Unlike selling a regular Edmonton home, luxury homes pose some unique challenges. Not only do they appeal to a narrower pool of buyers, but they also tend to be highly specialized when it comes to size, design and décor. As the Edmonton real estate market behaves differently for these high-end properties, everything from pricing to marketing strategies must be carefully evaluated.
If you’re considering putting your luxury home on the Edmonton market, here are a few must-follow tips:
Work With a REALTOR® Who Understands the Luxury Market
When selling your luxury home, we recommend partnering with an Edmonton REALTOR® with experience. As luxury homes tend to occupy a niche section of the market, it’s essential to choose an agent who understands the intricacies of selling a high-end property, particularly when it comes to pricing and marketing (more on that below).
Tips for choosing the RIGHT luxury REALTOR®:
Ask for Referrals – If you’re unsure where to begin, start by asking friends, family members or acquaintances who have worked with a reputable luxury REALTOR® in the past.
Look For Experience – Look for an agent with a proven track record of selling luxury homes in the Edmonton market. You’ll also want to work with a REALTOR® who has experience with the particular property type you are trying to sell (i.e. a luxury penthouse vs. an acreage estate).
Check References – Ask for references and talk to previous luxury clients who can share their experiences with you.
Note: Reluctance or inability to provide references should be considered a red flag.
Industry Recognition – Choose a REALTOR® who is well recognized and respected in your local market and within the industry. These well-established agents come backed by large teams (ample support) and plenty of resources (marketing programs, a broad network of local connections and more).
For more information, see: Choosing an Edmonton REALTOR®: 8 Questions to Ask and Why
Price Your Property Correctly the FIRST Time
Correct pricing is critical whether a home is worth $350,000 or $3.5 million. Luxury properties, however, can pose a much greater challenge based on their high-end features and finishes, location and (often) vast amounts of square footage.
By pricing a luxury home too high, sellers risk alienating an already niche group of potential home buyers – ultimately resulting in more days spent on market. In addition, most overpriced home sellers end up dropping their asking price regardless, just to regain buyer interest.
Price your home too low, on the other hand, and you may wind up settling for far less than what your luxury property is truly worth.
This is yet another reason why partnering with an experienced luxury REALTOR® is so important. Your agent will perform a FREE Market Evaluation to help you price your home both competitively and fairly based on its current condition. They will also spend significant amounts of time researching comparable luxury properties in your area to ensure your home is priced just right – the FIRST time.
Have Your Home Professionally Staged
Recent studies have shown that staging your home can help reduce time on the market from 30 to 50% and add an estimated value of 6-20%. In addition, luxury homes tend to be customized to individual tastes, and professional staging can create universal appeal among potential buyers.
Staging also serves to showcase your home’s most luxurious amenities and exclusive features. For instance, a grand dining room may be staged with dinnerware reminiscent of a formal dinner party or an outdoor kitchen staged to include furniture and décor exclusive to outdoor entertaining.
Invest in Quality Photos (and plenty of them)
Luxury properties are nothing if not visual. And, with most buyers beginning their search online, professional photos are a must-have when it comes to showcasing your home. Your REALTOR® will help by hiring a professional photographer who knows how to spotlight your home’s best features.
A good agent will also arrange for a professionally created virtual tour and/or guided video of your property, further increasing your home’s appeal to prospective buyers. Virtual tours also present an agreeable alternative to Open Houses, as luxury homes often see a higher number of non-buyers, curious about the property.
Note: If you and your REALTOR® do opt to conduct an Open House, consider scheduling appointment-only viewings.
Make Marketing a Priority
The more visible your luxury home is, the more buyers it will reach and the more likely it is to sell. While promoting your home via traditional media (i.e., printed advertisements) and their regular website(s), an experienced luxury REALTOR® will also advertise across multiple world-leading media platforms (especially those that best showcase your home’s stunning visuals, such as Instagram).
In short, a fully comprehensive marketing plan is vital to selling a luxury property. When vetting potential agents to help you on your home selling journey, be sure to ask how, where, and when your property will be advertised.
Focus on High-End Features and Footage
Distinguish your home from other luxury properties on the market by downplaying standard
luxury home features and highlighting your property’s best assets. For instance, many luxury homes on the market may come equipped with granite countertops and spa-like ensuites. But perhaps your home has something a little extra to offer, such as a wine cellar, oversized custom garage or home theatre.
Another essential feature to focus on when listing includes your home’s cubic footage. Because unobstructed views, ample natural light and high ceilings will improve your home’s resale value, cubic square footage should be advertised along with your property’s overall square footage.
Call Attention to Location and Lifestyle
In addition to size, features, etc., a home’s location often plays a significant role in why it’s considered “luxury” from the get-go. For example, suppose your home is located within a lakeside community that includes year-round recreational activities and an exclusive beach club. This information needs to be featured within your home’s overall marketing scheme (i.e., photos, videos, listing information, etc.).
In this case, you are not just selling a lakeside home but the active, family-friendly lifestyle and private amenities that go with it. The same may apply to homes located within the quiet countryside, overlooking a golf course, within a gated community, etc.
Are you considering selling your luxury home in Edmonton? As one of Edmonton’s leading real estate teams, the Terry Paranych Real Estate Group has the skills, professionalism, and experience to sell your luxury property quickly and for a high return. For more information, don’t hesitate to get in touch with us or find out how much your home is worth today with the help of our Free Home Evaluation.
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