Whether you’re interested in the luxury real estate market or you’re looking to sell luxury homes in Georgia, we’ve got you covered. We’re going to explain how to sell high-end real estate and we’ve also prepared a lot of useful tips, so don’t stop scrolling.
What Are Luxury Homes
Before we go further, we should specify what is meant by “luxury homes”. Not every expensive real estate property can be listed as luxurious. It needs to satisfy a number of criteria such as:
- Location. Luxury homes are located in prime locations. That can be a waterfront in a large city or a peaceful mountain oasis. It has to be a wanted location for wealthy people.
- Size. Nowadays size isn’t the most important feature because micro mansions and small houses are becoming popular but often truly luxurious homes are big. For reference, mansions are bigger than 8000 square feet and high-end apartments have more than 2000.
- Materials. Luxury homes are made out of the finest construction materials, whether that’s wood, glass, marble, stone, or something else. A luxury home is furnished only with the best furniture, appliances, and technology. Think silk sheets, high-tech equipment, and exotic hardwood flooring
- Custom architecture. Luxury houses aren’t generic. Forget about McMansions, which are mass-built in a similar fashion. Luxury homes are unique and custom-made, built by the best architects, and decorated by the best designers.
- High-end Amenities. A house can’t be luxurious without extraordinary features such as a home theatre, indoor pool (roof-top pools for apartments), spa, gym, game room, and others that make you feel like royalty.
How to Sell Luxury Homes
Selling a luxury home (in Georgia or any other state) is very different from selling a “regular” piece of property. The reason is simple: luxury buyers are looking for something unique and extravagant which often isn’t publicly advertised. The best homes are often kept as a “secret” and only the best luxury real estate agents have access to them.
You won’t see “open house” events for luxury homes. In fact, open houses are the opposite of useful when it comes to selling luxury homes. That’s because you want to attract prospective clients, wealthy people who have the finances to purchase a luxury property, and open houses are visited by curious people who are just interested to see what a mansion looks like. On top of this, luxury homeowners don’t want a lot of people inside their property due to security reasons. Potential burglars could inspect the house during these kinds of events and target it for future attacks.
Instead of open houses, luxury real estate agents opt for scheduled private viewings. Agents are focusing on different types of marketing strategies to attract people who are really interested in purchasing the property. For example, they’re making the best possible promotional material. Agents are hiring professional photographers and videographers that make high-quality photos and videos and professional stages that know how to make the property more attractive by amplifying its best qualities. Not to mention social media managers and digital marketers that know how to distribute that material and generate leads.
So to sell a luxury market, agents need to have high marketing skills or work with marketing experts. The best way to sell a luxury property is by selling a lifestyle. Luxury buyers want to see how their lives will improve by living in this particular property. Photos, videos, and other promotional material need to include people that are enjoying luxury amenities. That’s why virtual tours are also becoming more popular. You want to awaken people’s desire for the property because luxury is about wants, not needs.
Marketing more than just the property and emphasizing the social status that comes with owning a luxury home is crucial if you want to successfully sell a luxury home. The concept of luxury living should be your main focus. Find the aspects of luxury living that are compatible with your property and advertise them particularly. For example, if your house features luxurious amenities such as a spa or jacuzzi, include them in the main parts of your marketing campaigns.
You could also focus on the location that makes your property luxurious and unique. If the prime location is your focus, amplify how is that neighborhood suitable for a luxurious lifestyle, whether it’s because of elite schools, fine dining restaurants, or a waterfront nearby. Maybe it’s seclusion and privacy that’s important? Then, amplify the peace and astonishing nature, oceanview, beauties of the countryside, or something else entirely. Find elements of your house that can advertise luxury living and focus on them completely.
Real Estate Market in Georgia
To sell luxury homes in Georgia, you should apply the mentioned approach to selling luxury properties to the existing state of the real estate market in Georgia.
Georgia is the eighth-most populated state (more than 10.7 million). It’s bordered by Florida, Alabama, Tennessee, North and South Carolina, and, of course, the Atlantic Ocean. Atlanta is the capital and places in the Atlanta metropolitan area such as Senoia and Sharpsburg are becoming more popular each day.
Georgia is an amazing country for investments and also for living due to low taxes and affordable cost of living. Naturally, the prices of real estate properties are lower because of this. The average home value in Georgia is around $200 000 and the average listing price per square foot was $200-250. This has actually doubled in the last ten years meaning property prices are becoming higher.
When it comes to luxury homes in Georgia, the prices revolve around 5-10 million dollars. Property value, of course, hugely depends on the location. It’s highest in the cities, might even be overvalued. The sellers in Atlanta hold good leverage in the negotiations about the price so they often sell their homes for 98,98% of the asking price!
Due to the low cost of living (compared to cities like Los Angeles and New York) and a growing job market, Georgia’s capital is one of the top rental markets. People are making long-term investments and generating a lot of rental income.
Atlanta is also one of the centers of technology growth so you can expect more tech investors coming to the city. This means the value of luxury homes and apartments will only increase over time.
Tips for Selling High-End Real Estate
Know your audience. As said, you want to attract a specific type of people. Casting a wide net won’t work because you’ll just waste your time and resources with people that can’t or aren’t interested in buying. Define your target audience and tailor your strategy towards them.
Know the community. If you want to reach potential buyers, you should be a part of the community. Basically try to learn more about the luxury lifestyle in order to market it, from high-end social events to country clubs, you need to be there.
Research the market. Market analysis will help you determine the most optimal asking price and the best time to list your luxury home. It will also show you methods you’re competitors are using. You need to know what other people do so you can stand out and sell your luxury home more easily.
Luxury property as a brand. If you want to stand out, branding your property can help. You can create a unique identity for the home and use slogans, logos, and other branding tools for your marketing efforts. Your brand should be consistent but not too overt because you want to keep the class and prestige that comes with a luxury property.
Hire professionals. To market luxury homes in the best way, you should work with professional stagers, photographers, and marketers. Videos and virtual tours are also very important for luxury real estate marketing so you want to hire videographers too.
Networking. You should be connected with other people in the luxury real estate industry. Having strong connections will help you find potential buyers more easily, get advice from experienced people, and also establish your authority.
Work with experienced luxury real estate agents. Selling luxury homes in Georgia can be difficult especially if you are unsure how to. Get in touch with us for a quick sale!