Luxury real estate marketing dispenses with many typical marketing practices; mansions, penthouses and other prestige properties are inaccessible to the masses. When it comes to the top end of the market, properties are advertised as being only for the elite, and shamelessly so.
These are the tactics employed by agents who sell luxury property:
#1. It’s about who you know
Many luxury properties aren’t advertised at all; an agent specialising in these kinds of homes will command a database of exclusive buyers that they can tap into. Unlike most homes, which are most likely to be purchased by someone already living within a 10-kilometer radius, luxury properties are far more likely to be snapped up by interstate or overseas buyers. In fact, the more expensive the home is, the further away the purchaser is likely to be.
High-end homes rarely have public OFIs. Instead, the agent will work around the schedule of their busy vendor (remember the full-service approach), and only a handful of buyers will be deemed worthy of even viewing the property. Luxury homes often go unlisted to protect the privacy of high-profile sellers.
#2. Personal branding is Fundamental
Unlike buyers at the lower end of the market, high net worth buyers will never select an agent based on cost alone. They want the best, and they’re willing to pay for it. Real estate agencies that are synonymous with style and prestige are seriously alluring to affluent buyers. That means an impeccable reputation and a strong, clearly articulated brand.
Next comes personal branding; high net worth clients want to work with the best. Agents selling luxury property must be able to demonstrate their expertise via a strong personal narrative backed up by awards, industry recognition and truly exceptional results. Wealthy buyers move in very particular circles and glowing recommendations from the right people are priceless.
#3. Niche marketing is crucial
Chances are that you won’t see the highest-end properties advertised via a letterbox drop or an REA listing. The more valuable a property is, the smaller the buyer pool becomes; mass marketing is a waste of time when a property is out of reach of the vast majority of buyers. That’s why luxury homes are advertised in very specific mediums; this is not a case of getting in front of more people to drive up the price.
#4. Sell the Lifestyle
When a luxury home is marketed in print or online, the images and videos need to be jaw-dropping. With properties that include special, custom-made features – think personal cinemas and multi-car garages – special staging may be required to show them off to their fullest potential. The tantalizing visuals are designed to sell not just an incredible home, but the kind of dazzling lifestyle that’s way beyond an average consumer’s reach.
What other techniques do you use to sell to high-net-worth individuals?
Source: https://neo.com.au/