Sunday 8/6/17 Radio Topic:
Today’s topic is How to SELL A LUXURY HOME. Selling in this category is a culture of excellence. The average price was down 3% in the 1st 6 months this year. Now it’s 1.6m according to Crains and MRED.
In Chicago, there are 14 houses for sale over 5 m and only one sale. Last year there were 3 by July.
Here's the clincher, in all of the MLS there are 71 single family houses for sale over $5 million AND there's only been 3 sales year to date, 2 were in Glencoe and one in Winnetka.
Selling luxury homes differs from your typical, median priced home, so as you can imagine, there are differences in how to prepare and present a home of this caliber.
C.B’s Global Luxury Program applies to houses above a certain price.
Home in this category will have expansive online syndication…Your house will be on the Robb Report, Wall Street Journal and New York Times, amount many other publications.It broadcasts to 55 countries.
the Coldwell Banker international global luxury program brings YOUR House to the largest international MLS network! So in other words, your house will be on the MLS in countries like Asia, United Kingdom & India. It's called LIST HUB and it broadcasts all over the world so people moving from another country will see your house listed.
As an example, it'll be on 19 Acres, the MLS in India.
WE HAVE AMAZING PRINT MARKETING TOO! Most people have seen our Homes & Estates magazine. All my high-end listings get featured in this stunning coffee table magazine. The Coldwell Banker Global Luxury-Homes & Estates magazine gets sent to 250,000 people through subscriptions and targeted mailings and newsstands.
There’s also a Coldwell Banker Global Luxury BLOG and a massive social media campaign with a multi-tiered marketing platform that only Coldwell Banker has.
The international presence of my company is unparalleled.
I buy your address domain name and link it to a spectacular Drone video movie.
I email it to hundreds of agents with my proprietary distribution list.
Lets’ talk a little about HOME PREPARATION…One of the first questions I get is 'Do I need to take all my art work down?'. (Yes big project!) The answer is, it’s not a bad thing to display collector's pieces. It can send the message of affluence.
But too much is not good. So some collections might need to be packed away and stored. I have companies that I can recommend to help you with this.
And...we need to make sure nothing gets damaged…
But the short answer is each home is different, so we’ll discuss whether or not to leave up your Miro, Van Gogh and Picasso!
AS FOR STAGING: You’ll need to reduce what I call your ‘homes personalization’ so buyers can envision themselves and not see the home through your memories.
When we’re done, your house should look like it’s in a magazine because it WILL be!.
I pay for and bring in a company for the first 2 hours of staging and decluttering!
It's important to help my clients to get their home in the most pristine condition.
You’re NOT going to see luxury home buyers come in looking for a project. So, all the updates need to be done ahead of time. Appliances should be state of the art and commercial grade. The HVAC has to be premium quality & newer. I’m not going to talk about out of style wallpaper or paint. All obvious stuff….Do the work. Jerry McGuire said Help Me Help You…
In the luxury market, agents have to pre-qualify buyers before a showing. My sellers know I ask to see a pre-approved letter or proof of funds before the appointment is made for a home of this stature.
But showings are a critical part of the home selling process. It’s your opportunity to get an offer. Part of it is setting the stage for a great experience and the other part is presenting an atmosphere of excellence.
With Luxury homes, the listing agent will always be there to give the buyers an experience they won't forget. The tour will be like having your own private docent.
Sellers always ask me if we’re doing Open Houses. Sometimes I arrange a selective invitational open. It might be a cocktail party for colleagues, or it might be inviting agents to bring their clients. In the luxury world, the way I do it is to staff the house.
It might be 3 people on each level. There needs to be a check and balance for privacy and security.
When the prices are high the resulting buyer interest is reduced and as a result finding the right buyer becomes a critical task to getting luxury homes sold.
Applying the right marketing and strategy is essential in serving the most influential and successful people selling their luxury homes and real estate. If you're considering selling, give me a call. I'd love to tell you more about my global luxury marketing program. 847-926-1932