In the lives of most homeowners, there comes a time when you have to sell your dream home. Whether you are downsizing, relocating or retiring, it is important the luxury property you have grown to love, becomes the great investment you have been hoping for. To maximize your return, it is critical to remember these important tips:
DO YOUR RESEARCH
While all real estate agents are required to be licensed in Illinois, not all are skilled selling agents. And not all selling agents are experienced in the luxury market. Speak with a Realtor who is knowledgeable about your specific area and has a proven track record working in high-end homes. Be sure to look over previous sales and ask about her or his negotiating style.
How much work have you put into the property since you purchased it? If this has been your family home for a decade or more, chances are you will need to do some updating. Investing in upgrades now will make your listing stand out online and warrant a higher asking price. Sellers have a lot more leverage negotiating a turn-key property than a $1M home which has not been renovated since the 80s.
STAGING A SCENE
While sprucing up your kitchen and bathrooms is a great step, consider having a professional staging consultant advise you on the best way to show off each room. Decluttering and depersonalizing seem like obvious answers, but a professional stager will know the tricks to make your space pop. In some cases, like the McCleary Group, your real estate agent may already be a certified staging consultant! To see before and after photos of a professionally staged dining room, click here.
Do not rely on a digital listing to sell your luxury home. It’s not so simple. Be sure to ask your real estate agent exactly how and where your listing will be advertised. Will there be a professional photographer taking photos? If so, how many and will it include a 3-D or virtual tour? Also ask which websites will be displaying your home, as there are several which concentrate on the luxury market and attract a more discerning client. The National Association of Realtors did a study in 2015 and found 57% of Gen X and Millennial buyers found the home they eventually bought via a mobile app, so be sure your agent is up to date on the technology. That said, you will not want to forgo traditional print marketing. However, just because your real estate agent offers to print a few flyers, doesn’t mean they will end up in the right hands. Luxury home sales need to find the right audience, otherwise, you may just be reaching aspirational buyers who are less likely to put in an offer.
For more advice on selling your luxury home, please feel free to reach out to the McCleary Group here.