Guide for Selling Luxury Homes in North Dallas TX
If we look around, most people these days are just trying to find a suitable home to spend their lives. Buying a normal home is becoming more and more difficult as the housing marketing and economics of owning a home have changed over time, let alone the idea of buying a luxury property.
What is the definition of a luxury home in North Dallas Texas? Can it be affordable? As I am sure you are aware, luxury real estate is defined differently across different real estate markets. From San Diego, CA and Scottsdale AZ to Chicago, IL and New York City, to Highland Park TX and some of the northern suburbs like Frisco, Plano and Southlake, all offer significantly high-end properties and luxury condos at different price points, styles and amenities. For the sake of this conversation we believe “luxury” starts at a price of $1 million dollars, while ultra-luxury properties start at $3 to $4 million. This of course is subjective!
Some Important Questions to Ask
When it comes to selling a North Dallas luxury home, there are a lot of questions that pop up in our minds. For example, what is the best method to sell this home? Are you in Prosper, University Park, Colleyville, Dallas or Trophy Club? How should the property be marketed to find the best buyers based on where you live? And last but not the least, how long should you expect it take to sell your home based on current market conditions in your city?
Finding answers to these questions isn’t as easy and straightforward as it should be, but we’ll try our best to help you through some of the important steps of selling your luxury home in the Dallas-Fort Worth Metroplex.
How do you Effectively Sell A Luxury Home?
The number of potential buyers for your luxury home decrease as the property increases in price, and the market and audience for these types of properties are usually very exclusive and limited which makes them harder to sell. A person paying a large amount of money for a high-end home will have expectations that will match the price of luxury property which can make the process even more complex, especially as the properties lean towards a custom and unique construction build.
It is vital that you advertise and find buyers with real interest at a price they can afford. This complexity is what keeps most of the luxury home sellers away from the real estate market (Not Factoring Price), and deprives them of the perks of joining this relevant market. Fortunately for you, the number of people looking to buy luxury homes has increased in all areas of DFW metro area due to a great Texas economy, relocating families from high priced states like California and New York, as well as increasing competition from new construction luxury homes. You have a strong chance of making a good sale when you have the right message directed to the right audience.
Keep in mind that a potential buyer for your 2 million-dollar Starwood Frisco home will be very different than a buyer considering a Highland Park estate or Dallas Luxury Condos & Penthouses selling for the same price. The same goes for properties that begin to exceed $3 and $4 million dollars in all areas of the metroplex. In addition, these homes tend to be even more custom and unique in design, so no two high-end properties are the same. Each buyer will have their own individual priorities, lifestyle and taste, whether is the need for a concierge service in a luxury condo high-rise in downtown Dallas, room to run with acreage and horses in Prosper, Celina or an executive homes for sale in Frisco or Allen TX.
Finding a Realtor That Specializes in Luxury Real Estate
Finding the right Luxury Realtor in North Dallas that has experience in marketing and selling luxury homes is a requirement. As an expert in luxury properties, your Realtor should be devoted to serving your needs as the seller with established relationships and alliances with global markets and connections to global buyers. In addition, the Realtor will have print and digital marketing experience with the ability to target US and global buyers, in addition to relationships with other luxury Realtors that have clients that are looking for your unique home for sale.
If you’re lucky enough, you might have a sale quickly. But not all the luxury properties present well due to their uniqueness. A seasoned luxury Realtor will understand what the property offers and be able to craft an image and story of your home to attract and introduce a wider audience.
Pricing Real Estate Smartly
There are many difficulties in selling a luxury property which typically starts with the price. If there are not any homes for sale or complete sales in the same neighborhood that offer similar size and amenities, or your property is a bit too unique qualifying the “right” price may be difficult. Hiring a professional appraiser that specializes in luxury properties may be the first step to ensure you are not over pricing or leaving money on the table.
The goal is to sell your home for what it is worth, so it is important to set the value of your property wisely. If you ask to low a price, you’ll end up losing money on your investment, and if the price is too high, the home will sit on the market for a longer period of time and may cost you more in the long run. In this situation, just as you would with any property, it is important that you research the prices of recently sold comparable luxury properties to support the listing price. Setting the properties listing price is one of the most complicated first steps in the process of selling your luxury home.
The sellers who face a difficulty setting a reasonable price for their luxury property often hold auctions to sell their property. In the bidding process, the interested buyers come and analyze the real worth of your property. The competition among the buyers to own a specific property might cause an increase in the price of your property in the auction, or it might backfire. So, it is a somewhat risky process to follow, but one of the fastest options to sell your unique luxury home.
Branding and Marketing a Product: Your Luxury Home
Branding your home means developing a story that presents the lifestyle and uniqueness of the property. To sell to a luxury minded audience you must understand the psychology of a buyer, enticing them and matching the features with their desires. Making your home stand out from the rest of the pack in order to maximize the value buyers are receiving is done with this branding strategy. Marketing becomes a lot easier when you have a story to tell and a brand position to share that creates demand for the uniqueness of the home which ensure the property will stand out and have the greatest opportunity to sell for top dollar.
When you’re trying to sell your luxury home, the immediate goal is to find the right buyer that will pay a fair price for your property. Also, high priced property selling is very different from selling medium priced home in the market. Great marketing will focus on the selling points of your house and amplify them to get more sales opportunities. You have to appeal to the buyer’s lifestyle and desires to create a match. While selling a luxury home, you’ll want to invest in the premium marketing strategies like staging, high quality photography, video and digital marketing. A quality home requires a quality marketing strategy.
Establishing a selling marketing channels that presents the properties story starts with a great website that represents the property listing details that are discoverable through multiple digital marketing channels.
Photography and Video
- Photography/Video Marketing: Leveraging high-end photography, video and virtual tours enables the property to be presented in the best light. With the right strategy it can feel like you are physically there. The latest use of drone photography, augmented reality and virtual tours, global buyers living in other states and countries will gain a real perspective of the home for sale.
- YouTube: Leveraging YT will enable any great Realtor to promote the video and virtual tours across the web so that those that have “search intent” are able to discover your message.
Social Media Advertising
- Facebook and Instagram: These channels offer a social touch to paid advertising that enables your Realtor to promote your listing and present the sophistication of the property through imagery and video. One of the key benefits to these channels is the ability to target potential luxury buyers based on their behaviors and interests. However, with recent regulations this has become more complicated with targeting capabilities continuing to be diluted.
Search and Display Marketing
- Google Search: Ranking on Google with both natural search (SEO) and paid search (SEM) will increase the number of eyes that see your property. With the ability to keyword target a properties marketing can target people with very specific search intent.
- Google Display: offers branding value with visual ads on web properties that are relevant to your target luxury audience.
You can advertise a home with all the marketing dollars in the world, but it will not matter unless the home is priced correctly. We work with our clients to ensure that the home is priced based on market research and local real estate economics. This requires research and education from both the North Dallas Realtor and the homeowner.
Properly Staging a Luxury Home
Staging is one of the best things that you can do to promote your luxury property. Staging helps present the features and livabilyty of the home while giving visiting buyer the opportunity to envision themselves living there. In this luxury real estate market, most of the homes are customized according to the tastes of their owners. You will want to stage the property in a way that makes it look neutral and more appealing to all buyers. Some level of depersonalization is needed so that potential buyers are able to envision themselves living there.
Remember that staging your home can become an increasingly challenging process if you don't have a clear brand vision. In this step, you can get help from a professional home stager who has experience in staging luxury homes. The right presentation can actually increase the value of your property. Great staging can help you present and highlight the features and luxury amenities of your property.
Identify the Best Aspects of Your North Dallas Luxury Home
To obtain a fair offer for your home, it is vital that you highlight and find the distinguishing features of your property. While you do want to focus on the features that other similar houses selling, but also the unique features that set your property apart from the competition. Once you discover all the distinguishable features, highlighting those features in the photographs, videos and other advertisements will further enable the branding and story of the luxury property.
But try not to over emphasize those features in the ads and stuff, stage you home in such a way that those features are naturally highlighted and are highlighted to the buyer. Make the buyers see those features to get a good deal.
Focus on the View
Views around a property will add value and help distinguish your home from others. These views can increase the attraction and appeal of your luxury house as well as its value. Try to focus on the luxury views around your house and try to make it a focus in your listings. Luxury real estate communities such as Keller, Southlake, Celina and Prosper Texas typically come with larger lots or acreage that provide expansive views while properties along lake Lewisville, Grapevine Lake and Lake Dallas all have real estate that offer exclusive water view properties and luxury estate homes.
Try to focus all your windows towards the main view around your property (if any). Remember that being around a certain special place increases the value of your property, so, try to make the place a highlight in your marketing.
Open House Sales Support or Not?
For homeowners who want to make sure that their property sells for a good price, they can skip the open house to show their property to the public. Open houses are not good for luxury homes, since luxury properties must look like exclusive ones for the buyers, and luxury buyers love the feeling of being exclusive buyers. You should only allow the exclusive buyers to visit your property, this way, a buyer should feel privileged to visit. Luxury Realtors in North Dallas will also help qualify their buyers before showing your home which will further support your homes security and exclusivity.
By allowing only a limited amount of buyers to visit your property, you might initially think that you’re getting less opportunity, but this isn’t necessarily a bad thing, as showing your luxury property to the right buyer is more important than having a stampede of prospective buyers that will never buy the home. Quality over quantity…with limits.
NTREIS data last updated February 26, 2020.