Since the economic down turn, the luxury real estate market had been slow to recovery until early 2014. Earlier in the year, sales began to pick up and sellers became more confident in their chances at seeking decent numbers for their home on the market. However, there has been an incredible shift in marketing these sorts of properties since 2007 at the collapse of the market.
Marketing used to be simple. All you had to do was have some great photos taken, place them in the MLS, send out "Just Listed" postcards, and wait for the buyers to come running. This is no longer a valuable strategy. But sadly, this is exactly how most agents continue to market property today; and they do so at their own peril. As the consumer has become more informed (sometimes with misinformation) by national sites and with so much competition online (which is the first place buyers go to shop) it's become more difficult, by the day, to gain the attention of the consumer. Therefore, while this method of marketing, is still, in some ways a necessity it is without question becoming increasingly less efficient.
Which leaves two important paths agents must take in order to sell luxury real estate faster and more consistently:
First, agents must extend their network reach. In 2006 it was okay for agents to only have professional relationships within their local market but now that the U.S. luxury market has become such a hot commodity, it pays for agents to have valuable professional relationships across state lines and internationally. Our social world is more connected than it's ever been and will continue to evolve as time goes on. Agents who have the ability to connect with other agents, consumers, and investors in other markets have an incredible advantage when selling luxury real estate. It means that their pool of buyers have become increasingly larger; and as a result they can sell a home faster.
And of course...marketing has changed. It's true, most homes that go into the MLS also go out to national sites such as Realtor.com, Zillow, Trulia, and many others. The good thing is that buyers are easily able to see the different homes that are on the market at any given time. The problem, however is, besides the pictures, and maybe location, what else differentiates one home from another? The answer...is the story behind the home. In the luxury market, every home, in most cases, have many of the amenities that interest a consumer--and if it doesn't, typically, it's not difficult for the buyer to add those bells and whistles at a later date. But what truly separates each home is the story that defines the home. Agents who can creatively and honestly tell the story of the home can capture the attention of the consumer faster; and appeal to the emotional sentiment of what is meaningful to that buyer. Being a good storyteller has become more important than ever in marketing; and the best marketers find valuable ways to tell the story, for the product they represent, to the marketplace.
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