What is Luxury Real Estate?
Luxury Real Estate is a Specialty Service within the overall realm of Real Estate marketing. Each geographic area has an average price for single-family homes. Customary rules for designation is that if the sales price of a home is twice the local average it is considered High End. If a home is three times the local average it is considered a Luxury Offer.
Marketing a Luxury Home is completely different from that of an average-priced home. The buyer pool is limited and their expectations are often more demanding. Having an experienced realtor that is knowledgeable of working in this specialty can make the difference between having a home sit on the market for a long time, or moving quickly due to specific marketing to likely buyers.
The Luxury Difference
Selling a home that fits into the Luxury qualification is entirely different from selling a home that does not meet the designation. These homes need to be marketed to an affluent demographic that may not be in the traditional real estate marketing approach.
The Luxury buyer expects extreme attention to detail and presentation of the home. They are very specific in their desires and tastes and want as much information conveyed to them before they take the time to physically view a property. For this reason, the listing realtor needs to have a marketing plan that specifically caters to the affluent demographic. The marketing of Luxury homes often needs to have international exposure as the buyer of this niche specialty is often not local.