As the US luxury real estate market continues to grow, savvy investors and brokers are looking for ways to capitalize on this trend. Successful luxury real estate marketing strategies will be critical for those who want to stand out from the competition and tap into new affluent buyers in 2023.
From sophisticated print campaigns to dynamic digital ads, understanding how best to reach potential customers is essential for success in the luxury home market.
This article explores some of the most effective luxury real estate marketing ideas that can propel your business into success in 2023, allowing you to get more leads and make more transactions. Keep reading!
Create a Property Website
Since ultra-wealthy people who can afford deluxe properties are paying enormous amounts of money for them, they deserve special treatment.
Therefore, it's best to invest in an eye-catching luxury website designed to showcase the properties' exclusive features. You can communicate its sophisticated elegance, opulence, or rustic glory through high-quality video and images.
Luxury home marketing has witnessed new heights due to the use of drones to capture expansive aerial views. Sophisticated AI and imaging technologies like Matterport and Asteroom let you capture 3-D scans on your iPhone, which you can turn into walking tours.
A dedicated website with captivating videos, stunning images, and eye-catching copy enables prospective homebuyers to engage virtually with luxury properties before purchasing.
You can build a single property website or dedicate a landing page for every single property.
Your website should:
Highlight the Modern Amenities
Since luxury home buyers are paying top dollar for the home, they expect the best and latest amenities. Clearly outline the modern craft that went into the property's construction throughout the home tours, the marketing materials, and the company's website.
While some luxury homebuyers love vintage homes, focusing on state-of-the-art, enhanced, or upgraded amenities is best. However, note that these upgraded features only partially make a home luxurious. The luxury comes from the daily excitement and comfort these upgrades bring to the owners' lives.
Although digital touchpoints often feel less personal, they're still vital in the real estate selling process. Note that the luxury selling experience usually starts earlier before the first in-person client meeting. Therefore, it's best to invest in a luxury website to get that first in-person contact.
Prospective buyers have many homes and marketers competing for their attention. Therefore, create vital strategies for marketing high-end real estate.
The right words can showcase the property's quality and entice qualified buyers to explore your offerings. While your home price will undoubtedly reflect that the property is chic, regal, ornate, and lavish, ensure your website copy delivers the same message.
Focus on Material Quality
If you're selling a standard house, the typical homebuyer would probably not be interested to know what the house is made of once it meets their needs.
Alternatively, a luxury home buyer will require additional information. You can't have a million-dollar listing and provide sparse details on the property.
Drawing attention to the property's material quality will highlight your attention to detail and proficiency as a luxury real estate agent. Mentioning that the home was constructed with comfort and luxury in mind will help the buyer understand why it's that pricey.
Explain that the builder used mahogany wood instead of hardwood and other tiny but important details that distinguish the property.
Utilize Newspaper Listings
While most luxury real estate agents are going digital by adopting digital marketing strategies to sell luxury properties, print advertising is also a necessary sales technique to consider.
Advertise your luxury home in well-respected, prominent international and national newspapers. The advert in international newspapers will likely attract international buyers looking to own a piece of real estate in that locale.
High-net-worth individuals still enjoy reading double-page spread newspapers with a cup of coffee in the morning. Therefore, a luxury listing in their favorite dailies will easily capture their attention. Ensure the property pictures you use showcase the home's striking features and amenities.
Engage the Services of a Professional Copywriter
Since you hire a professional stager, professional videographer, and professional photographer, it's pertinent that you also work with a professional copywriter experienced in marketing for luxury real estate.
A copywriter will write about the property in a way that will evoke the appropriate emotion and prompt the qualified buyer to take action and initiate the transaction process while telling the property's story. Due to their excellent command of English, a professional copywriter can transform a basic listing into a descriptive and exciting narrative of the ideal home.
Besides copywriting, you need to adopt online advertising strategies to enable your services to reach your target audience. Fortunately, leading digital marketing companies like Ardor SEO can help increase your online traffic so your company can stay in the face of serious buyers.
Run a Virtual Staging or Hire a Staging Company
As an agent selling luxury properties, your goal is to get top dollar for your listings. According to most agents, staged homes receive a six to ten percent increase in dollar value.
If you have the necessary staging skills, you can undertake the venture yourself. Alternatively, if the project is beyond your capability, consider outsourcing it to a professional staging company to help create luxurious spaces that look inviting in pictures.Still, companies like Box Brownie can help you save lots of money through virtual staging. Box Brownie provides virtual staging services, professional photo editing, and floor plan redraws.
Use the Direct Mail Strategy
Unlike email marketing, direct mail marketing, when done correctly, offers many benefits. Sadly, most agents need to learn how to utilize their digital marketing strategy.
Most direct mail ads read like a resume, with agents including their years in business, listings, certifications, and licenses. Sadly, recipients don't really care about these things. The possibility of the mail reaching a buyer when they need your services is low. Therefore, the mail ends up going into the trash.
If you're looking to explore direct mail advertising as an agent, focus on building trust with your prospect and providing value. So that when they're ready to buy, they'll think of you first.
Explore a Slight Below Market Value Listing
While listing below market value isn't what you want to hear, the idea holds some benefits. If you're in a competitive market, listing slightly below market value will expose the property to many buyers, which might lead to a bidding war depending on the property's appeal.
However, this marketing strategy isn't to be applied all the time. You need to be resourceful and know which situation demands such a strategy and when not to use it.
Conduct a Deep Market Analysis of the Property's Price Point
Before putting up the luxury home for sale, you need to undertake deep financial feasibility on each unit's price. If you decide not to list the property at the same price as other similar listings, you need to have a convincing story about why your pricing differs.
Also, your buyer needs to know the story before learning about the price point. Emphasize the property's unique elements, such as access to amenities, a higher quality gym, a more exclusive location, luxury furniture, larger spaces, and better construction quality.
When preparing your price analysis, you have to quantify these features and allocate some values to them to include the value proposition in the price. That way, your sales team can clearly convey the correct value to the buyer.
Build Strong Partnerships
As an agent selling luxury properties, you need to build strong partnerships with some brands to increase your credibility and add value to your offering. Partnering with renowned brands will differentiate you from other luxury home agents, creating opportunities for media pitching.
Most affluent buyers expect branded partnerships, from kitchen appliance brands to the house's electronics. Therefore, it's best to liaise with top-quality brands to add more value to the home's amenities.
Build a Great Property Marketing Referral Plan
If you've set up your real estate marketing plan and have started generating leads and making sales, it's time to turn to referral marketing. Start by building and incentivizing your buyers to turn them into advocates.
Create a clear strategy for buyers to promote you easily. For example, have a concise core value to enable your buyers to care about your brand. Remember to give them outstanding customer care services and valuable information they'll be happy to share with their friends.
While incentivizing them is great, the incentive should be something other than money, considering most buyers might feel awkward getting a monetary reward for recommending a service to their close friends or family.
Therefore, instead of giving money, you can offer a gift, access to an additional amenity or perk, or a service upgrade. Be creative and ensure the incentive comes across as generous and thoughtful. If the buyers feel you care, they might recommend you to their friends and family, leading to one of the easiest and most guaranteed sales you can make.
How to Sell Luxury Real Estate
To understand how to sell luxury real estate, you need to know the amenities and features that distinguish a high-end property from a regular house.
High-end properties have features that aren't available in regular homes, like expensive lighting, woodwork, appliances, cabinets, and fixtures.
Other luxury homes amenities include:
- An indoor pool
- Complete “smart home” capability
- Window covering controls
- Extravagant home theaters
- Energy monitoring
- Surveillance cameras
- Incredible wine cellars
- Wide open spaces
- An intricate security system
- Thermostatic control
- A central music service
- Expansive terraces
- Eco-friendly home
- Large entertainment spaces
The realtor needs to understand each of these amenities to get the best pricing for the home. As a luxury home agent, the following tips will help you market real estate to the right buyer:
1. Consider Location
Location is an essential factor to consider in the luxury home world. Most luxury homes offer unparalleled access to the best amenities, privacy, and stunning views.
Buyers will also consider the property and its location when shopping for luxury homes. Some of their top considerations include if the property is located in an affluent neighborhood to enable easy access to dining and shopping.
Luxury homes with stunning views of the waterfront or cityscape are often a favorite amongst affluent homebuyers. Some buyers might also be interested if it's just a few minutes away from top-rated local schools.
A luxury home with these features is more valuable and desirable, making its sale quicker. Therefore, emphasizing a luxury home location is one of the keys to a fast and successful sale.
2. Emphasize Your Unique Selling Points (USPs)
Highlighting the luxury property's unique selling points is crucial to facilitate a fast sale. These unique selling points are the features that distinguish the property from the other luxury homes on the market, making it worth the listing price.
Some luxury homes' unique selling points include a prime location, breathtaking views, a storied history, and high-end finishes. Show these features extensively in your luxury real estate marketing materials so potential buyers won't miss them.
In your listing description, mention any luxurious amenities or finishes. Also, during the virtual tour, point out historical landmarks or scenic views surrounding the property. By highlighting your USP, your buyers will easily see the luxury home's true value.
3. Make the Advert As Descriptive As Possible
One way to capture the attention of a luxury home buyer is to make the advert as descriptive as possible. It'd help to emphasize the home's plush status with your listing, describing it as a pied-à-terre, holiday hideaway, or beach condo.
Note that these deluxe properties aren't regular houses and only a few people can afford them due to their high prices. Therefore, you need to give them reasons to. Is the house close to a marina or golf course? Does it feature sought-after luxury amenities like tennis courts or jacuzzis?
Emphasizing the features that make the home a high-end property will help in successful marketing.
Utilize Technology Extensively
Technology has revolutionized the property industry, and the real estate luxury market isn't an exception. Therefore, you need to use technology extensively if you're a luxury property agent.
Start by listing your luxury home on popular real estate websites like Zillow. Also, create a budget that includes high-quality cinematic video tours and photos of the property. Every home detail should be visible to potential buyers before they step inside the house.
Additionally, use YouTube and social media to reach your target market and keep your luxury listings in the face of prospects. Google and social media are vital marketing tools you need to have in your arsenal as a luxury home agent. Using technology, you'll easily reach a larger audience and sell your luxury home in record time.
Good Timing Is Helpful
Most luxury homes are built in areas with high geography and local attraction. The house might offer views of the city, a nearby mountain peak, or a water body.
During the summer, buyers can appreciate these sights while enjoying an authentic feel that makes luxury homes unique. Therefore, good timing is necessary when listing luxury homes. Selling a luxury home during summer or spring would undoubtedly fetch a better price because the luxury property buyer will see it in its best light.
On the contrary, the cold wind, constant clouds, and oppressive rain will make selling a luxury home in the winter a bad idea. At this time of the year, it'll take a lot of work for a buyer to appreciate a luxury swimming pool, magnificent landscape, tennis court, and other features the snow might obscure.
Use High-End Video and Photography for Luxury Property Marketing
Whether the buyer discovered your website through a simple home search or referral by one of your high net worth contacts, most homebuyers will look at your listing before scheduling a viewing.
A quality property listing contains virtual tours and pictures of the home. Therefore, it's best to invest in a professional photographer to bring out the home's best features. The goal is to generate pictures that attract buyers.
Selling luxury homes demand exceptional professional photography. Like photos, virtual video tours have also become an important strategy when selling properties. Since you're selling such an expensive home, you might even get international buyers.
The property's pictures and video largely influence whether the potential buyer wants to view the house in person and start the home sale process. Even if the buyer is in the same locale, video tours will provide an extensive view of the property while conveying what makes the house special.
Quality property video tours might cost more, but you can consider them an investment. A top-quality video will likely attract an ideal buyer, as the video is a perfect way to introduce the luxury home before the buyer sets foot on the property.
To get top-quality video and photos, hire a professional videographer and photographer with a voice that can capture the beauty of the luxury home's unique features.
Avoid Open Houses
Open houses have become so popular every agent feels they need to hold one before selling a property. However, as a luxury agent, it's best to avoid them.
Organizing a luxury home open house attracts every kind of person to the property. Even people without the financial ability to purchase the property will show up.
Also, prospective buyers might not be interested in purchasing the property due to the caliber of people present at the event. With a luxury home open house, curiosity will bring even criminals into the house. Since it's hard to keep track of people coming and going out of the event, unsavory individuals can touch and take things that aren't theirs.
In worse scenarios, they might not take anything at the event but might use the opportunity to unlock windows and doors to break into the house later and steal valuables.
Hence, it's best to hold a broker's open house. As a luxury agent, you can invite your colleagues in the luxury home market to see all the home's best features. That way, fellow real estate agents can confidently speak about the property if they have a luxury buyer.
The luxury real estate market in 2023 will present various opportunities and challenges for real estate professionals. Therefore, it's essential to have effective luxury real estate marketing strategies to stand out in this highly competitive market.
The key elements of these strategies include building a strong online presence, utilizing high-quality visuals and videos, targeting specific demographics, networking and building relationships with other luxury real estate agents, and hosting broker's open houses.
A combination of digital and traditional marketing techniques will be essential for success in the luxury market in 2023. Through a well-crafted marketing strategy, real estate agents can showcase the unique features of their properties and appeal to the discerning tastes of luxury property buyers.Therefore, if you've been wondering how to market luxury homes, everything you need to list and sell a high-end property successfully has been explained here.
To succeed in the luxury real estate industry, you need to develop an effective marketing plan to help you keep your services in the face of qualified buyers. Fortunately, leading digital marketing companies like Ardor SEO can help increase your website visibility while utilizing various real estate marketing techniques to generate more leads that will turn into paying clients.