Getting ready to place a high-end home up for sale? You’ll probably find that the process is a little different than it is when selling a more moderate property. For one, the new owner usually will want to tailor the property to suit his or her preferences. Here, five tips from RISMedia that can help you get the best price for your luxury property.
1) Don’t remodel or repair before selling
Remodeling and repair work typically will be wasted on a luxury property. Although essential repairs such as putting on a new roof usually are recommended on a lower-end property, a luxury property most likely will be entirely remodeled by its new owner. This might even include adding onto or tearing down parts of the existing structure. Unless the repairs are necessary for the protection of the property or structures—such as fixing a leaky roof—you’re usually better off selling a luxury property as is.
2) Hire a professional stager
Most real estate agents remove knickknacks and clear away excess furniture before trying to sell a property. However, it’s even more important to hire a professional staging company to showcase a luxury property without a lot of distractions. Most luxury buyers will remodel anyway, so they are looking at a home’s potential rather than its current state.
3) Advertise discreetly
The affluent often will pay top dollar for their privacy. Loudly proclaiming a luxury property for sale not only is likely to attract the wrong parties, but it also might make the property a prime target for thieves and vandals.
4) Hire a real estate agent who specializes in luxury properties
There are agents who specialize in selling luxury properties, and therefore, have both the specialized knowledge and resources to help you obtain the best price. Market trends for high-end properties can differ from current market trends for lower-end properties. Find an agent who understands the current market conditions for your specific type of property and can advise you on the best course of action.
5) Understand the true value of the property and market accordingly
It’s important to understand where the real value in your property lies. If you have an older property on a valuable parcel of land, then the structure itself probably has little value and likely will be torn down. Be sure you’re emotionally OK with that before choosing to sell.