Posted in: Selling a home, Luxury homes

Selling an ultra-luxury home? Follow these best practices

Ultra-luxury home

Key Insights

  • Selecting the right luxury agent is the single most important decision that high-end homeowners will make when selling their home.
  • Because the buyer pool for these homes is so limited, luxury sellers should prepare for a longer path to closing.
  • It’s not about bedrooms or bathrooms or even price. High-end buyers usually decide on a home based on the lifestyle the property will afford them.

In our market, luxury homes can begin around the $500,000 price point. But there’s a difference between selling and marketing a home in that range, and listing a home that is valued at one million dollars or above.

If you’re planning to sell your ultra-luxury home in the coming months, consider these insights from Irene Wright, director of Edina Realty’s Exceptional Properties division.

Select an experienced luxury agent

The first step to selling your high-end home, says Wright, is to select the right REALTOR® for the job. Edina Realty’s Exceptional Properties team is composed of agents who specialize in luxury homes and who offer high-end buyers and sellers the expertise they require as they enter this unique niche market.This team regularly meets (in-person or virtually) for networking opportunities to showcase luxury listings and share buyer needs.

“The single most important step to selling an ultra-luxury home is to hire an agent who has experience listing homes at that price point,” explains Wright. “Exceptional Properties agents have long-term relationships with high-end buyers and homeowners, and they are able to tap their personal connections in order to help sell a home with a very small buyer pool.”

In addition to their own networks, high-end agents may also have unique marketing strategies that help them get in front of luxury buyers who live in and outside our market area. Whether it’s promoting a six-bedroom lake home in Minneapolis-St. Paul Home + Design Magazine or buying a spread in a publication aimed at international buyers, luxury agents tend to think outside the box to get in front of buyers with higher budgets.

Set the right price — and a realistic timeline

A qualified agent will also help to set a fair price point for a home that likely doesn’t have a lot of competition, says Wright. “Ultra high-end homes are much more difficult to price, as dozens of comparable, recently sold properties simply don’t exist for agents to review. Instead, they have to rely on their own experience with buyers and sellers and trends they are seeing in this niche market.”

And while it may be true that homes in lower price points are selling in weeks, days or even hours, luxury home sellers should prepare for a longer path to closing. “In our area, there are fewer homes priced at $1 million, $2 million or above. But there are even fewer buyers who are looking within that price point, and they tend to be quite particular,” says Wright. “Sellers with high-end homes should be prepared to wait longer for their home to sell, because it will require finding a uniquely qualified buyer who absolutely loves their house — and can’t live without it.”

Market the home by selling a lifestyle

According to Wright, the next step is for the seller and their Realtor to consider and play up the home’s best features. “High-end buyers expect a certain number of bedrooms and bathrooms, so those stats or photos aren’t as important to them as the elements that make the property unique,” says Wright.

Whether it’s highlighting a house built to entertain the masses, a wine cellar that rivals anything in Napa, or a garage that’s right out of a car collector’s dream, it’s important for high-end homes to have that “something special” that helps to draw in the right buyer.

In other words, “You’re not just selling your home, you’re selling a lifestyle,” says Wright.

Want examples of high-end lifestyle marketing?

Check out our Million Dollar Homes Pinterest board.

Update the home to reflect current trends

Last, it’s important for luxury sellers to recognize that tastes may have changed since they built their home or moved in. Some updates may be required to better reflect current style or buyer preferences.

“Sometimes, luxury homeowners have really specific design tastes that don’t match what today’s buyers are looking for,” explains Wright. “An excellent stager can help sellers restyle their properties to play up the home’s best features without remodeling. In other cases, an outdated home may benefit from some strategic upgrades, especially in areas like kitchens and bathrooms.”

Get the guidance you need as you sell your luxury home

When it’s time to sell your high-end home, reach out to Edina Realty or one of our agents to begin the process of preparing and listing your home.

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Status Definitions

For sale: Properties which are available for showings and purchase

Active contingent: Properties which are available for showing but are under contract with another buyer

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Coming soon: Properties which will be on the market soon and are not available for showings.

Contingent and Pending statuses may not be available for all listings