How to Market Luxury Homes
You will need to know how to market luxury houses if you are an aspiring realtor in an expensive region of your state or a homeowner with a high priced home. A luxury home is defined as a home worth $500,000 or more, although most people immediately think of the million dollar mansions that celebrities purchase in California or New York.
- Advertise in high-end publications. One way to reach your target market is to advertise your luxury homes in publications such as Unique Homes, 2nd Home Journal, Leading Estates of the World, The Wall Street Journal, or The New York Times. Limiting the amount of information provided in the ads will allow you the opportunity to pre-qualify the potential buyer before showing the luxury houses.
- Market yourself to buyers with proper credentials. Many luxury homes are purchased with the use of a realtor that is affiliated with the Realtor Land Institute for High-end Luxury Homes and Ranches.
- Give information on an as-needed-basis. Your marketing plan should provide very limited information to buyers when they initially inquire. Giving them access to floor plans or a showing of the house should not occur until they have been pre-qualified. You will need to look at their asset statements and determine their ability to purchase the luxury house before proceeding.
- Use upscale social marketing. Use the luxury house to host a country club or charity benefit. The celebrities and executives that attend the event will have an opportunity to see the home inside and out. They may be interested in purchasing the home or may refer someone else after seeing the home in person.