Every real estate professional has had at least one of those hard-to-sell properties, whether it’s due to the price, location, condition, or even its size. The reality is that there will always be luxury homes that are not currently in favor with affluent buyers. 

So, are there any advantages to keeping or taking a hard-to-sell property? Certainly, there are opportunities that can be leveraged by taking the listing. You just need to remember that “he who dares wins” and “there is a buyer for every home,” while approaching the task with a different mindset. 

Leveraging a hard-to-sell property can help you to increase your business, but it does involve thinking outside the box and seeking out opportunities. Eventually, this could even lead you to becoming the specialist in your local market – one who knows how to provide value-added services to potential clients who may be interested selling or buying these types of properties. 

Here are a few strategies to consider: 

Use the property itself to attract new business by asserting your professionalism  

While the number one priority should always be to find a way to sell the property, it also provides the opportunity to showcase your professionalism in positioning and promoting a luxury property: 

• Hire a professional photographer and videographer: focus on capturing the unique features, architecture, design details, and amenities of the property. 
• Create a compelling property description: tell the home’s story  by emphasizing its history, uniqueness, lifestyle benefits, and opportunities. 
• Develop a targeted marketing strategy that creates an immediate connection by highlighting the property’s unique opportunity. For example, if its overpriced it still might be the cheapest home in the neighborhood. 
• Host exclusive events and open houses: create a sense of FOMO in your invitations and remember to invite the neighbors. 
• Engage with your luxury real estate and partnership networks by positioning the advantages and opportunities – and let them know when you sell too! 

Do all these tasks with the goal to create an impact, and remember, even if you are not able to sell the property, it doesn’t mean you cannot profit in other ways.  You’ll be surprised how much interest and recognition you receive if your marketing is at the highest professional level, and not just from buyers, but from potential clients, your peers, and other professionals connected to the affluent. 

Diversify your services and build new partnerships 

Although you are focused on the real estate business, consider offering additional services as part of your portfolio. In today’s market there is plenty of pent-up demand for luxury homes, but buyers have become more selective in their choice of property. They are also ready to wait for the right home to come on the market.  Understand what types of homes are selling in your market and why. 

Identifying a hard-to-sell property isn’t too difficult, especially when it’s also coupled with a seller who is finding it challenging to bring their home in line with current buyer requirements. Collaborate with local contractors, renovation specialists, home staging professionals, or interior designers to offer comprehensive packages to your seller that make the process of getting the home ready for sale less of a challenge. 

Alternatively, if your seller doesn’t want to make significant changes, collaborate with lenders to create customized financing solutions.  Market these flexible financing options to any potential buyers who may be interested in hard-to-sell properties.  

Offer advice and expertise 

Position yourself as an expert in the local real estate market by offering regular updates, articles, and insights about the best ways to approach hard-to-sell properties. Showcase successful sales or transformation stories to demonstrate your expertise and track record in handling challenging properties. Be sure to include client testimonials that reflect their appreciation of your abilities. These strategies will build trust and credibility with clients who are looking to sell or invest in similar properties. 

The Outcome 

By implementing these strategies and leveraging a hard-to-sell property, you can effectively market both the listing and yourself to attract potential buyers and maximize your exposure. 

Stay ahead with The Institute 

If you want more guidance on how to grow your luxury real estate practice and develop your skills when working with the affluent, learn more about the Institute’s training options here.  

Becoming a Member of The Institute is a valuable investment in your future success as a luxury real estate professional. Access how to succeed in the luxury market through training, certification, advanced learning experiences, and connecting to a network of successful real estate professionals throughout the United States and Canada. 

Our Certified Luxury Home Marketing Specialist™ (CLHMS™) designation is recognized throughout the globe. Take advantage of the training offered and the information you’ll receive through The Institute’s Local Luxury Market Reports, published monthly only for Members.