“Will you advertise my home in the Globe & Mail?”
That is probably the most common question sellers of upper-tier homes ask when we discuss a marketing plan for selling their home. Is it the right question?
As mentioned in a previous post, there has been a dramatic increase in the number of luxury homes built in the Collingwood ~ Blue Mountain area over the last several years. Generally, the top 5% of our market would be homes with values over $550,000. That would represent about 80 to 90 homes sold each year in our South Georgian Bay marketplace and of these, less than 1% exceed the million dollar mark.
As time goes by, more of these homes are being offered for sale in the resale market and that means REALTORS® are having to learn new marketing skills. Since less than 5% or maybe even less than 1% of potential buyers are looking for an upper-tier luxury home, the market is very, very narrow. Spread this out over our large geographical area and the odds are even slimmer. So how do you make sure your luxury home attracts the attention of those buyers?
First of all, people like to associate with other like people. Selling a luxury home that is surrounded by lower valued homes is like trying to push water upstream. If a home has a special location such as a high-end waterfront community, the odds improve dramatically. So, a good place to start is by knowing and appreciating the location. Marketing it means building the story of the area; the history, the neighbours, the amenities and the value.
Secondly and very importantly, setting the right price is critical and yes, difficult. Potential sellers should see the competition and know the other homes that are for sale or have sold in their area. In luxury homes, size matters but more importantly, the quality and finishing plays a large role. I was recently in a large home listed for sale for over one million dollars and located in a high-end neighbourhood. The quality, or should I say lack of quality was astounding. Low-end stock cabinetry, laminate flooring, gold metal hardware, laminate countertops, builders grade light fixtures and 30 ounce broadloom simply don’t reflect the asking price! People are not stupid and they know what they are looking at.
Next up is preparing the home for sale. Everything from de-cluttering to a detailed cleaning of every ledge, corner, picture frame and cupboard is essential. The house should show to perfection and be comparable in style and taste to a professionally designed model home. A consultation with a designer is often advisable and may include bringing in alternate furnishings, lights or art work. The outside cannot be over-looked either. A fresh coat of paint on the garage, trimmed lawns and healthy gardens reflect good care in a home.
Coming soon¦Marketing a Luxury Home; Part 2
Selling A Luxury Home in Collingwood – Blue Mountain
Then and Now: Two Decades of Change in Collingwood ~ Blue Mountain
Do You Know The Most Important Factors That Will Get Your Home Sold?
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When it’s time to buy or sell real estate in the Collingwood, Blue Mountain or Georgian Triangle area, contact Marg, an experienced and competent Broker who is ready whenever you are!