Not every agent is selling homes with multi-million dollar price tags. But, for those who are working in the luxury real estate market, a small pond, or those who want to break into the luxury market, there are a few keys to successfully marketing and selling luxury properties.
According to a recent report by Sotheby’s International Realty, luxury properties are an outlier from the remainder of the housing market. The dealings are commonly made in cash, so interest rates don’t affect the decision to purchase as often, and the buyers have different motivations than your average homebuyer.
So, when listing luxury properties, Sotheby’s highlights the marketing strategies to follow to sell your listings faster and for top dollar.
A homebuyer’s time and attention are valuable commodities. Because of this, a traditional listing with photos and blueprints isn’t going to cut it.
Instead, posting a quick-moving video of a property, set to a trending song, is more likely to garner the attention of a homebuyer online. These videos can be posted to practically any social media platform: Facebook, Instagram, TikTok or even Youtube thanks to features like Shorts and Reels. Sotheby’s report notes, “Using a catchy song will attract a potential buyer or stop someone in their tracks. That can often be better than a voiceover or an agent telling me the highlights of a property.”
Attention by association
When it comes to the luxury market, homebuyers and sellers all run in the same circles. They purchase similar, luxury products, and they can be found at the same events. To grab the attention of buyers and sellers alike, advertise your agency’s services or even a specific listing alongside popular luxury brands and events.
The report from Sotheby’s specifically mentions Tiffany’s and Wimbledon, but the possibilities are endless.
And, when you explore this marketing option, you may make connections with other professionals working in the luxury market who could recommend their clients and colleagues who may be in the market to buy or sell a luxury property.
For more tips and tricks on marketing and listing properties in 2023, give these other articles a glance.
Higher interest rates and slowing market demand don’t have to hurt your business, especially not for luxury properties. Using videos on social media and marketing a property alongside other luxury products could put your properties over the top.