The Commonwealth Blog

Thursday, October 2, 2014

Luxury 101: Three Tips to Move Mansions

As the price of a home increases, real estate agents face greater challenges when seeking to sell them. Catering to buyers who know what they want and have money to spend means doing everything possible to highlight the appeal of a luxury home. While beauty always is in the eye of the beholder, there are three things to keep in mind when listing a luxe property that will help move it quickly to “sold.” 


1. The price must be right

Selling luxury does not mean that price is no object. In fact, pricing can be even more crucial when dealing with sophisticated, educated and sometimes competitive buyers who are driven by the idea of ‘winning.’ The best approach means listing the property at a price based on a reasonable structure. Remember: overpriced properties are likely to drive buyers away and may even freeze out a splurge buyer. The average luxury home sits on the market longer than a more moderately priced home, which in a strong market, is less than 45 days on average in Eastern Massachusetts. The easiest way to set an appropriate starting price for a luxury property is by conducting a thorough comparative market analysis. By looking carefully at prices of similar homes that were recently in your community, even the fanciest home can be priced appropriately in line with your overall sales strategy. 


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2. Staging for gazing

Staging helps minimize a home’s time on the market, regardless of price point. For luxury listings, this means emphasizing the elegant elements of home. Formal dining rooms must be set with formal china, sterling silver place settings and crystal goblets. Outdoor amenities such as garden terraces, patios, porticos and outdoor dining areas must be immaculate. Bedrooms must exude elegance with items like plush down pillows, gorgeous quilts, and stylized accessories like mirrors, chests and armoires. Remember the golden rule of luxury staging: demonstrating the extravagance of a home can’t help but impress potential buyers. 


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3. A picture is worth much more than a thousand words

Luxury buyers are human. The things they see will make an impress. That’s why every luxury home must be marketed with superior photos shot using professional-level equipment in the most flattering lighting possible. In fact, splurging on a professional photographer is recommended for any property over $2 million. Staged lighting, high-speed cameras and a professional photographer’s inmate style and touch will yield images that emphasize the finery and amenities within the property while highlighting its unique selling points. 

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