What is the best way to market luxury real estate?

Lots of info already here but I’ll throw in my $.02 by taking a little different approach to your question and turning the question around…

  • Can you handle the types of people you will encounter in that market?
    • Generally speaking, high end buyers/sellers are not going to be your average people and you have to know how to handle and behave with these types of clients. Just like any profession, there are those that can interface and interact at the executive level and those that can’t. Nothing against those that can’t and its not a knock in any way – it comes down to personality, experience, and confidence. Plus, I know plenty of people in many professions that just don’t like dealing with these types of people and simply choose not to.
    • Not to mention, most of these buyers/sellers will be at the far end of the spectrum; meaning sellers will tend to be that much fussier and buyers will be that much more finicky. Are you prepared to handle that?
  • Are you prepared for a longer sales cycle?
    • Depending on your market, average DOM for “luxury” (what does that even mean these days?) can be exponentially higher, even going into YOM (Years On Market rather than days). Sure the payoff at the end when the property does sell will be that much bigger but I’m sure you have your own bills to pay in the meantime.
  • How big is your marketing budget?
    • Marketing higher end properties is going to be a big investment on your part so be prepared to get your credit cards out.
      • Staging – depending on the condition/state of the property you’ll want to have it properly staged. Professional staging will run in the $1000s+. Another alternative is to buy your own furniture/accessories – this will save you in the long run but its a huge upfront cost plus storage fees.
      • Professional photography – iPhone pics may do for low and mid range listings but high end listings need high end professional photos. This can run $100s+.
      • Professional website – just like your photos, a cheap website-just-to-have-a-website is a no-no. A modern/elegant website is a must and depending on your expertise here can run into the $100s+.
      • Professional flyers/brochures – for low and mid range homes, printing these out on your office printer is more than sufficient. When you get to high end though, these just won’t cut it. Make use of those professional photos and put together a stunning flyer. Print costs here can run into the $100s+.
      • Professional Video – you need something that’s going to set you and your listing apart. Just like your photos, an iPhone video won’t do at this level and a professional video that you’ll be proud of can get into the $1000s+
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