3 Mistakes When Selling Luxury Homes

Listing your first (or 50th) luxury home is an exciting task! As a luxury real estate professional, you understand that marketing plays a tremendous role in the success of selling a home. While there is a lot of great advice on what you should be doing when marketing luxury homes, it’s also essential to consider some mistakes you should avoid.

In one of our episodes of the Estate of Mind podcast, Diane Hartley and David Collins discuss three common mistakes you should avoid as a luxury real estate professional, regardless of whether you’re just starting out or have already established yourself as a pillar in the luxury market.

Mistake #1: Using an MLS Printout at an Open House

As convenient as it may seem to simply print out a stack of the home’s MLS listings before an open house, the reality is that your affluent buyers will be expecting more than that. Having flyers, MLS listing copies, and similar documents at an open house only show that you’re doing the bare minimum and don’t care enough about the listing (or the seller) to produce more professional-looking marketing materials.

To improve your branding, get into the habit of taking the time to have a professionally-printed brochure (or similar, high-end marketing material) produced in advance of the open house. Car salespeople typically use reminders, flyers, and basic print-outs — not luxury real estate professionals eager to show off a beautiful, luxury property.

Mistake #2: Using Cheap Materials for Direct Marketing

If you’re in the market for selling non-luxury homes, you might have succeeded with using simple postcards as a marketing tool. Unfortunately, generic postcards don’t have the same effect in the luxury market, and most affluent clients will likely dispose of them immediately. Consider the demographic of your neighborhood and invest in personalized marketing materials such as upscale property brochures, market reports, or high-end bifold pamphlets or postcards.

For online marketing, a curated “lifestyle” video, media kits, or custom websites will enhance your marketing efforts and increase your chances of landing a sale. Even though professional materials will cost more, it’s proven to be more effective in communicating the beauty and grandeur of the property you’re marketing.

Mistake #3: Underselling Yourself as the Neighborhood Expert

Ultimately, your potential clients need to view you as the local neighborhood expert when selling luxury properties. One of the best ways to position yourself as the go-to authority is to demonstrate your unrivaled knowledge and expertise in the particular market you’re currently working in. If you’re struggling to stand out as a luxury real estate professional, re-evaluate the type of information you’re putting out to potential clients. It might not be appropriately aligned with the image you’re trying to curate.

For example, suppose you’re spending more time and money on generic materials such as “Happy Halloween” postcards or social media posts. In this instance, you’re missing out on the opportunity to provide potential clients with more valuable information about their specific neighborhoods. Discover creative ways to demonstrate your unique knowledge as the neighborhood expert, such as sharing some of the “best” places for trick-or-treating while including your current listings or average sold prices in that area.

Are You Making Any of These Mistakes?

Every move you make as a luxury real estate professional can affect your success in this competitive industry, from mismanaging your marketing materials to simply putting out the wrong information. Ultimately, it’s always worth it to spend a little more time and effort to create professional marketing materials that highlight the “luxury” aspect of the service you deliver. Likewise, positioning yourself as a true expert in your area with suitable print, digital, and other marketing efforts can go a long way.

Are you looking for other ways to set yourself apart in the competitive luxury residential market? Consider pursuing the Certified Luxury Home Marketing Specialist (CLHMS™) designation through the Institute for Luxury Home Marketing. For more information, please reach out to The Institute today!