Selling your luxury home is a big decision. With so many details to think about, the procedure may seem daunting.
How does one handle and achieve a successful sale?
It is highly advisable to get the services of a licensed realtor with excellent knowledge of the luxury real estate market. Under their guidance, you can experience a smooth and hassle-free home-selling process.
Watch this video which outlines the five crucial steps to successfully selling your luxury home.
Under an expert realtor’s guidance, follow these five steps and see how a broker's expertise comes into play. These 5 steps involve many factors:
- Clarify your goals - refining seller’s objectives, creating a comparative market analysis, defining a home’s best features, and finalizing the listing agreement
- Prepare your home for sale - staging, enhancing curb appeal, scheduling photography, creating marketing materials
- Market the home - publishing MLS, leveraging emails and social media, meeting prospects and agents, holding open houses
- Negotiate - preparing net sheets, negotiating repairs and buyer requests, presenting a list of contractors
- Close - verifying the loan progress and other contingencies, working with title company to provide documents, tracking of transaction and loan status
Let’s expound on the 5 steps summarized above:
1. Clarify Your Goals: Strategize Selling Your Luxury Home
A licensed realtor will sit down with you to understand your objectives. Do you want to achieve the sale within a specific time frame, price range, or discreet manner?
You may get advice about the real estate market as well. You gain much advantage if your broker has current knowledge about the economy. If your broker does, they can analyze the local luxury home market and give you recent sales data to help you set realistic expectations.
Together, you can customize the selling strategy to meet your objectives. This would include identifying your home’s best features.
2. Prepare Your Home For Sale: Stage Your Spaces
Staging is a crucial step to selling your luxury home. It involves presenting your home in the best possible way. You may need to make necessary repairs, declutter, and depersonalize your spaces.
A skilled realtor knows how to evaluate your property’s selling strengths and how to highlight these assets. They create an inviting ambiance, inside and outside the house, that must captivate potential buyers the moment they enter it.
At this stage, photographs and videos are taken to create marketing materials such as videos, slideshows, and brochures.
3. Market Your Luxury Home: Reach the Right Buyers
Marketing a luxury home requires its own specialized strategy tailored to reach the right high-end buyers.
The realtor finds buyers for your home through their online and offline networks or connections.
They publish your home in a multiple listing service (MLS), a database of homes for sale in a particular state or region.
Listings of luxury homes often include professionally taken high-resolution photographs and videos for exclusive websites, catalogs, social media, and printed marketing materials.
At this point, the realtor opens the house to aspirational-styled home tours, inviting prospects to imagine themselves living happily and conveniently in their potential home.
4. Negotiate: Evaluate the Offers
When an offer or several offers roll in, the realtor can expertly vet and negotiate these for you.
Drawing from market knowledge and experience, a skilled realtor carefully reviews each proposal, ensuring the terms and conditions meet the selling goals.
Keeping your interests at the forefront, they negotiate prices, timelines, and other considerations. These also include repairs and items that a buyer requests. They may present you with a list of suggested contractors, should you need them.
Before they close a deal, they prepare a net sheet for the home seller so every expense and profit is apparent.
5. Close the Sale: Documentation and Compliance
A realtor is trained to advocate for and provide the most compelling case for how a potential buyer can benefit from purchasing your house.
When a sale agreement is made, the realtor works with all parties involved, such as banks, lawyers, and inspectors.
A good broker meticulously reviews all documents to ensure accuracy and compliance. With the realtor’s guidance, you can confidently navigate the complexities of paperwork such as title transfers and other legalities. The realtor can verify the loan progress for your buyer and track its status.
In A Nutshell
Selling a luxury home requires five essential steps, but it is not limited to these. These core procedures involve clarifying your selling goals, preparing and staging your home, marketing, negotiating with potential buyers, and closing the deal.
These steps require some knowledge of documentation and selling strategies. If you sell a luxury home, you need access to a broad network of local and international buyers. It is highly advisable to engage the services of a licensed realtor, specifically adept in the luxury home market.
As fine homes demand significant investments, buying or selling real estate becomes especially advantageous when your realtor has in-depth knowledge of economic trends and their impact on the market.
Who Can You Consult With?
If you are considering selling your luxury home or buying your dream home in Arizona, book a call with realtor-economist Kimberly Amadeo.
Kimberly Amadeo is a REALTOR® with eXp Realty in Arizona, specializing in Paradise Valley, Scottsdale, and Phoenix. She has 20 years of senior corporate-level experience in sales, marketing, economic analysis, and business strategy. She also worked as an urban planner for the Boston Redevelopment Authority.
Book a call with Kimberly at (480) 861-7629. Or send her a message through [email protected].
She will be happy to help you understand the current real estate market in relation to the U.S. economy.
