The Art of Marketing Your Luxury Home-The First Steps
Marketing a luxury home certainly has characteristics of being an art form. From creating stunning visuals and imagination tempting descriptions, elements of art are a pivotal portion of marketing luxurious home. However, these elements alone will not likely sell your home for maximum value. This is where the science begins (discussed further here: https://www.purvisre.com/post/target-marketing-how-to-sell-luxury-homes-in-any-market ). It may not be rocket science, but there are several key components that go into a successful luxury home marketing strategy. In fact, it's a multifaceted strategy that, when employed appropriately, will lead to achieving our client's goals.
Let's take a look at the key artistic components of a successful strategy.
Hire a Professional Photographer: When it comes to luxury homes, presentation is everything. A professional photographer can capture the essence and beauty of your property in a way that will grab the attention of your ideal buyers. High-quality photographs can be used on the property specific website, social media channels, and other marketing materials to showcase your home in the best possible light.
You may be thinking, "Well that's obvious. Who wouldn't do that?"
I can assure you this is not always the case. In fact, you would be shocked and horrified at how often I see blurry, crooked photos of homes. Not just gutted or bank owned properties, but homes of every price range. This is most often a fatal error!
Create a 3D Virtual Tour: Virtual tours have become a popular way to showcase homes to potential buyers, and luxury homes are no exception. A 3D virtual tour can provide an immersive experience that allows buyers to explore the property as if they were physically there. This can be especially beneficial for out-of-town buyers who may not be able to view the property in person. Virtual tours have been available for many years, but really became a necessity and expectation since 2020.
Showcase the Best Features: Luxury homes often have unique features that set them apart from other properties in the market. These features could include custom-designed kitchens, spa-like bathrooms, outdoor living spaces, wine cellars, media rooms, boat docks, horse training facilities or smart home technology. Highlighting these features in your marketing materials can help attract potential buyers who are looking for a one-of-a-kind home.
Utilize Social Media: Social media is a powerful tool for reaching potential buyers and showcasing your luxury home. Image driven platforms like Instagram & Facebook can be used to share photos and videos of your property and attract interested buyers. By targeting specific audiences and using targeted ( https://www.purvisre.com/post/target-marketing-how-to-sell-luxury-homes-in-any-market ) advertising, you can increase your chances of finding the right buyer for your home.
Again, you're probably thinking, "Social media works for selling lower priced homes. But there's no way it will help sell my luxury home."
Unfortunately, you'd be wrong and worse you'd be limiting your potential buyer pool even further. I personally have sold multi-million dollar properties to buyers that first found the property on social media. Moving beyond anecdotal evidence, Price Waterhouse Cooper released a study in February 2023 that noted 98% of ultra-high net worth individuals (UHNWI) and families earning $1M+ per year spend up to three hours per day on social media. Forbes released a study of high net worth individuals (HNWI) earning $100,000-$1M. 90% of that demographic are very active on social media with many spending more than 48 hours per week on their accounts. It's how social media is used to target (there's that word again) the ideal audience that can be immensely beneficial.
Host Exclusive Events: Hosting exclusive events can be an effective way to showcase your luxury home to qualified buyers. These events could include private tours, wine and cheese tastings, or charity fundraisers. By creating a memorable experience for potential buyers, you can help them envision themselves living in the property and increase their interest in making an offer. These are not Open Houses. I'm a firm believer in utilizing Broker's Open events when luxury real estate agents are directly invited. Do not rely on the MLS being enough notice to agents. Invitations sent both by mail and digitally then followed up with phone calls will create the desired attendance.
Effectively marketing a luxury home requires a comprehensive strategy that takes into account the unique features and selling points of your property. By hiring a professional photographer, creating a 3D virtual tour, showcasing the best features, utilizing social media, and hosting exclusive events, you can increase your chances of finding the right buyer for your property. These artistic components of marketing luxury homes provide the foundation needed to effectively locate and immediately grab the attention of your ideal buyer. However, as I alluded to, there is an art & a science to marketing luxury homes. The next article (xxxxxxxx) in this series will provide a comprehensive view of the science of targeted marketing. In combination, the optimal targeted strategy and a commitment to excellence, you can successfully market your luxury home and achieve a successful sale.
Wes Purvis
Director & Founder
Purvis Commercial Group
Purvis Property Advisors
Coldwell Banker Schmidt Realty
Related Articles: Target Marketing: How To Sell Luxury Homes In Any Market
Comments