Selling Luxury, Selling a Lifestyle

While exquisite homes often have a wide selection of potential buyers, each of these buyers have specific tastes and lifestyles. Because the pool of prospective buyers is so diverse, agents must know how to effectively market each property. This task can be extremely difficult due to the high expectations of luxury clients, the high price tag that comes with top-tier marketing, and often times the private nature of affluent sellers. Savvy real estate leaders that work in this discerning space realize that their clients are not just selling a luxurious listing but a luxurious lifestyle. Here are some of the creative ways top performers effectively market premiere properties.

Know Your Audience

Luxury residential real estate agents have a varied buyer pool. As such, agents must know exactly who to target and how to reach them. Networking and building personal connections is key, because marketing, as a rule, comes down to whom you know. Often times, the most promising candidate may come from outside the market, the state, or even from outside the country. Typically, people seeking luxury homes already have a primary home. These wealthy homeowners, however, may be considering a real estate purchase in a new location or may very well know another affluent prospect that is looking to relocate to the region. Tapping into as many upscale buyers or influencers as possible will definitely help lead to more opportunities for a sale.

What Makes A Home Different From the Rest?

Buyers of luxury homes seek unique and distinctive properties, so creating a custom marketing plan for each home is vital. Find the home’s specific features and determine how those attributes will stand out from other upscale listings on the market. What makes the home spectacular? Once these rarities are established, experienced sales professionals find a creative way to highlight each enviable element via targeted marketing vehicles. For example, if the home boasts equestrian qualities play up that aspect of the property and market the listing to horse-lovers. If privacy is paramount, offer details on security, acreage and an exclusive setting.

Strategy, Advertising and Marketing

Given the prosperous pool of prospective buyers, luxury home agents must employ forward-thinking marketing strategies and utilize upscale advertising vehicles. When creating a promotional campaign, keep in mind the target audience: the wealthy. Affluent people expect the very best, so present them with nothing less. Hire a professional photographer to capture the property’s beauty, create a video highlighting every aspect of the home or arrange for aerial shots of the estate. Presentation is key, especially to discerning clients and buyers, so be sure the property is displayed flawlessly. Take advantage of top-shelf social media opportunities, and pitch the home to elite print and broadcast outlets that may be interested in exploring how the elite live and entertain. Savvy sales associates that succeed in high-end markets know their job is not only to sell the listing, but the lifestyle.

Think Outside of the Box

In order to market a distinctive property, brokers must tap into their sphere of influence and engage potential buyers in a creative, inviting way. Many high-end agents stage invitation-only top-agent lunches, cocktail parties or targeted exclusive events that showcase properties. Some suggest that owners host a charitable or social gathering to attract affluent, well-connected people to their luxury homes. The word of mouth generated about an event in an elegant setting will help raise awareness of the home and may attract far-reaching media attention. If the home makes an impression on guests, readers and viewers, they will be sure to tell their friends and peers about an amazing property that happens to be on the market! 

Cater to Prospective Buyers

Sometimes, it’s the small details that make all the difference. For example, my most recent open house was at a $16,250,000 property on 63 Winsor Way in Weston, MA. In order to make it a unique experience, I held a raffle where guests were invited to enter and win a gift card to a high-end fashion boutique in the area. An elaborate catered luncheon was also provided to insure a great broker turnout. A targeted list of brokers who sell high-end properties outside of the metro west location was included on the elite list as well. Other engaging techniques could include having valet parking or serving signature cocktails. Go above and beyond and partner with an artist or gallery to display fine art throughout the home. This art may enhance the overall appearance of the house, and attract different prospects. The artwork – and the home - could be available on the spot for purchase! The opportunity to impress is unlimited.

Keep these high-end marketing tips in mind and get creative. Establish a target audience and learn as much about that market segment as possible. After determining wants and needs, create a marketing strategy to effectively match the distinctive property to prospects with those key interests. By strategizing, advertising and networking, premiere real estate agents will be better positioned to sell their client’s luxury listing and lifestyle!

Sheryl Simon is a Principal at Benoit Mizner Simon & Co., LLC with more than 17 years of experience helping sellers and buyers in the Weston real estate market.  With offices in Weston and Wellesley, Sheryl can be reached at (781) 910-3405 or Sheryl@benoitmiznersimon.com. Benoit Mizner Simon & Co., LLC * 450 Boston Post Rd., Weston, MA 02493 * 54 Central St., Wellesley, MA 02482