Selling a luxury home is similar to selling a regular home but with some key differences. You must seek the right professional help, adopt the best strategy, and finetune your marketing process to connect with the right buyers and sell your property for the maximum amount of money in the shortest period. Here is a list of mistakes you must avoid when selling your luxury home:
Mistake #1 Matching with The Wrong Agent
Surveys show that most home sellers sign up with the first agent they speak to rather than carefully select from a curated list of agents. When selling your luxury home, please select a local, reputable, and experienced agency that has an excellent track record of selling high-end properties. Please also work with an agency that specializes in your neighbourhood.
For example, if you’re selling a property in one of Toronto’s most established, in-demand neighbourhoods, Cricket Club, then look for an agent who has access, experience, and expertise in the area. Many homeowners in the location trust Adam Weiner + Associates as one of the best Cricket Club real estate agents in town.
Mistake #2 Using Obsolete Channels
We get it. Old-school buyers still prefer traditional for-sale signs and newspaper advertisements. But you can’t ignore the rising demographic of millennial homebuyers with the wealth to afford premium properties.
We suggest you advertise your property with top photographs on the most frequented online real estate marketplaces to attract modern buyers. Of course, a top agent may already have a list of highly qualified buyers ready to make an offer.
Mistake #3 Ignoring Modern Technology
While the COVID-19 pandemic may be on its last legs, people still use remote working procedures. Homebuyers are comfortable touring properties unseen from their homes by watching videos, drone footage, and even utilizing virtual reality (VR) headsets. Some buyers even buy properties without physically seeing them, while others use remote viewing technology to shortlist purchasing opportunities.
By leveraging modern technology, you can also attract buyers from distant locations in the country and internationally. Work with a team of professionals to take next-generation footage of your home and put it up online for potential buyers to watch.
Technology can help your market reach, and technological upgrades can make your property more attractive to younger property buyers. Consider adding smartphone technology like smart thermostats, smart lightbulbs, smart doorbell cameras, and voice assistant technology.
You can impress potential buyers by simply asking your home to activate the lights or manage the temperature through smart home technology. Add some smart appliances with ENERGY STAR ratings to add another dynamic to your property — energy-efficient technology that makes your property eco-friendlier will be more appealing to buyers interested in sustainable homes.
Mistake #4 Not Staging Your Home
One of the biggest mistakes you can make is not to stage your home. Luxury homebuyers have many choices nowadays, and your beautifully staged home can tilt the odds in your favour. Working with your staging partners to enhance the following key areas:
- Living room
- Outdoor living spaces
Potential luxury buyers want to envision living in their property. In addition to adding the right furniture, work on reducing clutter — an unnecessarily cluttered home looks highly unattractive. Please also depersonalize your home. Remove photos, art, keepsakes, and other personalized items.
While people generally use rooms for multiple purposes, when staging a property, it’s a good idea to define rooms — let living rooms look like living rooms and bedrooms look like bedrooms.
You can also turn your basement into a guest apartment or an entertainment area.
Mistake #5 Not Enhancing Curb Appeal
Set a great first impression by enhancing your home’s curb appeal. A fresh coat of paint on the walls, windowsills, and doors can instantly boost your property’s outward appearance. A well-maintained driveway will also look good.
Hire a landscaper to improve the lawn and backyard. A landscaper can add new greenery, like bushes, flowers, and planters, to make your home appear more upscale. At the very least, they can manicure your grass.
These are five mistakes you must avoid when selling a luxury home. Work with the right real estate partners, contractors, and marketing channels to get the best price quickly for your property.