A quick Google search produces countless tips and tricks on how to market and eventually sell a luxury property. But often, this is much easier said than done. From what actually constitutes a high-end residence to whether open houses help find buyers, real estate professionals have various – and often diverging – opinions on the high-priced segment.
To bring some clarity, Haute Residence talked with Dante DiSabato, Naples-based luxury real estate agent with William Raveis Real Estate, who shares his approach to presenting lavish estates on the market and not letting them pine on it for long.
What makes a home a luxury property?
I think it depends on the market that you are selling. And, frankly, the term “Luxury Property” gets thrown around a lot by agents and by sellers. I think that usually a luxury property is $1 million and up in price point or the top 10% of your market area.
What considerations go into pricing a luxury home? What factors influence the pricing?
There are all different factors regarding the pricing of a luxury home. For an area such as Naples, Florida the main factor would be location. There are additional factors like view, size, age, style, etc. But there are usually comparables, which help influence the price.
How do you approach the marketing of the home? Do you have any rules/principles you follow?
I have come up with a method to my madness when it comes to marketing a luxury property. This took years to create and it continues to adapt as technology changes and the market changes. It also depends on the demographic that I feel would be purchasing the home. It all starts with the photography, video tours, and ads that are put out in a systematic order to create the greatest viewership.
Some professionals say that there are good and bad times to list a luxury property depending on its location. Do you agree? Is there a most propitious time to list a luxury home in your region?
In Naples / Southwest Florida the best time would be to list around Thanksgiving and keep the listing through our season, which usually lasts just past Easter. However, lately due to weather, our season has lasted a longer period of time and people are staying longer and purchasing later in the season. It is good exposure to start in the fall though.
Professional photography and staging seems to be a must, especially for high-end properties. Today, 3D tours are becoming popular too. What is your advice to sellers when it comes to this aspect of marketing that is often at the core of the home presentation?
I would highly recommend professional photography as it is the first thing that a potential buyer looks at. 3D tours and video tours are becoming popular as well and I would suggest all of these to a seller when marketing a property. The better your home looks, thanks to quality photography and video, the more attractive it is to potential buyers, which, in turn, makes them want to schedule a visit.
When executing a marketing campaign, is there a right mix of online promotion, print and relying on a realtor’s built network? What is your approach?
My approach is very different than others in my market as I would say I have a mix of all three when it comes to marketing. I have a very high online, magazine and newspaper presence, and a very large Realtor network that I have been leveraging for years. All of these aspects play a part in my plan. However, if the property is not priced correctly it will not sell.
Do open houses help sell luxury homes? Why yes/no?
Yes. I like to hold the properties open as much as possible to get potential buyers in to tell the story of value or what this property offers versus others on the market. If you can give the facts to a potential buyer while standing in front of them it is better than any marketing in the paper, social media or Realtor network.