Are you looking to sell your luxury property, but aren’t sure where to start? You are not alone. No matter the time of year or the state of the current housing market, selling your home is always a daunting task. Luxury homes can be challenging, as there are many different factors to consider such as determining the appropriate asking price, finding the right realtor, and even attracting luxury home buyers. This is all a lot to take in, so let’s take a moment and start from the beginning.
What is luxury real estate?
Before we truly get into all of the fine details, first we must understand what luxury real estate is. In general, luxury real estate is real estate that is valued within the top 10% of the local market. Luxury real estate properties are typically divided into many categories:
- Luxury Condos
- Luxury Homes
- Luxury Townhomes
- Luxury Apartments
- Luxury Penthouses
- Luxury Estates
- Luxury Equestrian
- Luxury Acreage
These types of luxury properties all have a few things in common. Usually, they are found in prime locations, were built with high-end materials, have remarkable amenities, and are a one-of-a-kind design. These properties can vary in size, from homes with one to two bedrooms all the way up to sprawling mansions on hundreds of acres.
What is a luxury home?
Luxury homes tend to be the homes that are considered at the high end of the real estate market, featuring unique amenities, and they are usually located in highly sought-after areas. These homes can be found nestled in the rolling hills of a breathtaking estate encompassing hundreds of acres of prime land, or sit just off of a main thoroughfare in a downtown metropolitan area. In the Atlanta area, luxury properties can range anywhere from $1 million to around $26 million, depending on the property.
What is an equestrian property?
Another type of property that is always highly attractive on the real estate market is equestrian estates. These are properties that are designed with homing, training, and riding horses in mind. Equestrian properties can be anything from vast acreage featuring rolling hills or just a sizable pasture hidden away from the hustle and bustle of the world. They can even be just a few acres and a graceful stable located right outside of the city.
Why Location Matters in Real Estate
You have probably heard the saying “location, location, location” in reference to your real estate search. Location can be the defining factor in real estate as a whole, as the site of a property is really the only factor that can never be changed. Buyers want to be assured that the property they are purchasing is in an area that makes sense for their family, hobbies, occupation, and shopping needs. This means that those looking for a property that caters to their outdoorsy lifestyle may be more interested in purchasing a home in the mountains than in the city.
Conversely, buyers commuting to the city daily for work may want to purchase a property closer to their place of employment to shorten their drive. Due to the 2020 pandemic, many who had the opportunity to work from home found that they are able to work from anywhere in the world. Many of them are now choosing to live wherever they desire as they are no longer tied down to a daily commute.
What is a real estate agent?
A real estate agent is a licensed real estate professional who acts as a representative for either a seller or a buyer during negotiations. Agents arrange all of the meetings and transactions that may need to take place during the sale of a home.
Listing agents are those that the sellers employ, while buyer’s agents are those that work with their client to find them a suitable home to purchase. The goal of both agents is to bring buyers and sellers together and create a smooth and easy transition of ownership. They do this by ensuring that all relevant parties know and understand what is required to complete the sale, and that they are aware of critical dates such as the closing.
What do real estate agents do?
Agents often act as a go-between for the buyers and sellers, making sure that any and all offers, counteroffers, and questions are heard and answered. Listing agents set the listing price, suggest updates that may increase the value of the home before the appraisal, market the home via multiple resources to attract the right buyers, assist with staging the home for the showings, and represent the sellers during negotiations.
What is a real estate agent? Buyer’s agents find properties that match the buyer’s requirements and price range, as well as negotiate terms, and work to arrange necessary meetings. Once a deal is struck, agents then continue their work by helping their client navigate through all of the necessary paperwork and moving the transaction forward through the closing process.
What is a luxury real estate agent?
Luxury real estate agents focus specifically on luxury properties, which is an important distinction when it comes to selling your own luxury property. These agents expressly work with individuals in the luxury real estate market, catering explicitly to those individuals’ unique needs and desires.
Typically, buyers in this category are experienced with real estate and prioritize quality, top-of-the-line amenities such as state-of-the-art pools, smart home integrations, and spacious floor plans. They also favor astonishing architecture and sought-after locations. There are only a small number of real estate agents in the country that are qualified to handle these types of real estate transactions; therefore it is vital that you select a luxury home agent that can accurately represent you during the sale proceedings.
How to Choose a Realtor
Now we come to the first major step of the selling process: choosing the right realtor to meet your real estate goals. The realtor is the most important part of the puzzle when it comes to selling your luxury home. It is crucial that you choose an agent that not only works for you, but also with you. You want to find an agent that you can trust to have your best interests at heart.
The agent you choose should understand you and your needs while providing clear and open lines of communication to ensure you receive the support you need throughout the selling process. Responsiveness is vital. You should consider reading through testimonials from previous sellers your agent has worked with to get a better understanding of the agent’s passion, conviction, and honesty, as well as core values.
Ideally, the agent of your choice should go the extra mile for their clients and have a good track record. Finally, the most important factor to consider is the experience they bring to the table. If you are selling a luxury estate, you want to be sure that the agent you hire is an experienced luxury home realtor that can make the sale happen in a way that is stress-free and rewarding.
How to Sell Luxury Real Estate
The key to selling luxury real estate is part science and part art. This is not a field that can be approached with a one-size-fits-all mindset. Luxury homes for sale only make up a very small percentage of the overall real estate market across the country. These unique properties are just that, unique.
Attracting the right buyer for a luxury equestrian estate in the North Georgia mountains needs an altogether different approach than the process of attracting buyers to luxury homes for sale in the heart of Atlanta. Experienced luxury home agents can navigate these differences with ease, making your selling experience a breeze. As mentioned above, these listing agents will set the listing price, assist in setting up your appraisal, market your home via multiple resources to attract the ideal buyers, assist you with staging your home for showings, and represent you during negotiations.
What is a home appraisal?
We’ve talked about home appraisals a few times now, so let’s take a moment to go over what exactly they entail. A home appraisal is an unbiased, professional opinion of the value of the property. It is also a key component of real estate transactions, including purchasing a home using a mortgage, refinancing your current mortgage, or selling your home to anyone other than an all-cash purchaser.
Home appraisals can also be used simply to determine how much your home is worth so that you and your realtor can set a price point that falls in line with the fair market value. The appraisal value is generally determined by a few factors: recent sales of similar properties, as well as the home’s amenities, floor plan, number of bedrooms and bathrooms, and square footage.
The appraiser will conduct a complete visual inspection of the home and note anything that may decrease the value of the property, such as needed repairs. Overall, an appraisal is an important factor when trying to attract potential buyers, as it ensures that they will not be overpaying for the home.
What is a home inspection?
Before selling your luxury property, you may also have a home inspection done. An inspection is usually arranged and paid for by the purchaser of the property. The inspector will come by and assess the condition of the property and its safety. This includes inspecting air conditioning, plumbing, and electrical systems while keeping an eye out for potential fire hazards.
They also look for evidence of insect, water, and fire damage or any other problem that could negatively affect the property. While inspections greatly help buyers be aware of potential issues down the road, they can also considerably assist sellers in that inspections provide them with the chance to make needed repairs as well as replace or upgrade items that may increase the likelihood of making a sale.
How to Attract Luxury Home Buyers
Attracting luxury home buyers is not always an easy or straightforward task. One of the most important things you can do here is know your buyer. Think about the kind of person who would be looking to purchase your property, such as their age, career, hobbies, and potential amenities or features that would be attractive to them. There are as many types of buyers as there are types of luxury properties, so you may find your property would be more suited to one particular age or lifestyle than another.
You must also know the state of the market in your area so that you can advertise your property appropriately. You’ll also want to create listings and ads that speak directly to the prospective buyers by uncovering their wants and needs. These listings and ads should display proper grammar and spelling, as typos can cause these prospective buyers to lose confidence in what they are buying just as much as who they are buying it from.
A large part of marketing your property falls upon having photographs, and even videos, shot by a professional luxury real estate photographer who understands how to highlight the best features of your property without showing every single detail. It is important to strategically leave some things out of the listing to pique the interest of those curious about your home so that they will request a showing.
You may also want to have high-end and well coordinated printed material displaying these professional photographs made. These can be used to hand out to prospective buyers to boost your property’s visibility and keep it in the forefront of the minds of those interested.
Sell Your Luxury Real Estate With Anita Wheeler, Atlanta’s Top Realtor
All of this may seem daunting at first, but you don’t have to tackle it all on your own. Leave all of the hassle and intensive work to an established luxury real estate professional.
As an Atlanta luxury home agent, Anita Wheeler has an unparalleled ability to get your estate home or property sold. Being an Atlanta area resident for over 40 years has given Anita a unique perspective on the area ,and she will work tirelessly to meet your real estate goals. Whether you are looking for mountain properties, equestrian properties, vast acreage, luxury homes, or event venues for sale in Georgia, choose Anita Wheeler for all of your real estate needs.