7 TIPS TO “SOLD” IN THE LUXURY MARKET
Selling Luxury Real Estate in Santa Barbara requires a different approach than that used when selling a more modest piece of real estate. While I have the knowledge and contacts to help in the sale of a modest single-family home or starter condominium, I also have what it takes when it comes to the luxury sector, starting with my winning strategy.
Strategy for luxury home sellers
My strategy is designed to elevate a high-end property above the ordinary: marketing the estate’s unique features in the right way to a highly qualified buyer, and at the right price. That’s why discerning homeowners of the finest homes and estates in Montecito, Hope Ranch, Santa Barbara, Summerland, and Carpinteria connect with me. With more than three decades of Santa Barbara real estate knowledge and expertise, I offer my clients an unsurpassed level of marketing and negotiating skill along with an impressive roster of qualified buyers.
7 facets of my winning strategy:
Advertising and MarketingTo achieve the highest price for your luxury home, a generic marketing plan isn’t going to cut it. Your home needs to be carefully positioned in the right way to the right buyers. This means ditching the generic marketing blueprint and promoting your property to the most qualified buyers who have both the intent and the means to buy.
As one of the leading real estate agents in the area – and in California -- I always use my extensive resources and connections to make every transaction as smooth and successful as possible. In addition to guaranteed placement of your luxury real estate in Santa Barbara in our local MLS, my luxury listings receive the unsurpassed support and global reach of Berkshire Hathaway HomeServices and its “Luxury Collection” branding. That includes a comprehensive corporate marketing and advertising program that promotes my listings wherever buyers are online: in their car, on their mobile devices, on social media or at home or work reading the local publications.
One example, from a property I recently sold, is the Palmyra: A Grand Montecito Estate pictured at the top of this blog. My marketing strategy for this property included getting the estate showcased in the Wall Street Journal "Behind the Listing" I also pointed out in all the marketing material that this Mediterranean home, its lovely guesthouse and vintage pool house rests on the grounds of historic El Mirador.
Attention to detail is crucialWhen marketing a luxury home, creating a perception of quality means focusing on the smallest of details. Every aspect of how the property is presented needs to be refined. A typo in any marketing copy might seem like a small issue, but it can make a big difference in how sophisticated prospective buyers perceive the home. That is why I retain a professional writer to make sure all your marketing materials are flawless.
Completing, and accurate high-end marketing materials and photographyPerception is everything when it comes to marketing a home. Given that 92% of all buyers use the internet to search for homes, utilizing the best digital marketing tools will ensure your home truly stands out in a highly competitive marketplace. I am proud of my comprehensive website which includes weekly blogs highlighting my luxury listings, industry trends, and local events. I also am active on social pages posting frequently on my Facebook, Twitter, LinkedIn, and Instagram. A strong social networking presence online can attract both local and international buyers.
Understand your buyerThe most effective kind of marketing is based upon a deep understanding of the needs and desires of the target market. When it comes to property sales, the same principle applies. My years of working in the industry focusing on the luxury market gives me insight into the worldview of potential buyers in the luxury sphere. Not only do I personally know many of the luxury buyers, I also market high-end properties by focusing on the values, features, and benefits these buyers care about the most.
Price your home rightWhile factors such as understanding your buyer and investing in high-quality marketing are both vital, there’s one decision home sellers must make that can ultimately have the biggest bearing on a sale. That one thing is pricing. Deciding on what that price should be isn’t easy. There is a certain amount of strategy, knowledge of the area, and psychology that goes into determining the right price. It all comes down to finding the price buyers are actually willing to pay. Make sure your agent does his or her homework by sharing current buying trends and the local market with you.
Build a ‘mystique’ around your propertyMarketing a luxury home isn’t just about selling its most distinctive features. It’s also about creating a certain prestige that sparks desire among interested buyers. I believe high-end buyers are interested in purchasing not just a property but rather a “lifestyle residence,” one that piques their interest. That’s why I always highlight lifestyle in my listings. Essentially, think about the kind of “lifestyle” potential buyers would enjoy.
For instance, my Montecito Hacienda-Style Estate listing is an homage to Montecito’s coveted indoor-outdoor lifestyle with its spacious al fresco dining terrace that features a beautifully painted Spanish tile fountain and vignettes of the grounds. The estate also boasts a lovely pool, spa, tennis court, and trampoline and more. I’m marketing this estate to high-end buyers who would appreciate those amenities.
Partner with the right agentEven when you’re aware of the major principles involved, knowing how to market a luxury home effectively isn’t easy. That’s why it’s important to choose a top agent for personal guidance and expertise. Trust definitely plays an important role in what should be a two-way relationship.
In today’s competitive real estate market, the sale of Santa Barbara luxury real estate can often happen via the tried and true “six-degrees of separation” sales technique. For example, a charity auction or country club function can often lead to a buyer through social connections. While you don’t need your agent running to every social event in town, having an agent who is socially connected can bring a larger pool of buyers to your property.
When you work with an agent who knows how to sell a luxury home in the right way, the chances of attracting buyers and ultimately achieving the successful sale you’re hoping for, with maximum return on your investment, are greatly increased.
In Santa Barbara, that agent is me. When you’re ready to list your luxury real estate in Santa Barbara, Montecito or Hope Ranch, please connect with me to schedule a private consultation regarding your specific needs. Just give me a call at (805) 886-9378 or email me at Cristal@montecito-estate.com. I look forward to hearing from you soon!