The luxury home market is booming once more as the economic recession is behind us. This market is getting the benefit of rising income levels of people and their desire to own lavish and grand residential spaces. Selling a luxury home is not as easy as selling an affordable home. Here's how you attract buyers for it.
Characteristics of Luxury Home Market
The following are the notable characteristics of the luxury homes:
- The total cost of a luxury home is above $500,000
- The market basically targets the high net worth individuals with huge cash reserves and looking for potential investment options and high quality living
- Such homes are generally found in upmarket localities where the residents can get ultra-modern amenities and enjoy a world-class lifestyle
- The prices of luxury home can be very volatile - they can be at their peaks when the demand is at its highest point and drop substantially, when there are no buyers in the market
Marketing a Luxury Home
Aggressive advertisement campaign is important for selling luxury homes. You should use mediums of advertising such as newspapers, television, radio and the Internet effectively to attract potential clients. Hoardings, pamphlets and billboard advertisement can also help to draw attention of potential buyers. In all these advertisements, you should highlight the location, specifications, facilities and layout of the project to generate more curiosity.
Offer Attractive Discounts
Discounts on prices for people who book apartments/villas before a specified date can work wonders for selling high-end residential properties. Most investors are keen in investing in properties at attractive low rates so that they benefit by selling them off at the high rates possible. So, such discounts can certainly help in boosting sales, even in a weak real estate market. However, you should always keep in mind the cost to build a luxury home while offering discounts so that you do not compromise on your margins.
Organize Exhibitions and Seminars
In the exhibitions, you can showcase the available properties to the buyers and ask your sales representatives to interact with them personally. Solve your buyer's queries and convince them how investment in the project will be advantageous in the longer term.
Assure Legal Clearance
Assuring the people of legal clearance is a must for selling luxury homes. When a buyer spends hundreds of thousands or millions of dollars on his home, the last thing he would want is any legal trouble related to the property. So, it is the job of the seller to assure the buyer that there are no legal hassles involved and the project is transparent.
Have a Brand Ambassador
Brand endorsements for high-end products really helps to boost sales. You can approach a celebrity for working in commercials and promoting your product throughout the nation and overseas for international buyers. Till date, many real estate giants have benefited from such project marketing strategies.
Profit margins in luxury homes are higher than those for regular homes and hence many real estate firms are taking interest in developing such homes. As such, taking aggressive measures to market it will help attract buyers.