The prestige property market is in a league of its own. With entry price points typically starting at $5 million and above, the pool of prestige buyers is relatively small.
Likewise, the number of quality properties that fit the prestige property standard is smaller than the market. With demand outstripping supply, it takes an original strategy to bring the two parties (buyer and seller) together.
Below, we share tips on how you can attract and transact with prestige home buyers.
1. Prestige buyers look for a home, not an investment
Prestige homes valued at $5 million-plus are not going to be investment properties. Usually, the purchaser is looking for a home with a unique view and amenities, or one that offers a certain lifestyle. It’s all about the emotional connection established between the property and the prospective buyer, not necessarily the numbers.
2. Prestige properties sell off-market in silent or secret home sales
Luxury home sellers generally don’t want people to know that their home is for sale, which makes it tricky for an inexperienced agent to sell. Often, there’s no online marketing campaign, a property listing or even a “for sale” sign. So how do you sell a secret?
If you look hard enough or have the right connections, you will find that prestige properties are sold in silent auctions and silent sales. Everything is hush-hush and conversations happen behind closed doors – usually between selling agents and buying agents.
3. A well-networked agent is essential
Buyers at the upper end of the market don’t have time to spend hours researching property online. So, it’s all about relationships and who you know, not what you know. To a successful real estate sales agent selling luxury homes, a buyer is not just a number. They establish a valuable connection, one that needs to be nurtured over time.
An experienced prestige property sales agent has a buyer database comprising both local and international buyers. They will also have qualified buyers at the top end with whom they have built up a good rapport over many years.
4. Luxury properties always have a USP
Properties belonging to the premium price bracket always have something unique to offer. This could be an incredible view, available amenities or the quality of finishes.
An experienced agent in this market knows how to match a buyer’s unique criteria with the features of your home. It’s all about creating an emotional connection between the buyer and the home and making it easy for the buyer to visualise themselves living in the property.
5. Prestige buyers can be picky
It can be difficult to meet the expectations of a luxury home buyer. Even when money is no object, there are other things that can influence their decision, such as the size of the property or the location of the pool.
They would have specific criteria that are non-negotiable such as a particular architectural style, a spectacular view, a championship-size tennis court, or a jetty and so forth.
6. It can be difficult to price a prestige property
It’s generally hard to price a property that is unique. Besides, the desirability of a prestige home boils down to the emotional connection the buyer feels upon seeing it.
To make a prestige property more desirable, you can focus on highlighting the virtues of the lifestyle afforded and weave a story around the home.
Partner up with De Brennan
If you have a prestige property you want to market in Mosman, you’ll find the De Brennan team to be your perfect partner in opening up your luxury home to both local and international buyers.
We have an extensive database of prestige buyers and can efficiently manage communications with those whose criteria match the qualities of your property.
De Brennan’s track record of success in prestige property sales in Mosman and nearby suburbs is well-established, so you know you’ve chosen the right partner. Get in touch with us today.