How to Sell Expensive Homes

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Many different elements determine the amount buyers are willing to spend on purchasing an expensive home. Of these, some factors such as overall real-estate market condition or the general locality of your home are beyond an individual’s control. Other factors such as adequate planning, carrying out home repair and maintenance, advertising, and others also play an important role in determining the market price of the expensive house, and can well be influenced to sell the property at the price you seek.

Planning the Project

  • Outline a broad marketing strategy for your home. The strategy should focus on the selling plan, methods of making the home look as attractive as possible and advertising plan. Get ideas from friends and peers before arriving at the final strategy.

  • Figure out if you would like to use a selling intermediary such as a real estate agent. Most real estate agents charge 2.5 to 3 percent commission for their efforts. Should you decide to carry out the marketing of your house on your own, you will save yourself thousands of dollars.

  • Set a strategic pricing for your property after doing thorough analysis of the overall real estate market condition and reviewing the current listings in your area. You must consider the location, size, condition and other factors of your property before establishing the asking price. Also, you must consider how much you’re willing to let go from the asking price, as you will hardly find a buyer willing to offer the asking price.

  • Devise an appropriate advertising plan for your home. Since you are targeting the affluent people, it is a wise option to set aside an adequate advertising expenditure. Chart out professional-looking advertisements for your home and select the right forums for displaying them. Some options are popular real-estate websites, local dailies, and prints and catalogs.

  • Inform your neighbors about your home-selling plans. A lot of homes are sold by word of mouth, so you should make use of your friends and contacts.

Getting ready for the show

  • Perform general home repair and maintenance before displaying your property to the prospective buyers. Give your home a new, fresh paint 1 or 2 weeks prior to the show, so your customers are not bothered by smell of the newly painted house.

  • Take care of home aesthetics. Give your customers a splendid first impression of your house. Clean the pool and trim the lawn. Remove old furnishings that don’t look good. Make sure everything is in its right place. Replace old bed sheets and sofa cushions.

  • Hang a “For Sale” sign outside your home.

  • Board your pets before the guests start arriving. True, you love your pets, but they might annoy or scare off some of the potential buyers.

Making the Deal

  • Figure out what’s more important to you--getting the best deal on your house, or moving date. Do not be discouraged even if the first bid is way below the asking price. Consider different offers, and let the interested buyers know when you’ll arrive at a decision.

  • Carefully evaluate the pros and cons of every offer made to you. Consider factors like buyers’ offering prices, their financing options, your move-out date, and whether the sale is dependent on the sale of their house.

  • Consider reducing the asking price gradually if you don’t get any offers.

Tips & Warnings

  • Find out how quickly houses are selling in your local area. You will get an idea of how long it might take for your house to sell.
  • Prepare some snacks for your guests
  • Make disclosure of all improvements made at the time of sale to the home buyer.

References

  • Photo Credit Creatas/Creatas/Getty Images
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