Are you looking for a top-dollar buyer for your elegant home in Tampa Bay? We have you covered if you’re wondering how to navigate the real estate market to get the best value for your home.
Selling a luxury home is undoubtedly challenging; as the pool of buyers gets narrower, the higher the price list gets on the real estate market. Without the right marketing strategies, your house may sit on the market for ages before you find a suitable buyer. In addition, the long wait time may compel you to sell for a lower price.
We’ll walk you through how to apply the Ps of marketing (product, preparation, pricing, promotion, and others) in the real estate market to help you position your home as a gem and sell for top dollar.
- Prepare your home for the market
One of the leading marketing strategies is a keen focus on the product. As a homeowner, you need to understand that the product you’re looking to sell is your home. While you may already know the actual value of your luxury property, never assume that prospective buyers know that as well.
The question is: How can you make your home stand out from the competition? What can you improve about it to fetch the highest value possible on the market?
You’ve decided to sell the house, and you have a target market in mind. Your next task is to “get into the buyer’s mind” and tailor your product (home) to appeal to your target market, which in this case are wealthy individuals willing to pay top dollar for your property. To achieve that, here are some value-addition measures you can take:
Home repairs and renovation
It goes without saying that a home in excellent shape stands to sell at a higher value compared to one with missing or worn-out features and fixtures. Home repairs are relatively inexpensive and have an estimated ROI of 55% to 107%. Basic repairs involve fixing or replacing the following:
- Broken fixtures
- Chipped paint
- Wall dents
- Leaking pipes
When planning for repairs and renovation, it’s essential to calculate how the home improvement project increases your resale value over the renovation price. Here are estimates of how much basic home improvement projects will increase the ROI:
- Kitchen remodeling – 82.7%
- Bathroom remodeling – 74%
- Energy-efficient replacement windows – 60% to 90%
- Door replacement – up to 90% ROI
- Siding replacement – 84%
These home improvement projects increase the market value by focusing on your home’s increased safety and efficiency.
Upgrades that make your home feel spacious
The need for more space is one of the reasons people move houses. Changes such as adding an extra bathroom or a bigger garage to accommodate more than one car will increase potential buyers and the overall monetary value of your home.
Build a home office
Building a home office is likely going to be a good investment since a home office is a top priority for buyers in their market. A home office adds over $10,000 in resale value, especially now that the hybrid work model is gaining popularity at a high rate.
Enhance your home’s curb appeal
Attractive landscaping is an excellent way to show that your home is well maintained. Simple improvements such as mowing the lawn, getting a steel door, updating your mailbox, etc., will boost your home sales.
You must price your home reasonably and competitively. However, do not hire a real estate agent who might suggest the highest price on the market, as this may end up working against you. You should correctly and competitively price your home to attract the right buyers from the onset.
Complete an in-depth comparative market analysis to ensure you have correctly priced your home. If you decide to hire a real estate agent, the agent must dedicate considerable time touring other homes on sale that are of the same caliber as yours and compare the pricing.
It is rare to find a home exactly like yours, especially if it is a high-end, luxury property. Still, a comprehensive market analysis will let you know the different amenities in the various homes and learn to price yours comparatively.
Setting a price slightly lower than the market value might work to your advantage. A lower price attracts more buyers, who can contest through a bidding war and drive the price up, possibly even higher than your initial target.
Putting up your home for sale is not as easy as listing an item on an online shopping site; although listing your home on online realtor sites might work, you need better strategies to attract the right buyers. Here are ways to ensure that your home is correctly marketed:
To cut the standard of the real estate market and connect with a luxury-driven audience, and package your presentation with extraordinary imagery and clean aesthetics, you have to maximize quality documentation of your premises and all its amenities.
Engage with highly experienced professional photographers with high-end equipment for thorough coverage to flaunt every picturesque part of the house and catch the eyes of as many high-net-worth buyers as possible. The pictures and videos will do the talking on your behalf on social media.
Great visuals allow prospective buyers to walk through your house and see the property wherever they are. It is also one of the best ways to attract foreign buyers who cannot always come to see the property firsthand.
Sell a lifestyle
The setting and lifestyle surrounding your house determine the buyers you attract. You need to portray your lifestyle and location to define your brand and attract high-net-worth individuals.
Promoting your house as a brand creates a distinction from other similar ones. A brand helps push all your marketing materials as a reference. An interactive brand would comprise features such as a logo or a slogan that you or an agent can use in relevant resources.
If your house is part of a development, such as a yacht club, gold, country, or clubhouse, you must showcase that information in the listing.
The video concept of documentation also helps in showing your location and neighborhood. Prospective buyers are more attracted to your offer if they know about the people living in the vicinity and what amenities they have access to.
Use print media
Everything is going digital, but you cannot overlook the number of potential buyers who flip through the paper every morning as they sip their tea. A full page of your most captivating photo of your house, accompanied by a short copy introducing your home, might be your selling point.
One of the most effective ways to market your house is through publications. You have options of architecture inclined publications, including Elle Décor, Curbed, House Beautiful, and many others.
You can also target high-end readers through outlets like the New York Times, the Wall Street Journal, and Forbes. Your local papers are also an excellent way to target property buyers from your town or region.
Use social media to your advantage
Social media is also a vital marketing tool for your property since it has extensive market coverage. High-end realtors and their consumers have exclusive digital rooms where you can gain access and present your property.
Time is an excellent determinant of how fast you sell your home and the price you sell at. Typically, home sales start going up in spring and are in full swing in summer, which means that although you will have stiff competition in the summer, many potential buyers will also be on the market.
To sell your house at the highest price possible, list it in June or July, as listing in January and February will have you selling it at a relatively low price. Sales of luxurious housing are more affected by the season and weather than non-luxurious homes. You should put your home up for sale during a time when buyers can view it and make the best impression.
Staging is different from a public open house and does not sell your house. Instead, it attracts potential buyers and changes their perspective on your home. Staging will make you switch up the entire house, giving extra detail to every corner and adding glamour where needed.
When staging your house, focus on the luxurious amenities and showcase them appropriately. Host an exclusive-only occasion and have your high-net-worth connections grace the event to put the staging into effect.
Examples of events that will have your house full of qualified prospects include:
- Host an upscale “prom” for nostalgic adults with a mission of raising money and sponsoring students in the local schools. A prom is a perfect way to showcase your expansive living room, terraces, gardens, and other open spaces.
- Host an art gala where local talents such as sculptures, drawing, and music can be displayed or put timeless art pieces up for bidding. Your guests can decide to donate to the local talents or buy their art.
Do you have Tampa Bay homes for sale?
Contact The McIntosh Group and let us help you sell your home. We are also glad to answer any questions you might have regarding any real estate topic.