Pricing a luxury home to sell in a buyer’s market can be one of the most challenging experiences of a luxury real estate marketing professional. It is tempting to get swept away by the allure of listing glamorous properties, those estates with the highest price tags. Sure, when they sell the commissions can be significant. But, in many markets these homes tend to sell much slower than homes in other price ranges. They are often more expensive and time consuming to market, especially if you fall into the trap of setting an unrealistic price to appease the seller.
If winning prestigious listings (and the admiration that can come with this) is more important than your bottom line you may consider reviewing your priorities. Sometimes selling a higher volume of mid-range luxury homes can yield a superior return on investment of time and money, especially if they are selling more briskly in this price range.
Take the time to become objective and analyze the sales statistics of your marketplace. Exactly what is selling and where? The first key is to discover where the fish are biting. Then go fishing there.
But, you better have a clear sense of how you can serve this faster paced market segment better than your competition. Your unique value proposition must be superior and it must be communicated explicitly through your personal or company brand.
We say, when you get your branding spot on you actually do not have to go fishing for prospects, the fish will start jumping in your boat. If you are able to clearly articulate your distinct promise of value to your target market sales should become irrelevant because you are succinctly letting them know, with certainty, that you can resolve their most pressing challenges.
While others are fighting for the prestige that comes with winning a fewer number of trophy listings, you could be out-thinking them by selling a higher volume of mid-range properties. This price range, as a niche, is often overlooked by those vying for the big fish and can thus become under-served. Develop an outrageous and extraordinary promise of value. Bowl them over with service that makes you stand out and you will have a winning formula for success.
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