Selling luxury real estate like the high profile housing society Blue world City offering mansions of $ 2.3 million, villas of $ 4.4 million, pent houses of 2.6 million … entails a particular sale and promotion techniques. There are real estate agents who believe they are trained to sell these types of properties based on their experience in selling lower value homes.
But when they begin to realize that it is not so easy to contact potential clients, the first thing they think is that the property is overvalued or there is no demand market at the moment. As the saying goes: “Ignorance is very daring.”
These real estate agents do not understand that their problem is in their approach and in the means they use to reach the potential client. What would you think if I told you that selling a luxury property is relatively easier than selling a normal property? Surely you would not believe me.
Well, it is like that: it is relatively easier. I use the word “relative”, because selling luxury real estate is a specialization of real estate sales. It is easy for a specialist to sell this type of property, for the rest it is a challenge. Selling luxury real estate is not a skill obtained by selling other types of residential real estate; but learning from a professional who has specialized in this area. Let’s see why.
To Sell Luxury Real Estate You must Specialize.
Specialization in these types of homes with millionaire prices is necessary, because first you must know how to advise the owners who sell luxury properties, which is the most difficult part of this type of sale.
Secondly you should know how to prepare a luxury property before putting it on the market, (and I do not mean here home staging techniques) . Thirdly, you should know what promotional material and media are the best for marketing luxury real estate; and fourth you must have contacts in the circles in which your target audience moves.
All of the above is reduced to mastering these 4 tricks of the sale of luxury real estate well:
Trick nº.1.- Know well what you sell. Before putting a luxury property on the market you must know it very well. You must prepare aDossier of the propertywith its physical characteristics, legal characteristics, financial characteristics and its commercial characteristics. This Dossier is the tool you need to convince the owner of what is the best price to sell your property, not the best starting price, but the price for which youshould sellyourluxury property. A price that you will know how to defend, because in those moments, once you have completed the Dossier, you will know what the appropriate price is. A knowledge and conviction that will help you later in the negotiation with the buyer.
Preparing this type of Information Dossier with photos and video included is not easy, it takes time, (between 2-3 weeks) , and you need to have a little budget.
This Dossier is essential to be able to sell a luxury property and from it you will be able to extract all your commercial strategy since it will tell you who your ideal potential client is, which is not exactly everyone who can afford the purchase of that property.
In every property there is always something that stands out, something totally exclusive and desirable for some. That is what will tell you who your idea client is l. Of those ideal clients there are hundreds in the market, so if you know how to create an “avatar of your client idea l” you will sell this type of real estate without problems and quickly.
Trick nº.2.- Know your Target Audience. To reach your potential client you must know how this tends to think; what are your needs; your tastes and preferences; Your lifestyle habits You should always keep in mind that this class of buyers move away from the ordinary and have no financing problems.
To know who your most potential client is, you must know how to transfer the characteristics of a luxury property into benefits such as prestige, belong to a specific social group, ( of those who play golf, of those who have yachts, of those who take holidays here, etc.) , social recognition, respect, privacy, exclusivity.
Doing this exercise is not easy, so you need to prepare a Sales Dossier that contains all the details and that is why it will take 2-3 weeks to prepare it. Only by knowing the property well can you write a description of the property that does justice to the property , justify its price and is attractive to that target audience.
I recommend you not to take the photographs or the video before making this description, because the description will tell you how you should take those photos and how to record the video. How to record the exclusivity offered by that property. And knowing how to record or take photos of exclusivity is not easy.
Generally the location, the space that is available and the quality of the materials are the characteristics where you must focus to extract the benefits . Above all, extract a benefit that makes the property unique to a specific group of people.
Remember also that all luxury property once acquired will be applied minor reforms to adapt it to the personality of its new owners.
The needs of this type of customer are different from most people and they want their new home to offer certain personal benefits that reflect the success that potential buyers have. Here the number of rooms or the price is not relevant. The relevant thing is that the property reaches the feelings, that it falls in love.
Trick nº.3.- Promote your Luxury Property with Video.
Obviously, to sell a luxury property you need top quality material and promote it in the appropriate media. A memorable description and some photos taken by a professional photographer is not enough. You need a video and record it properly. In the video is the key.
You must record the typical video of high technical quality including a person in the video that describes the property, (its characteristics and benefits), as it is shown. That background music while showing the different parts of the property is a waste of time for 3 reasons:
1.- the video does not generate the necessary attention. It is boring and does not stand out. He does not fall in love. It does not show success and exclusivity.
2.- When uploading it to YouTube you cannot optimize it, because it does not contain text inside that you can position and that allows you to translate and subtitle.
3.- By not having a call to direct action , you can get many visualizations, but few requests for information.
Once you have the video hosted on YouTube or Vimeo, (it is another option, although I recommend the 2), you need a specific landing page for this luxury property. This landing page should contain the photos, the description, the video , a query form and be very well designed. This landing page is where you are going to direct your potential clients.
Once you have all the material, it is time to select the appropriate media . The best means to sell a luxury property are, in order of importance or effectiveness: Real Estate Public Relations, Google Adwords, Facebook, specialized websites, (online luxury magazines and others) and specialized real estate portals.
To get quality information requests on Google and Facebook you need to know very well how to select the keywords and the target audience. For specialized portals and websites you need to know about real estate copywriting to write memorable ads. The description you have is not appropriate for use with advertising. I tell you from experience.
| Tip No. 4.- Use Public Relations to Sell Fast.
Most of the luxury real estate Pakistan and almost all super luxury real estate are sold through real estate Public Relations. Hence, you need to specialize and learn Real Estate Public Relations, (which is not exactly giving press conferences and writing articles), to have access to the circles where your clients are.
Once you know yourself in these circles, (and once you have sold some luxury properties), you will find that several clients, by reference or thanks to your PR efforts, entrust you with the search for a certain property.
To succeed in the sale of luxury real estate, you need to train in Real Estate Public Relations that are slightly different from Public Relations in other sectors. Doing so is part of your specialization .
To give you an example of the importance of Public Relations in the luxury real estate sector, I would like to briefly tell you the story of Mrs Joy, a real estate consultant specializing in luxury real estate.
I met Mrs Joy at a conference in London on real estate investment a few years ago. At that time Mrs. Joy was entering the sale of luxury real estate and until that moment she had only sold 1 villa of more than € 2 million in Malaga, Spain, and was currently attending a Public Relations course.
We establish friendship when we met and as the years have passed we have maintained contact and that friendship. A couple of years ago when we talked on Skype and remembering past times he told me that his success in selling luxury real estate has been due to the fact that he attended that Public Relations course years ago and then hired Coach Public Relations services to to help you enter the circles frequented by your customers.
Today Maggie, (Mrs Joy, as she is known in this sector), is well known in certain circles and most of the luxury real estate she sells does it on request . Senior executives and personalities from the world of entertainment or sports entrust you with the search for certain properties. Mrs Joy is a successful specialist in the sale of luxury real estate that has established a personal brand.
I do not say that all real estate agents who specialize in the sale of luxury real estate go as far as Mrs Joy has come; but of course to succeed in this sector you need to have good contacts and create your own personal brand. That can only be given by Real Estate Public Relations.
We would be grateful if you would leave us a comment on this article. Have you ever sold a property of more than 2 million dollars? What has been your experience? Your opinion interests us. Thank you.