Selling Luxury Real Estate: Part 1
If the Breckenridge real estate market tells us anything, it’s that it’s currently the most popular among Summit County and other surrounding markets. When people decide to make the move to the Colorado high country, more often than not, they’re choosing to settle down in Breckenridge. Four beautiful seasons, outstanding amenities in healthcare, education, dining and entertainment make Breckenridge one of the most sought after mountain towns of the western United States, and the booming luxury real estate industry is following suit.
If you own a Mountain luxury home in Breckenridge and you’re thinking of selling, you’re in a great market to do so. However, selling luxury homes of any kind can be a difficult and stressful process. Whether you’re listing your Colorado mountain home, or luxury property anywhere else in the country, we’ve come up with a list of insights for you. This universal guide applies to sellers everywhere. Stay tuned next week for Part 2!
1. Find the Right Agent
Seeking out the best agent to sell your luxury home, who understands not only your needs, but also the needs of your potential buyers, is the first step to success when selling your property. Look for a professional who understands the buyer-seller relationship, has powerful worldwide real estate affiliations and offers comprehensive services from listing to closing. Selling a luxury property can be stressful, and the right agent will ensure that the entire process goes as smoothly as possible.
Your agent should not just have expertise in real estate, but in the particular real estate market you’re listing in as well. I chose the Breckenridge real estate and Colorado mountain luxury homes market because I understand it, on both a professional and personal level. When I work with buyers and sellers, I know I’m selling more than just a piece of property. I’m also selling the community and a certain lifestyle, and I can do that because it’s a community and lifestyle I believe in. I know what the education and healthcare in the area is like. I know where the best restaurants are and where to catch the closest bus to the ski resorts. This type of experience is as important as being able to price, list and market your home. Look for an agent who is as much an expert in your local area as they are in real estate.
2. Make Sure the Price is Right
Pricing a mountain luxury home, or any luxury home for that matter, can be tricky. Don’t make the common mistake of hiring an agent who suggests listing your home a the highest price; remember that the luxury real estate market is smaller than its tradition counterpart, and therefor comes with a smaller pool of potential buyers and longer periods between listing and closing. Talk to an agent who has long-term experience pricing luxury real estate properties, and can accurately price your home from the beginning in order to reduce the amount of time it sits on the market.
On the other hand, patience is key: it still remains crucial to list your luxury property at a competitive price for the particular market you’re in. Again, this is where the expertise of your agent comes in handy. Analyzing the market, comparing other properties and waging the best price is the art of a carefully weighed scale. After all, most luxury homes are unique by nature, and the listed price should consider such factors.
3. Marketing: 101
When was the last time you needed a particular service or product? How did you find what you were looking for? More than likely, your search began online. Real estate is no exception to this rule. The only difference is that you wouldn’t look for a luxury mansion on craigslist. This is where marketing your home becomes imperative.
Most of the potential buyers I meet with found our listings through the web and called for a follow up showing. Obviously something they saw online, whether it be a photo, virtual tour, video or testimonial, peaked their interests. Moreover, they were able to find our listings quickly and easily through search. Good real estate marketing begins with your agent – they should have both an online and local presence established enough to get your listing on the radar and spread the word. From there, they should adequately direct and assist you with what types of online, print and outreach materials you will need going forward.
Rule of thumb: Agents who successfully market themselves will know how to do the same thing with your home.
4. Quality Photos are Gold
Marketing brings us to photography, a crucial component to selling your home fast. We’ve all heard of “food porn,” thevisual presentation of food that has become so popular there’s now a market for it in photography. Well, “real estate porn” is a thing, too. If you’ve ever leafed through a home or lifestyle related magazine you’re no stranger to the dozens of photos of well-decorated living rooms, kitchens and backyards they contain. Most of the time these photos aren’t even promoting the sale of a particular house, people just really enjoy looking at them: they’re aesthetically pleasing by nature.
The photos of your home shouldn’t be quick snapshots taken for a general point of reference. Rather, they should evoke a certain emotional response from the audience, almost like a piece of art. Hiring a professional photographer or videographer (these days virtual tours are key) is money well spent. Listings with professional photography sell 50% faster (and much closer to the original listing price) than homes with amateur photos.
5. Staging Your Home
Beyond the basics (tidying up, mowing the lawn, etc.), staging is what gives your home that extra flare and draws in serious potential interest. A real estate transaction is more than a business venture. Remember that potential luxury homebuyers are investing more than just big money – they’re investing in a quality of life for themselves and their families for years to come. This is why I love Breckenridge real estate. When I show a home, I know I’m showing more than a property – I’m showing someone their future.
This is something to keep in mind when setting up showings or open houses. What features of your luxury home did you enjoy thoroughly? What aspects of the home compliment the surrounding community or landscape? Maybe you enjoyed summer barbecues in the backyard, or perhaps there’s a particular playroom in which you have fond memories raising a child.
By properly recreating such settings, you turn your open house from a foreign space to welcoming home that people can envision themselves in. This can be as simple as setting a dining room table, or as elaborate as setting the stage to parallel the surrounding community. Après ski décor, for example, might help spark interest in out of state buyers looking at mountain luxury homes, by conveying the lifestyle they’re looking for. A qualified real estate agent will be able to help you best approach this process.