From an outside perspective, the selling of luxury and waterfront real estate seems like it should be pretty similar to transactions involving more modest properties, just with a larger price tag attached in the Bay Head and surrounding areas.
But, the sale of high-end, luxury homes brings its own set of challenges and details not to be overlooked. Today, we’re going to highlight a few things you and/or your luxury real estate agent should be on the lookout for.
Is the Price Right?
Pricing any home correctly from the get-go can be the difference between a short listing period and an extended one. With luxury real estate, this issue is compounded. You’re likely going to be dealing with extremely successful people with a savvy business acumen. It’s not necessarily a great idea to go with a listing agent offering to sell the home for the largest price; the right price may not be largest number at the table.
Present your home in the best possible light.
With luxury home sales, the stellar properties themselves are always going to be the greatest asset. Make sure to show them off in their best possible light. This means only the highest quality pictures should be included with the listings. And a high production value video, or virtual tour may give you the edge.
Also, the highest quality photos and HD videos are useless if the home is set up wrong. A luxury home should be staged so that the best aspects of its interior are highlighted. This means minimizing personal items and clutter, and picking furnishings that make the best use of the space. You want the home buyer to be able to picture themselves and their family in the home.
Find the right time to sell.
Luxury properties are often set on prime real estate in some of the finest locales across the country. When showing off a property, you want to showcase it in all its glory! So, just as showing a Florida mansion during Hurricane season isn’t a great idea, trying to sell a beautiful oceanfront estate on the Jersey Shore while snow is still on the ground isn’t ideal either.
Nothing shows off your gorgeous waterfront property like the beautiful spring or summer sunshine reflecting off the blue waters of the bay!
To open house, or not to open house…
The traditional open house is a fantastic tool for selling your average property. It gets the word out and attracts many prospective home buyers. Luxury homes are a little different. As your average $1.5 million home is out of reach for the average home buyer, open houses are more likely to attract curious lookie-loos than serious buyers.
A better idea is something called a broker open house, where you invite other brokers and agents to an open house. This is a great way to extend your referral network and find interested home buyers with the means to buy that multi-million dollar Jersey Shore bayfront mansion.
Remember, you’re selling a lifestyle not just a house.
Not just a home, it’s a lifestyle that you’re selling. The pool of potential home buyers are the type that can afford to live wherever they like, anywhere in the world. Beyond the home itself, what is it about the surrounding community or neighborhood that sets your property apart?
What’s the climate like? Do you gain yacht or clubhouse privileges? Are there any other prominent individuals living in the immediate area? What attractive extras are included?
Find a Realtor with the right specialization.
Not only will a luxury real estate agent have the right experience and local market knowledge, they’ll have the right contacts to connect you to the right buyer. They’ll be able sell your home more quickly, and for a better price.
The right experience means a lot. They know what luxury home buyers look for in a property and how they expect to be treated, but also how they’d like the transaction to be conducted: With security, privacy and a degree of anonymity. It’s important to keep in mind that luxury properties tend to stay on the market longer than your average property, but hiring the right REALTOR ® can make a huge difference.
Clayton and Clayton have been involved in the luxury waterfront real estate market along the Jersey Shore for decades. You can rest assured Shawn Clayton and his team of seasoned agents have the experience and contacts to effectively market your luxury home! Please feel free to contact us online or call 732-295-2222 if you have a luxury or waterfront home along the Jersey Shore you're looking to sell.
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