Luxury listings are in a league of their own, not only in terms of price and amenities but also in the often elaborate lengths agents must take to get these exclusive properties sold.
Whether sold traditionally or through auction, the process of buying and selling luxury real estate is just as unique as the people who call these properties home.
Takes money to make money
Having the listing to a pricey property is definitely nice, but selling it is far more rewarding.
In order for a property to sell for top dollar, the listing agent must pull out top-notch marketing efforts, usually spending tens of thousands of dollars on brokers’ opens, virtual tours, home staging, over-the-top open houses, professional photography — anything and everything to gain exposure and grab prospective buyers’ attention and help them picture themselves living there.
Words to live by
When it comes to luxury, it’s not solely about the home but rather the lifestyle that comes with it. Property descriptions aren’t limited to “top-of-the-line kitchen” and “amazing master suite.” Phrases highlighting “phenomenal views of the ocean while laying in bed” and the “soaring ceilings that allow for better vision of the panoramic city views from the living room” are the norm, giving buyers a sense of what life would be like (and how much better life would be) if they owned the property.
Price per square foot and getting the “best deal” are rarely crucial factors when it comes to these types of homes. Instead the architecture, amenities and minute details add up to grandeur, allowing for the ultimate bragging rights.
Not just anyone can walk through a $10 million home. Be ready to show proof of funds, a pre-approval letter and undergo a background check — just to view most luxury properties. Sellers wants to ensure the prospective buyers who tour their homes are in fact serious, and those who cannot provide that information are deemed unworthy — literally.
Sold to the highest bidder
Some sellers choose to forgo the traditional selling process altogether and instead offer their luxury properties through auctions. Art, cars and other collectibles are sold through this process, so why not a home? For many luxury homeowners, putting their estate in an auction is the fastest and most effective way to get the property sold for the best price and within the time frame they want. Bidders come in with the understanding that low-ball offers should be left at the door, and only the highest and best will seal the deal.
- Luxury Real Estate Purchasing: Emotional or Rational
- Sky-High Living: America’s Most Lavish Condo Amenities
- The Country’s Hottest Luxury Real Estate Markets
Samantha (Sam) DeBianchi is a Realtor and founder of DeBianchi Real Estate. Her expert real estate advice and straightforward approach can be seen and heard on FOX Business. Always keeping it REAL, you can follow Sam online on Twitter and Facebook.
Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.