Just as you won't find a new Porsche for sale on a used-car lot, you won’t often find million-dollar or multi-million-dollar homes advertised alongside the “regular” listings. In many areas, homes in the quarter-million-dollar range, or those around the median price range in accordance to the 2014 home-sales census by the U.S. Department of Housing and Urban Development, greatly outnumber homes in the million-dollar-and-up price range. Real estate agents often take different approaches to drumming up interest in high-priced listings. Glean some selling strategies from their know-how.
Forget about only listing your million-dollar home locally; few people can afford such luxuries. Agents advertise the best homes globally or at least across the country to reach the masses, explains Forbes magazine. You can use free online classified-ad websites, such as Kijiji or Craigslist, but your chances of catching the wealthy folks’ eyes improve by advertising in their favorite magazines or newspapers, such as the Globe. Doing some of your own advertising, even if you have a real estate agent, can help speed up or initiate an otherwise tough sell. Ask if your agent lists prestigious homes like yours in high-end real estate publications, such as Luxury Home Magazine, for exposure that's aimed at the right prospective buyers.
Almost every homebuyer starts the search online, explains the Zillow website. Even many extraordinarily wealthy people who may be in the market for investment property, a summer or winter home, or a primary residence likely turn to the Internet initially. Create a website or blog dedicated to your home; you have plenty of website builders, such as WordPress or Weebly, to walk you through the process, if this sort of task intimidates you. Brag about your home’s immense size, striking architecture, and colossal pool, for example. Play up the location and amenities -- but do so tactfully. If you’re not confident in your writing abilities, seek the help of a real estate copywriter; the more astute your advertisement sounds, the more astute the buyer you’ll attract. Upload plenty of top-quality photos and even a virtual tour to back up your claims. Provide links to your agent’s listing or website, if applicable, so that interested parties can easily arrange a viewing or obtain more information.
Make a Suggestion
Expensive homes can take longer to sell than average-priced homes because of a lack of qualified buyers. Some million-dollar homes simply don’t sell, regardless of high-quality home staging efforts, because -- as hard as it may be to face -- they are unattractive, are in an unfavorable location, or are just too unusual. If you’re not willing to lower the price to a point that’s affordable to more buyers, don’t become frustrated; be resourceful. Suggest in your ads or blog that the home could become something profitable, recommends the National Association of Realtors. A dark, stone-constructed Gothic home might suit life as a spa, or a massive log home, deep in the woods, might become a bed-and-breakfast, as long as zoning allows.
When you’re planning to hand your upscale home over to a real estate agent to market, look for someone with experience in selling such properties. Examine the real estate advertisements in your area to find out who lists many big-ticket properties. If your home has knock-out luxuries such as an indoor squash court, or has neighbors who include big-name actors, for example, consider hiring an agency such as Sotheby’s International Realty, which specializes in selling topnotch homes worldwide.
- Forbes: How Agents Market and Sell Multi-Million Dollar Homes
- Zillow: Things to Do Before You Sell Your Home
- Business Insider: Here's How Much Real Estate a Million Dollars Buys You in Every Major U.S. City
- Inman News: 3 Essentials to Selling a Million-Dollar Listing
- U.S. Department of Housing and Urban Development: New Residential Sales in April 2014
Lorna Hordos is a home-flipping business owner and freelance writer. She writes friendly, conversational business, home and lifestyle articles for Bizfluent, azcentral, Daltile, Marazzi, Lowes, Philips Lighting, WordPress.com and numerous other publications.