Selling a home comes with plenty of complications as is. Selling a multi-million dollar home, however, is an entirely different story.
As your target audience is drastically reduced when trying to sell a multi-million dollar home compared to an average home, you have to change your marketing strategy in order to effectively attract this new audience. Taking a couple of pictures and holding an open house is likely not going to be enough.
Instead, consider these tips to help you effectively sell a multi-million dollar home.
First and foremost, selling a multi-million dollar home often starts with having or making the right connections. A luxury house in the hills isn’t an attractive or viable option for everyone, so you have to be able to find the right person who fits the home you are trying to sell.
Often this means being able to get in touch with high net worth individuals or celebrities who have the means and desire to own a luxurious, multi-million dollar home.
Often, the owners of these homes decide not to make their decision to sell public, which means it can be very difficult to market. In these situations, your existing connections may be the only realistic way to sell the property.
Multi-million dollar homes are often an object of interest to international buyers. Luxury properties in the United States can be very attractive to wealthy individuals throughout the globe, particularly traveling businessmen who have business relationships in the United States.
Real estate agents who deal in luxury properties often specifically market to individuals from overseas who may be interested in owning or flipping a property in the United States.
Don’t Hold Open Houses
Open houses are an extremely common method to sell the average home. They give potential buyers the opportunity to see and inspect the property for themselves and decide if they are interested in living there long-term. However, when you’re selling a multi-million dollar property, open houses should be avoided.
One of the primary reasons is that an open house at a luxury property will attract numerous people who either do not have the financial ability to purchase the property or simply aren’t interested in making a purchase. They’re just there out of curiosity. This can be a significant waste of time.
Open houses at luxury properties also run the risk of attracting criminals who might be interested in taking expensive items that are on display for staging purposes.
Instead of holding an open house, consider throwing an invite-only party for people in your network who may be in the market for a new home. This can help ensure that your property showcase is limited to people with an actual interest in the property.
Marketing a multi-million dollar home can be much more difficult than selling an average American house. Due to the limited audience, you have to completely change your marketing strategies to attract the right buyers.
Following the tips listed above is a great way to help you get any multi-million dollar home off the market as quickly as possible.