5 Costly Mistakes Luxury Home Sellers Make (And How to Avoid Them)
Selling a luxury home in Portland requires a different approach than your typical home sale. It demands a higher level of local real estate expertise, market strategy, and industry knowledge.
Avoid these 5 costly home selling mistakes and you’ll sell your luxury home faster, for top dollar, and with less stress.
Not Pricing Your Home Correctly
It’s extremely important for your home to be priced accurately in order to attract the right buyer and the highest price. Remember, you want to sell to an informed, qualified buyer. This type of buyer won’t be interested if your listing price doesn’t fit the market.
The amount you sell your home for should not be based on your best guess or some on-the-fly research. Pricing your home correctly takes careful research and expertise– NOT just a simple “price per square foot” calculation.
Determine your selling price based on the following considerations:
- Current market conditions
- Current inventory
- Comparable sales
- Offering incentives
- Estimated net proceeds
Even with all this information, luxury homes are difficult to price correctly, particularly on your own. There are simply fewer comparable homes (known as comps in the industry) to reference.
Partnering with an experienced luxury home real estate agent who understands the market ensures you list your home for the right price.
Listing Your Home With Poor Quality Photos and Video
With 90% of buyers searching online during the home buying process, listing your home with beautiful photos and videos is essential. A buyer won’t be interested in coming all the way out to your home if the photos don’t spark their interest.
More than simply accurately reflecting your house, the photos should create an emotional response in the prospective buyer. You want them to envision what their own life would look like in the home. An experienced seller’s agent will understand this and ensure your home is listed alongside professional, high-quality photos and video.
Becoming Too Sentimental About the Sale
Selling your home can certainly be an emotionally-charged experience. You’ve created a lot of memories in your home and even if you’re leaving for something better, saying goodbye isn’t always easy.
Even so, once you decide to sell your house, it’s important to strip emotion out of the process. If you dwell on the emotional side of the transaction, it will be harder to correctly price, prepare, market, and sell your home.
Still, this is probably easier said than done. Partnering with a seller’s agent is a great way to take a step back from the process and ensure a more objective view. Additionally, avoid being present for showings and open houses. Not only can this create an awkward atmosphere for the potential buyer, it can make you feel even more sentimental.
Failing to Use Effective Marketing Techniques
Marketing your home goes beyond professional images. You’ll need to utilize other strategies in order to place your home in front of local buyers and those who are moving into the Portland area.
For instance, something as simple as the copy you use alongside your home listing is crucial. Producing a well-articulated and strategic description of your home will attract buyers looking for exactly what your home has to offer.
From there, it’s important to effectively utilize the many different avenues available for advertising your home– from online listing sites like Zillow to social media, local print publications, and open houses.
Correctly marketed homes outperform the market in qualified buyer showings, net price, and days on the market. You can’t afford to skimp on your marketing strategy.
Not Working with an Experienced Luxury Home Realtor
Selling your luxury home can easily be the largest financial transaction you’ll make in your lifetime. Working with an experienced real estate professional can make this process a much more successful (and less stressful) experience.
The best home seller’s agents will provide the support, advice, and resources you need to avoid big mistakes and have an exceptional real estate experience.
There are some important qualities you should look for in your real estate agent.
Not all real estate brokers are created equal. One of the best ways to know whether or not a seller’s agent is qualified is to look at their reviews. What are others in the area saying about their experience with the group? Is there evidence of the agency being trustworthy and reputable?
Years of Local Market Experience
Select a real estate broker who has been operating in the community for more than just a few years. You want to partner with someone who has experience and expertise in the Portland area and great connections in the industry.
Specialization in Luxury Home Sales
There are several advantages to working with a broker who specializes in your higher price range. Selling luxury homes requires an extra level of expertise, so working with someone who has this in-depth knowledge will help you get the optimal price for your home.
Asking the right questions will ensure you hire the best broker for your needs and goals. Take a look at our guide outlining the questions you should ask your Realtor. These questions include:
- How long have you been in business?
- Home many homes have you sold in Portland in the last year?
- Do you sell luxury homes?
- What is your communication plan?
- What sort of guarantee do you offer?
- What do past customers say about you?
Talk to Peggy Hoag Group About Selling Your Luxury Home
At Peggy Hoag Group, we specialize in selling luxury properties throughout Portland, Oregon area. Home sellers throughout Oregon and Washington choose us because of the high level of service we offer, including:
- Accurate pricing. We use careful analysis based on years of real estate experience when recommending pricing for your home. We consistently sell properties for above market average.
- Experience you can trust. We sold our first home back in 1991 and since then have closed over 2100 real estate transactions!
- Luxury merchandising and marketing. We use compelling visuals, well-written descriptions, and targeted marketing campaigns to put your house in front of the right buyers.