Professional Marketing Produces A Higher Sale Price When Selling Luxury Real Estate
Recently Vancouver REALTORS® Jacob & Jacky were recently tasked with selling luxury real estate in the Kits Point area of Vancouver Westside. To get right to the point, they sold at a record breaking price per square foot, within the area. If you don’t know Kitsilano’s Kits Point, it’s a small area at the Northern point of the community, bordered by water. Most of the homes and townhomes in the area would be considered expensive properties and luxury real estate, often boasting wonderful water & mountain views.
Setting sales records in Kits Point, which is dominated by all kids of unique, expensive properties, is a challenge to say the least. How did they do it? Why would their recently listed townhouse sell for a record breaking price in an average real estate market? Jacob & Jacky attribute it entirely to their marketing. They have a hardened believe, professional marketing produces a higher sale price when selling luxury real estate!
3 Challenges Selling Luxury Homes Overcome Through Marketing
For us to understand why professional real estate marketing and it’s effects when selling luxury real estate, lets talk about some challenges. There are a number of challenges marketing and selling luxury properties. By knowing what these are, we can identify how professional real estate marketing can overcome these challenges. Here we go.
1) Limited Buyers & Competition:
Let’s face it, there are far less homebuyers who can afford to purchase expensive real estate. It’s a much smaller piece of the pie you’re going after. In a given month, there might be only 1 or 2 homebuyers who are able and willing to buy your home. If you miss this buyer, or they purchase another home in the area, it might be many weeks or months before another homebuyer is available.
For this reason, it’s vital to not miss potential homebuyers for your property. Professional real estate marketing can help your home standout from the competition. Buyers won’t miss your property if it stands out beautifully among the many other homes for sale.
2) Higher Price Point:
When selling luxury real estate in Vancouver, the higher price point bring more discerning homebuyers. They often have stricter requirements in terms of features, materials, style and amenities. Even extremely expensive luxury real estate in Vancouver likely doesn’t have all the features on a buyers wish list.
So it’s important to amplify the positive features of the home you’re selling. This can be achieved through professional real estate marketing. All the wonderful features of your home can be communicated in a clear manner, creating excitement and attributing value. The marketing when selling luxury real estate in Vancouver needs to communicate clearly the amazing features. These features are directly correlated to perceived value.
Often when selling luxury real estate in Vancouver, the properties can be unique and one of a kind. These homes often have differing features when comparing one to the other. These features are often used to determine, or justify value. Professional real estate marketing is needed to amplify these qualities in a way to capture the attention of homebuyers. Well thought-out marketing will emotionally resonate with buyers. The better this is done, the higher the perceived value. I’ll provide some examples to help better explain how professional real estate marketing can be used.
Example1: Many luxury houses in Vancouver have exceptional views, this is true. Providing a beautiful image of the view can be stunning. Professional real estate marketing may take this a step further by providing more imagery which will connect with buyers. You can capture the same view, but with someone in the foreground who is relaxed, gazing at the view and enjoying a coffee on the open deck. Now you’re selling the view with the lifestyle.
Example2: Many luxury houses on Vancouver’s Westside have garages that can store multiple cars. Showcasing images of a large concrete space may peak the interest of some buyers, that’s great! Now how would professional marketing amp-up this scene when selling luxury real estate? Fill the garage with luxury cars for the duration of the selling process. Even a homebuyer who doesn’t own a collection cars will be thoroughly impressed by those images.
In the example video Jacob & Jacky used some of the techniques highlighted above to amplify the features of their luxury townhouse for sale in Kits Point, Vancouver Westside. They chose to highlight the location, quality construction of the development, layout, outdoor space and the water & mountain view. Through their real estate marketing and media, all these features were communicated.
Something else Jacob mentions everything from planning, presentation of the home, how they communication value, marketing plan and how they negotiation in the end, all plans a part in achieving a higher sale price!
If you plan on selling your Vancouver home in the near future, we’d like to hear from you!