Spa bathrooms. State-of-the-art appliances. Pools and game rooms. High-demand amenities such as these seem certain to guarantee a quick sale.
But selling luxury property isn’t as easy as that; from working with detail-oriented buyers to navigating an ever-changing market, the process can be tricky.
To help put the process into perspective for first-time luxury sellers, we asked four industry insiders from RE/MAX for their advice on selling luxury real estate. Here are five tried-and-true tips upon which these experienced agents all agreed.
1) Be patient
Unlike first-time home buyers or those purchasing a property in order to relocate, luxury home buyers are typically not buying out of necessity – they’re doing so out of desire and, as a result, have more time to devote to finding the perfect home. This means the process can take time, so remaining accommodating and steadfast throughout is key.
“Give yourself time and patience,” says Christopher Invidiata, sales representative and team leader at RE/MAX Aboutowne Realty Corp., in Oakville, Ont.
Toronto real estate agent Mark Richards agrees.
“Expectations at those price points are high and buyers are not willing to settle,” says Richards, founder of RE/MAX Hallmark The Richards Group Realty Ltd. “Multi-million dollar home buyers are not interested in compromising their wish list when they are investing that amount and are willing to wait for the right home.”
2) Be communicative throughout the process
Many high-end buyers have a strong grasp of the luxury real estate market and are uncompromising in what they want from a property. It’s important to remain communicative and responsive to prospective buyers’ needs and concerns when they come up.
“Every home takes on a life of its own,” Sandy Smallbone, team leader at RE/MAX Escarpment Realty, says. “People are always second-guessing the market.”
“Be available for calls,” Smallbone suggests. “Do not plan a holiday around a high-end listing.”
3) Limit your advertising to a small network of buyers
The pool of prospective buyers for a luxury home is far smaller than that for a standard residential property. When selling luxury real estate, you’re dealing with high-net-worth individuals, so marketing the property to anyone who can’t afford it is a waste of time and resources.
Richards advises against holding a public open house for a luxury property. Instead, he suggests hosting an exclusive viewing, by-invitation only, for key members of your network.
“The art of selling a luxury home is about relationships and knowledge,” Richards says.
“It’s truly about the connections in our professional network and our relationships in the area. One luxury buyer leads to another.”
4) Speak your buyer’s language
Reaching luxury home buyers means using luxury channels. To Barry Cohen, broker at RE/MAX Realtron Barry Cohen Homes Inc., finding high-value buyers means “reaching them through vehicles that would have their attention,” such as “luxury lifestyle magazines, websites, financial advisers and airport lounges.”
Cohen and Invidiata both advise using a tone that appeals to buyers’ desires in advertising these properties.
“Know they don’t need to buy or sell,” Invidiata says. “It’s all about want.”
5) Perfect the space before you show it
Buyers spending top dollar expect top value, so be sure the house is clean, beautifully staged and in top shape before showing it. Even small details can make or break a sale.
“The home must be impeccable,” Richards says. “We take our clients through a thorough, highly detailed process to identify, rectify and improve the home wherever possible. You can’t list a multimillion-dollar home and neglect to take care of the details.”
This content was produced by The Globe and Mail’s Globe Content Studio, in consultation with an advertiser. The Globe’s editorial department was not involved in its creation.