Properly marketing luxury listings may not sound like a difficult task, but to do so effectively takes a well-thought-out approach. As you likely already know, preparation is the key to success, no matter what the undertaking might be. When representing properties in the upper tier, being fully prepared is critical in order to successfully list, market, and sell luxury homes.
The ability to focus on the story you wish to convey requires an in-depth understanding of the market, the message, and the tools available to tell your story.
In a recent episode of our Estate of Mind podcast, Tami Simms discussed what goes into effectively marketing luxury listings, and highlighted a three-step plan for success in today’s luxury market. With luxury homes still in high demand, be sure to incorporate the most up-to-date techniques for delivering the best possible experience to your client. Be creative and plan strategically to manage time spent on market, calling on all your available resources to develop a comprehensive marketing plan that can easily adapt to changing conditions.
Let’s take a look at the three steps luxury real estate professionals should always take when marketing luxury listings.
Marketing Luxury Listings: Prepare, Prepare, Prepare
Remember, no marketing strategy can overcome common pitfalls that include improper pricing or a low-quality presentation. Tami advises clients to think about the future and be aware that building a reputation in luxury marketing requires commitment, time, energy, and, sometimes, the ability to invest now for future gain. She talks about budgeting, the importance of professional staging and design to properly showcase a property, and the value of developing a list of contacts that can be rallied for services and assistance with showcase presentations or events.
Her basic message is that a unique and personalized consolidated approach to marketing has long-term value and that developing lasting associations with like-minded resources will reap distinctive returns.
Marketing Luxury Listings: Formulate a Plan
The second key ingredient is to build the story that you want to tell about the property. Take the time, says Simms, to do your research, and become familiar with the primary appeal and characteristics of the home, the neighborhood, the lifestyle of the area, and the interests of potential buyers.
There are guidelines, but there are no specific rules about how to develop this sense — her discussion does offer a multitude of ideas though. Simms advises luxury real estate professionals to always demonstrate and display their listings in high-end ways, such as via high-quality property brochures, professional photography and drone video footage, special events for other real estate professionals and/or prospective buyers, or even community gatherings, if appropriate.
Marketing Luxury Listings: Tell Your Story
The final piece of the marketing puzzle is to disseminate your story in the best possible way to reach a targeted pool of qualified, interested buyers, whether they be local or from across the country. This final step, of course, depends upon the specific market, the price point, and the appeal of the property. Remember, “telling the story” is the “frosting on the cake,” and as much emphasis should be placed on properly telling the story as on the preparation and planning of the overall marketing campaign.
Simms discusses how to spend money properly on targeted prospects, how to prioritize dollars if you are new to the luxury field, and how to judge the effectiveness of any given marketing plan. She advises spending money in a way that will lead to future benefits. To maximize your presence in existing marketing situations, she tells clients to interview potential buyers, solicit feedback, and seek to establish a relationship with residents and business partners in areas where they desire more business.
“Leverage your dollars,” she suggests, “on creative ideas with the end goal of getting more business.”
Become a Member of The Institute
If you’re interested in having access to a variety of useful resources and tools that can help you succeed as a luxury real estate professional, then consider becoming a Member of The Institute for Luxury Home Marketing. Our Certified Luxury Home Marketing Specialist™ (CLHMS™) designation is recognized throughout the industry, and can help you advance in your career.