Selling a high end home can take a lot of time and effort. It can be more difficult to find the right buyer when you are selling a home which only a minority of people will be able to afford and which will therefore only appeal to a minority of buyers. There are also some other considerations that must be taken into account, such as the needs of millionaire sellers and the need to mount a far-reaching marketing campaign.
The privacy of the seller must be preserved. Many people who are selling luxury homes will want to maintain their privacy at all costs. They may be unwilling, for example, to answer questions from buyers about why they are selling. Revealing that they need to sell in order to cope with financial difficulties could have a detrimental effect on their business if they own a large company, while disclosing details of their private life to strangers could lead to unwelcome publicity if they are a well-known public figure. The Realtor must therefore act as a sort of gatekeeper, restricting access to the property and the seller to those who have proven themselves to be serious buyers. It will be up to the Realtor to ensure that only buyers who can afford the property will be allowed to arrange a viewing, and to act as a mediator between the buyers and the seller, so that the seller’s privacy is not compromised at any stage.
It is also important for the property to be marketed properly. It is worthwhile spending more time and money marketing a luxury property, in order to ensure that a good price is obtained when it is sold. Methods such as holding a private viewing for high end Realtors and buyers’ agents, providing a more detailed brochure to select and serious buyers or showing video tours of the property so that buyers can see the house, even if they are in a distant location, without disturbing the seller’s privacy can all be useful. The marketing campaign will need to target buyers over a wide geographical area since it is unlikely that a buyer will be found locally. Realtors marketing luxury properties need to be working on a national or international level.
Finding right buyer is essential when selling a luxury property. There are very few potential buyers out there who can afford to spend millions on their new home. It is vital to mount a marketing campaign that will bring the property to the attention of these buyers. However, it is also important to avoid buyers who are not seriously interested in the property. Time wasters may show an interest in a high-end property even through they could not afford to buy it, perhaps through curiosity about what it would be like to live a millionaire lifestyle. A good high-end Realtor should be able to separate the serious buyers from the rest.