The million-dollar home real estate marketplace can be exceptionally challenging, especially during tough economic times, but targeting the right group will make all the difference--and will speed up the process. There are a variety of ways to identify and reach out to this target group of wealthy homebuyers.
Things You'll Need
- Local papers and magazines
- List of local brokers
- List of luxury magazines, both local and national
Identifying your target group
Identify your target group. If you are selling a house for over $2 million dollars, what is the salary range that individual would need to purchase that home? Typically, an buyer is not qualified to spend over 25% of his or her income on monthly mortgage payments. This, of course, depends on many factors. But the best way to determine that exact number is to consult with several mortgage brokers and go to www.realtor.org/research (see Resources).
Identify where your target group works and plays--and what industries they are in. Where do they spend their free time? At a country club? Playing tennis? Vacationing? This will give you a window into what publications you should advertise in or where you should network to meet these individuals.
Conduct research. What are the top publications that tennis players read? What are the top local papers they read? Use the Internet to begin your research, and talk with knowledgeable individuals in your community.
Once you have identified the publications and locations, consider taking out an ad. Be sure that your photo and language are of top quality. A cheap photo will make the house seem cheap and will not appeal to this demographic. Consider taking out ads in national luxury magazines--as some individuals from another part of the country may have interest in relocating.
Work with a reputable broker. The broker should not only be reputable, but also be a professional that primarily works in the million-dollar home bracket. They will understand the needs of this group and may already have some clients in the pipeline looking for such a house.