10 Useful Tips for Selling Luxury Homes in North Dallas, Texas
Useful Tips for Selling Luxury Homes
Do you have a high-end property in North Dallas, Texas? Are you planning to sell your luxury home? Right from the start, how you price your home and how you market it to potential buyers, requires attention to detail. Generally, the buyers’ pool is smaller for luxury homes due to their price. However, this doesn’t mean that selling in the luxury market is a problem in our growing economy.
For the sake of this review, luxury homes begin at a price of $1 million dollars and ultra-luxury can begin in the $3-$4 million dollars.
Luxury Sellers are recommended to gain knowledge about the overall market trends, so that they can time the sale of their home, accordingly. In addition, there are certain tips that a seller must keep in mind to edge out the competition and sell the luxury home as fast as possible for top dollar.
Working with a Professional Realtor
It is very important to work with a professional Realtor near you that has experience in the luxury market. Someone that understands the local market for selling a luxury homes and the nuances that go along with selling to these lifestyle buyers. A Realtor near you (Frisco, Plano, Southlake or Highland Park) will help you with pricing and marketing your home to attract the most potential buyers in the market. The higher the price the more sophisticated the marketing needs to be to attract not just local, but global buyers.
Searching for the best real estate agent for the job is no easy task. You can also search for luxury real estate marketing teams, like Gamer Real Estate Group, who will guide you throughout the process of selling your high-end home in North Texas. Publishing to just the MLS and putting a sign in the ground will not stand up to scrutiny with sophisticated home sellers. Be sure to check the agent experience and marketing capabilities before making a decision.
Set the Right Price
Whether you are selling a 1 or 2-million-dollar luxury home, pricing your property correctly is essential. If you price it too high, you will risk your North Dallas property staying longer on the market and potentially losing more in the long run due to it becoming stale. If you price it too low, you will risk getting less than what your home is actually worth. It is advised to work with a Luxury Realtor near you to research for a price that is balanced for your local marketed.
The price must reflect the true value of your home without affecting your buyers’ pool which can be hard in a luxury market that offers many custom homes that are unique and harder to price. In addition, local geo’s can vary greatly. An estate home in McKinney will be very different in how it is priced than a new home in Celina or even Prosper, TX. A great Realtor will do their homework and understand the unique offerings a custom home will have on price, both positive and negative. The agent will work with you, the seller, and conduct an in-depth market analysis, spending hours collecting data, while also touring other similar homes in the market to qualify a competitive price.
The ultimate goal is to get as much money as you can for the property, while also remaining competitive. This explains why it is important to hire a selling agent who is experienced in pricing, marketing and selling luxury homes in North Texas.
Pay Attention to Marketing Quality: Photographs, Virtual Tours, And Videos
Nearly 90% of buyers prefer to search for homes for sale online. It is important that the photographs and videos you post, both online and the MLS, represent the luxury home in an appealing manner. The photographs must be HD quality and optimized to highlight the features and views of the property. If you own a SLR camera, you can take the photographs yourself, however we recommend luxury properties photos and video should be done by a professional photographer.
In the photoshoot, consider a few points:
- Plan what areas of the home (interior/exterior) will be photographed in advance of the shoot
- Check if the lighting is right for the photos and optimize accordingly. There is a big difference between day, night and twilight photography and video, so consider you options.
- Ensure if all the views, amenities and features of the house are highlighted the marketing assets.
- Ensure the location of the home is highlighted. This can be done well by drone photography.
In addition, you should include a virtual tour or video of the exterior property and interior of the home. This will give a boost to your listing and increase your chances to attract potential buyers no matter where they are searching from. A professionally created virtual tour is one of the biggest contributing factors of whether your home sells. Especially, when selling to many out-of-state relocating families that require this style of preview consideration before they can physically visit the home for sale.
- If your home is built on a large plot of land or property with extensive views, drone photography will highlight the value proposition and help buyers preview online.
- The multiple listing services allow a limited number of photos to be posted to the property listing, so being strategic on what imagery is used is important. However, they do provide a segment where the video or the virtual tour can be placed.
- Luxury homes are generally very large. Showcasing your entire home in just 25 photos may not be enough to show the gorgeous side of the home. A video is a great tool that allows prospective buyers to walk through your luxurious property from the comfort of their home.
Is an Open House Nessary?
Open houses are helpful in selling homes, but this is a topic for debate in the luxury real estate market. Open houses are typically not appropriate for luxury homes. An open house conducted for a luxury home often attracts people who just want to see the lavish and luxurious homes for sale. There is no way a seller’s agent can determine whether the buyers coming to an open house are qualified to purchase a high-end property. This is typically done in advance by the buyer’s agent with qualification shared with the seller and selling agent.
Conducting broker open houses in North Dallas Texas can be a great solution for selling luxury homes. These are meant to introduce and allow local real estate professionals to preview the homes in advance, on the behalf of their clients.
You can also host an invite-only preview event, where only qualified buyers are invited. Your network will be leveraged in this case.
Be Prepared for Home Staging
You want your luxury home to look the absolute best when potential buyers walk through the door. This is where you will need to be prepared for home staging. It is a method of highlighting the most impressive assets of your home and allows the buyers to imagine their family living in the home.
A certain level of de-personalization is needed, so your tastes and preferences do not distract potential buyers. If your home is already decorated in a manner that supports the sale, you can manage the home staging on your own. However, not all luxury homes are decorated for immediate sale and the hiring of a professional stager will optimize your home for the prospective luxury home buyers in your market today.
While working with a professional stager, see to it that all the luxurious amenities in your home are showcased and highlighted. If your home has an outdoor BBQ, stage it in a manner that the buyers can easily visualize their summertime gatherings. Similarly, if you have an over-sized formal dining room at your home, let the buyers visualize their fine dining parties. A pool and outdoor living area should be staged in a manner that visualizes the entertainment factor.
Keep in mind that staging alone will not help you to sell your home. It acts as a catalyst to make the home look appealing to interested buyers.
If you think an MLS listing and a yard sign can help you sell your luxury home, you will learn quickly that it will not be enough in a competitive market. Buyers interested in luxury homes are not looking for homes in average locations and they can be relocating from anywhere the world. Your marketing efforts should be focused on high-end localities where people live and/or are relocating from.
The development of you homes marketing assets will be the foundation for all marketing. When creating the foundation, professional photography, home staging and printed materials will be the spark for everything else.
The Internet plays a major role in marketing your property. Make sure the real estate agent you are working with, has the digital marketing experience required to properly market your home for sale. The agent must also have a mobile-responsive website with advance property search capabilities that will help connect your luxury home to the potential buyers.
You also can’t forget the use of social media, when selling a luxury home. We consider it just as important a marketing tool, leveraging photography and video very well, while providing maximum exposure to the client’s luxury home.
More than 95% of homebuyers have their personal accounts on Facebook, Pinterest, and Twitter. If your real estate agent is not marketing your luxury home on social media, he or she is doing a huge disservice.
If your real estate agent does not know how to use social media, instantly change to another Realtor near you that has the experience necessary to market your home.
When selling your luxury home with the help of a real estate agent, ask him/her a few questions?
- What marketing assets will be created to support the sale?
- Where & how will the luxury home be marketed?
- Do you offer an advanced real estate search website?
- How frequently the luxury home will be marketed?
- Print has a different cadence that digital marketing (social included)
Make sure the real estate agent you hire is not a “post and pray Realtor.” These are real estate agents who list a luxury home and hope it sells. Typically, they do not have a comprehensive marketing plan to work towards the home sale.
Portraying the Location & Community Lifestyle
While you are listing information about your luxury home, make sure you portray the homes location and local lifestyle. If your luxury home offers certain privileges that enhance the value they should be showcased in the listing information. Gated community, club house or golf course frontage estates are a few of the top considerations. As mentioned above, you should include quality photos, videos and virtual tours in the listing information. These act as a great marketing tool for presenting the home’s lifestyle and location details.
Often potential buyers are interested in knowing about the people living in the neighborhood, local schools and entertainment scene. Ensure that your chosen real estate agents has first-hand knowledge of the local community and all it has to offer.
Timing is Everything
Timing plays a major role in selling a luxury home. For example, if your luxury home in North Dallas, Texas has a waterfront, it is important to pay attention to the time of the year. For example, selling a waterfront home in the cold of winter and water-freezing weather can impact the price. Similarly listing your home for sale during high heat of summer when vegetation is hurting from the heat.
Make Your Home Stand Out
Your luxury home is not the only one for sale on the market, so how do you make your home stand out? The luxury home buyers’ pool is already limited and if you fail to prove your home is a better value than others, the potential buyers will probably purchase another luxury home in your area, or you will be forced to lower the price to better compete.
To avoid this, distinguishing your home from other similar homes in the market where you can. Write down the things that the buyers will easily find somewhere else, as well as a list of the features that make your home special. For example, a wine cellar in the basement, tennis court or Olympic size pool () can be a major turn-on for buyers. However, granite counter tops in the kitchen or having a large bathtub in the master bathroom may be an expected requirement. All the high-value special features in your luxury home make it different from others. Be sure to highlight them prominently in the marketing materials as well as the videos and photographs on your listing to maximize exposure.
Highlighting these special features will help bring buyers through your door. Do not assume that your home will speak for itself.
Patience is a Must
A luxury home will take longer to sell than a average priced home in the same community. The lower the price, the more buyers can afford the home. Therefore, patience is a very important characteristic for every seller. There is a very limited number of buyers who are interested in buying luxury homes worth $1 million dollar or more. Due to the limited buyers’ pool, one should learn how to be patient and check if all the above tips are practiced in the right manner.
Keep in mind that it takes some time to create all of the necessary marketing assets, so having patience when entering the market to sell your luxury home.
Concluding the Sale
Selling luxury homes is very different than selling your average priced property in North Dallas Texas. When you factor in the differences between cities and the style of homes in those cities, your target buyer will have different needs and requirements. A $2 million dollar luxury home and buyer will be very different between Allen and Frisco versus Highland Park and Southlake. The properties will be very different and the buyers searching for these homes will have different needs. The Realtor’s that are working in these communities should have an experienced understanding of the nuances of selling in these city markets.
NTREIS data last updated February 26, 2020.