxury real estate is to determine the realistic market price from day one. There aren’t many comparable properties on the market, and each luxury property has unique features that only specific buyers will appreciate. It is important to set the right price from the moment the property appears on the market because an overly high price can result in the property remaining unsold for months and eventually develop a stigma and assumption that something is wrong with it.
Collaboration with a top real estate agency
Some of the most important qualities of an agent selling luxury properties include excellent communication skills, attention to detail, understanding of the local market, exceptional negotiation skills with a good sphere of influence, and the ability to handle challenging situations and sell luxury effectively. All of these skills are important when selling a high-end property. Keep in mind that your real estate agent plays a vital role in the sale from start to finish.
Marketing channels
- Identity One of the keys to effective marketing and sales is creating an identity, and the same applies to your luxury project. You don’t need to overdo how you refer to and talk about your property, but you should have an absolutely unique message across all your marketing materials. Consider an impactful name, create a logo for your project, and come up with a slogan. The project’s identity should be the foundation of your marketing strategy.
- Social media Social media advertising allows you to reach your target market directly. For the luxury community, the best social platforms for advertising are Facebook, Instagram, and YouTube.
- Traditional advertisements in luxury lifestyle magazines Articles and ads in luxury lifestyle magazines appeal to buyers and add additional marketing value to the project.
- Brochures and catalogs Elements such as a unique brochure structure, high-quality printing, the use of digital animation, and premium promotional items make all the difference in marketing a luxury community. These small details let people know there is something special about your project. Every little detail should enhance the idea of luxury. Even something as small as the printing of brochures and catalogs gives a sense of uniqueness. Luxury buyers expect the best and they expect something close to perfection.
- Copywriting (content, texts) In the world of digital marketing, content is king. To increase the conversion rate, it is important to provide potential buyers with high-quality content in advance. Blogs, videos, podcasts, infographics, and other forms of content provide value ahead of time, helping to build trust and establish you as an authority in the eyes of potential clients.
- Multimedia A three-dimensional representation of the unit can give potential buyers the opportunity to preview and be delighted by the finished product. More importantly, 3D provides a better sense of space and dimensions. Clients in the luxury housing market don’t want to see pictures of empty living rooms or vacant bedrooms. Instead, they want to visualize a beautiful, fully furnished space in which they can imagine themselves. Premium apartments deserve top-notch multimedia. You need bright, original images taken by a professional photographer or illustrated by an experienced graphic designer. You’ll also want to use high-quality print production that utilizes the most innovative methods and materials in the industry.
FINANCING OPTIONS
In a perfect world, investors would want to sell every unit to cash-paying buyers. While your ideal potential buyers probably have the means for a direct purchase of a luxury property, there is a good chance they may want to close the financial structure with an alternative source of financing. Depending on market conditions, for example, a buyer may want to maintain liquidity, and a portion of the purchase price will be financed through a bank loan. By offering additional financing options to buyers and partnering with a reputable bank in the project, you can open doors to a much broader target audience, and the bank can activate its clients as potential buyers.
EVENT MARKETING
Although currently, due to the COVID-19 crisis, all events and gatherings are canceled, organizing and marketing events is an excellent way to draw attention to your property.
