Rochester Real Estate | LOCAL Homes For Sale https://www.rochesterrealestateblog.com Rochester Real Estate | LOCAL Homes For Sale | Homes for sale in Rochester, NY, LOCAL Rochester real estate listings, market data, REALTOR® info, and high quality content updated every 15 minutes! Wed, 25 Jun 2025 11:50:30 +0000 hourly 1 https://wordpress.org/?v=6.7.2 https://www.rochesterrealestateblog.com/wp-content/uploads/2016/11/cropped-SITE-LOGO-512-x-512-1-32x32.png 8 Tips For Selling a Luxury Home | How To Sell A Luxury House – Rochester Real Estate | LOCAL Homes For Sale https://www.rochesterrealestateblog.com 32 32 June Home Maintenance Checklist: 40+ Must-Do Tasks to Prepare Your Home for Summer https://www.rochesterrealestateblog.com/june-home-maintenance-checklist-summer-prep/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20501 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> May Home Maintenance Checklist: 30 Essential Tasks to Prepare Your Home for Summer https://www.rochesterrealestateblog.com/may-home-maintenance-checklist/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20484 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> April Home Maintenance Checklist: How To Prepare Your Rochester NY Home For Spring https://www.rochesterrealestateblog.com/april-home-maintenance-checklist/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20364 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> March Home Maintenance Checklist: Get Your New York Home Ready for Spring https://www.rochesterrealestateblog.com/march-home-maintenance-checklist/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20338 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Buy a House in New York https://www.rochesterrealestateblog.com/buy-a-house-in-new-york/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19906 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Sell a House in New York https://www.rochesterrealestateblog.com/sell-a-house-in-new-york/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19905 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Risks of Buying a Non-Warrantable Condo In New York: What You Need to Know https://www.rochesterrealestateblog.com/non-warrantable-condo/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19796 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Builders Should Know About Spec Construction Loans In New York https://www.rochesterrealestateblog.com/builders-spec-construction-loans/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19795 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Moving To The Finger Lakes Region Of New York | Guide To Relocating To The Finger Lakes https://www.rochesterrealestateblog.com/moving-to-the-finger-lakes-region/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19875 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Navigating the Numbers: The Pros and Cons of Using Online Home Value Estimators For New York Real Estate https://www.rochesterrealestateblog.com/pros-cons-online-home-value-estimators/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19794 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Role of Location in Home Valuation In New York https://www.rochesterrealestateblog.com/role-of-location-home-valuation/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19768 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Lowe’s vs U-Haul: A Review of Truck Rental Companies https://www.rochesterrealestateblog.com/lowes-vs-uhaul/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19758 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Understanding the Importance of a Seller’s Property Condition Disclosure https://www.rochesterrealestateblog.com/property-condition-disclosure-statement/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19632 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What are Delayed Showings and Negotiations in Real Estate In New York? https://www.rochesterrealestateblog.com/delayed-showings-negotiations/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19547 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 8 Viable Tactics to Selling Your Home and Moving Out of State https://www.rochesterrealestateblog.com/selling-home-moving-out-of-state/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19542 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Unconventional Methods for Selling a House: Thinking Outside the Box https://www.rochesterrealestateblog.com/unconventional-methods-for-selling-a-house/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19519 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Should I Sell My House Off Market: Pros and Cons Explained https://www.rochesterrealestateblog.com/sell-house-off-market/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19503 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What is PITI and How Does It Affect Your Mortgage https://www.rochesterrealestateblog.com/what-is-piti/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19498 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How To Set A Home Renovation Budget https://www.rochesterrealestateblog.com/home-renovation-budget/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19490 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How Does A Co-Borrowers Credit Scores Affect A Home Purchase? https://www.rochesterrealestateblog.com/co-borrower-credit-score/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19474 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> New Construction Final Walk-Through Checklist: Ensuring a Seamless Home Inspection https://www.rochesterrealestateblog.com/new-construction-final-walk-through/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19458 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Essential Tips for Pumping a Septic Tank: What You Need to Know https://www.rochesterrealestateblog.com/pumping-a-septic-tank/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19450 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Can You Submit Multiple Offers On Homes At Once – A Legal And Ethical Analysis https://www.rochesterrealestateblog.com/multiple-offers-on-homes-at-once/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19414 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Get Your Home Photo Ready for Real Estate Listings https://www.rochesterrealestateblog.com/real-estate-photo-ready/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19409 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Does a Home Builder’s Warranty Cover? https://www.rochesterrealestateblog.com/home-builders-warranty/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19394 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> July 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/july-2023-rochester-ny-real-estate-market-update/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19403 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Who Pays Real Estate Commission When You Buy or Sell a Home https://www.rochesterrealestateblog.com/real-estate-commission/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19366 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Quitclaim Deeds: What You Need to Know https://www.rochesterrealestateblog.com/quitclaim-deeds/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19358 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What to Know About Selling a Home As Is for Cash https://www.rochesterrealestateblog.com/selling-home-as-is-cash/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19347 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Know if My House Has Paranormal Activity https://www.rochesterrealestateblog.com/is-my-house-haunted/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19342 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Why Find The History of a House https://www.rochesterrealestateblog.com/find-history-house/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19316 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> June 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/june-2023-rochester-ny-area-real-estate-market-update/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19313 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Does a Real Estate Lawyer Do? https://www.rochesterrealestateblog.com/real-estate-lawyer/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19181 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> May 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/may-2023-rochester-ny-area-real-estate-market-update/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19162 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What to Know About Buying a Home For The First Time https://www.rochesterrealestateblog.com/buying-home-first-time/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19058 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> <strong>What Should a Buyer Look For at a Home Inspection?</strong> https://www.rochesterrealestateblog.com/what-look-for-home-inspection/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18983 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Companies That Buy Houses For Cash Reviewed https://www.rochesterrealestateblog.com/companies-buy-houses-for-cash/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18889 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Does Home Staging Work and What is The Cost? https://www.rochesterrealestateblog.com/does-home-staging-work/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18814 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What to Avoid When Getting a Mortgage https://www.rochesterrealestateblog.com/avoid-when-getting-mortgage/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18797 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> <strong>5 Options For Replacing a Roof Reviewed</strong> https://www.rochesterrealestateblog.com/replacing-roof/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18771 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Are Restrictive Covenants in Real Estate? https://www.rochesterrealestateblog.com/restrictive-covenants/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18714 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Can The Court Force The Sale of Your House in Divorce? https://www.rochesterrealestateblog.com/court-force-sale-divorce/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18693 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Real Estate Agent vs. Broker: What&#8217;s The Difference? https://www.rochesterrealestateblog.com/real-estate-agent-vs-broker/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18650 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How To Determine Square Feet In Your House For More Accurate Property Estimates https://www.rochesterrealestateblog.com/determine-square-feet/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18167 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 3 Things That Often Results in a Real Estate Agent Getting Sued https://www.rochesterrealestateblog.com/real-estate-agent-sued/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18133 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Top 5 Types Of Home Inspections Buyers Should Consider https://www.rochesterrealestateblog.com/5-types-home-inspections/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18119 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Pros And Cons Of Rent To Own Homes: What You Need To Know https://www.rochesterrealestateblog.com/pros-cons-rent-own-homes/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18104 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 5 Smart Things To Do Before Moving That Will Help Ease Your Transition https://www.rochesterrealestateblog.com/things-before-moving/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18084 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Become a Real Estate Agent https://www.rochesterrealestateblog.com/become-real-estate-agent/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18071 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Renting A House Or An Apartment: Which Is The Better Option https://www.rochesterrealestateblog.com/renting-house-apartment/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17871 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The 5 Most Important Factors To Consider When Buying A House https://www.rochesterrealestateblog.com/5-factors-buying-house/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17851 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Buyers And Sellers Need To Know About An Appraisal Gap https://www.rochesterrealestateblog.com/appraisal-gap/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17827 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Pros And Cons Of Renting With Roommates – What You Need To Know https://www.rochesterrealestateblog.com/renting-with-roommates/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17794 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 6 Things You Should Know About Buying Land https://www.rochesterrealestateblog.com/things-know-buying-land/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17773 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How Long Should Home Sellers Wait To Respond To An Offer On Their Home? https://www.rochesterrealestateblog.com/home-sellers-wait-respond-offer/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17745 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How To Buy A House With A Low Credit Score https://www.rochesterrealestateblog.com/how-to-buy-a-house-with-a-low-credit-score/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16819 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Things To Consider When Shipping A Car https://www.rochesterrealestateblog.com/things-to-consider-when-shipping-a-car/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16248 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Home Depot Truck Rentals: What to Know Including Pricing https://www.rochesterrealestateblog.com/home-depot-truck-rentals-what-to-know-including-pricing/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16156 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 16 Things To Do Before Listing Your Home For Sale https://www.rochesterrealestateblog.com/16-things-to-do-before-listing-your-home-for-sale/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16138 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Biggest Home Inspection Mistakes to Avoid https://www.rochesterrealestateblog.com/biggest-home-inspection-mistakes-to-avoid/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16112 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How Your Credit Score Impacts Your Ability To Buy A House https://www.rochesterrealestateblog.com/how-credit-score-impacts-buying-house/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16086 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Top Winter Home Selling Mistakes | 7 Errors Made While Selling A House During The Winter https://www.rochesterrealestateblog.com/top-winter-home-selling-mistakes/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16051 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Top Winter Home Buying Mistakes | 11 Errors Made While Buying A House During The Winter https://www.rochesterrealestateblog.com/winter-home-buying-mistakes/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16013 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Address Change Form Should I Use At The Post Office? https://www.rochesterrealestateblog.com/address-change-form-post-office/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15981 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Does Contingent Status Mean in Real Estate? https://www.rochesterrealestateblog.com/what-does-contingent-status-mean-real-estate/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15956 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> DIY Renovation Ideas For Your Backyard https://www.rochesterrealestateblog.com/diy-renovation-ideas-backyard/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15937 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Rent Your First Apartment Guide https://www.rochesterrealestateblog.com/how-to-rent-an-apartment/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15931 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Tips For Selling A Home Virtually https://www.rochesterrealestateblog.com/tips-selling-a-home-virtually/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15907 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Complete Winter Storage Checklist For Your Belongings https://www.rochesterrealestateblog.com/winter-storage-checklist/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15885 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Should I Waive My Home Inspection When Buying A House? https://www.rochesterrealestateblog.com/should-i-waive-my-home-inspection/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15870 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Biggest Self Storage Companies Reviewed https://www.rochesterrealestateblog.com/biggest-self-storage-companies/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15836 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Earnest Money and House Deposits Explained https://www.rochesterrealestateblog.com/earnest-money-house-deposits-explained/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15760 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Moving Mistakes To Avoid https://www.rochesterrealestateblog.com/moving-mistakes-to-avoid/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15568 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Top Mortgage Myths | Demystifying Common Home Loan Misconceptions https://www.rochesterrealestateblog.com/top-mortgage-myths/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15102 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> First-Time Home Buyer Mistakes to Avoid https://www.rochesterrealestateblog.com/first-time-home-buyer-mistakes/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=14815 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 10 Tips For Adding Appeal To Your Home This Summer https://www.rochesterrealestateblog.com/10-tips-adding-appeal-to-home-this-summer/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=14237 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Exploring The Merits of Smart Home Technology When Selling a Home https://www.rochesterrealestateblog.com/smart-home-technology-selling-a-home/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13782 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Top Frequently Asked Questions From Home Sellers https://www.rochesterrealestateblog.com/top-frequently-asked-questions-home-sellers/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=2424 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> First Time Home Buyer Programs In Rochester NY &#8211; Updated January 2025 https://www.rochesterrealestateblog.com/first-time-home-buyer-programs/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock http://rochesterrealestateblog.com/?p=580 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How New Doors &#038; Windows Can Boost Your Home Value https://www.rochesterrealestateblog.com/how-new-doors-windows-boost-your-home-value/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13643 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Top 5 Things To Know When Flipping Your First House https://www.rochesterrealestateblog.com/5-things-to-know-when-flipping-your-first-house/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13574 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Are The Best Mortgage Options for Self Employed Borrowers? https://www.rochesterrealestateblog.com/mortgage-options-for-self-employed-borrowers/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13450 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Top 10 Best Places To See Christmas Lights In Rochester NY https://www.rochesterrealestateblog.com/top-10-best-places-see-christmas-lights-rochester-ny/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=10236 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Are The PROs And CONs Of Multifamily Homes? https://www.rochesterrealestateblog.com/what-are-the-pros-and-cons-of-multifamily-homes/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13219 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Low-Cost Home Improvements Should You Make Before Selling Your Home? https://www.rochesterrealestateblog.com/low-cost-home-improvements-you-should-make-before-selling-your-home/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13114 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 15 Things Millennial Home Buyers Look At While Buying A House https://www.rochesterrealestateblog.com/15-things-millennial-home-buyers-look-at-while-buying-a-house/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13028 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How Does A Fence Increase The Value Of Your Home https://www.rochesterrealestateblog.com/how-does-a-fence-increase-the-value-of-your-home/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12995 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 5 Simple &#038; Low Cost Fixes To Make Your Home More Appealing To Buyers https://www.rochesterrealestateblog.com/5-simple-and-low-cost-fixes-to-make-your-home-more-appealing-to-buyers/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12779 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How To Improve A Homes Curb Appeal In Rochester NY https://www.rochesterrealestateblog.com/how-to-improve-a-homes-curb-appeal-rochester-ny/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12665 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 7 Ways to Create an Energy-Efficient Home While Conserving Your Budget https://www.rochesterrealestateblog.com/7-ways-create-an-energy-efficient-home/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12633 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Hiring Movers Vs. Moving Yourself | The PROs &#038; CONs Of Each https://www.rochesterrealestateblog.com/hiring-movers-vs-moving-yourself/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12592 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Should You Pay Off Student Loans Before Purchasing a Home? https://www.rochesterrealestateblog.com/pay-off-student-loans-before-purchasing-a-home/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12531 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Should I Build A New Home Or Buy An Existing Home? https://www.rochesterrealestateblog.com/should-i-build-a-new-home-or-buy-an-existing-home/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=2497 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Buying A Condo Vs. Renting A Condo | What Are The PROs &#038; CONs? https://www.rochesterrealestateblog.com/buying-a-condo-vs-renting-a-condo/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12402 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 9 Money Saving Moving Tips | How To Cut Costs When Moving https://www.rochesterrealestateblog.com/9-money-saving-moving-tips/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12341 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Create a Proper Home Maintenance Checklist https://www.rochesterrealestateblog.com/how-to-create-a-proper-home-maintenance-checklist/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12300 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 5 Tips For Tenant Screening | How To Weed Out Bad Tenant Applicants https://www.rochesterrealestateblog.com/tips-for-tenant-screening/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12291 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Best Social Media Blogs For Real Estate From 2017 https://www.rochesterrealestateblog.com/best-social-media-blogs-2017/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12045 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Best Home Improvement Blogs From 2017 | Advice For Home Remodeling https://www.rochesterrealestateblog.com/best-home-improvement-blogs-2017/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12044 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Best Mortgage Blogs From 2017 | Advice For Home Financing https://www.rochesterrealestateblog.com/best-mortgage-blogs-2017/ Wed, 23 Aug 2017 13:00:45 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12043 Detailed Guide For Selling Luxury Homes [caption id="attachment_1430" align="aligncenter" width="500" class=" "]8 Tips That Must Be Considered When Selling a Luxury Home 8 Tips That Must Be Considered When Selling a Luxury Home[/caption] Selling a home is not the easiest of tasks but it also doesn't have to be as hard as figuring out the Rubik's cube!  The level of difficulty does increase though when selling a luxury home.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury home. Many real estate agents don't have a clue when it comes to selling luxury homes.  The same can be said for the owners of a luxury home.  It is important that the proper steps are taken to ensure the home is sold in a timely fashion and for a fair, market value price!

Below is a short, yet informative video which provides these 8 tips for selling luxury real estate.  

If you'd like more in-depth explanations of the 8 tips for selling luxury real estate discussed in the above video, continue reading.  There are some fantastic real-life examples, tips, and pointers to help! 

Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, from the beginning, is extremely important whether selling a $100,000 home or a 1.5 million dollar luxury home!  A common real estate pricing mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake. It's extremely important that a luxury home is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury home to sit on the market for longer than a lower priced home, however, a luxury home does not have to sit on the market if priced properly from the beginning! To ensure the price is right, an in-depth comparative market analysis, must be completed on a luxury home in order to determine a competitive or aggressive price.  A real estate agent should spend several hours massaging the data, touring other comparable luxury homes currently for sale, and calling other real estate brokers who have recently sold comparable properties to the subject home. Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price! [caption id="attachment_10178" align="aligncenter" width="600"]Get Connected With A Top Luxury Realtor® In Your Area Get Connected With A Top Luxury Realtor® In Your Area![/caption]

Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home. Print advertising and direct mailing should still be apart of any real estate agents marketing plan/system.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry! It is extremely important that a real estate agent who is selling a luxury home, is utilizing the internet.  It's important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. When selling a luxury home, it's important that a real estate agent uses social media.  Social media is an extremely important marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don't utilize and/or understand. Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, Twitter Handle, or Pinterest Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice! When selecting a real estate agent to sell a luxury home, it's critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.  These type of real estate agents are also known as a "post and pray Realtor." [caption id="attachment_1432" align="aligncenter" width="414"]High Quality Photos and Videos are Important When Selling a Luxury Home High Quality Photos and Videos are Important When Selling a Luxury Home[/caption]

Tips For Selling A Luxury Home: Quality Photographs,Videos, and Virtual Tours Are A Must!

Most have heard the saying, "quality over quantity."  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it's critical the photographs and videos of a luxury home are outstanding and nothing but the best! Every real estate agent will offer to take photos of a home, but it shouldn't be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment. Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also high end equipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted. A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  Most local MLS's have a limit to the number of photos that can be placed on-line, but allow a location where a video tour or "virtual tour" can be placed. Many luxury homes are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to "walk-through" the luxury home in the comfort of their present home.

Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling non-luxury home.  For instance, if a waterfront luxury home is being sold in Rochester, NY, it's important to select the correct time of year to sell.  Selling a home in the middle of the cold, blustery winter would not be a good time to showcase the waterfront! The same can be said for a luxury waterfront house in Jupiter, FL, selling a home during hurricane season may not be the best time to list a luxury home for sale.

Tips For Selling A Luxury Home: Determine If Open Houses Are Necessary 

A very popular question many home owners have for real estate agents is, are you going to have an open house?  There is much debate whether public open houses help sell homes or not. When it comes to luxury homes, public open houses do not help sell homes.  When it comes to selling a luxury home, public open houses often bring in people just interested in seeing how the "rich and famous" live.  There is absolutely no way to determine whether the people coming through the open house are qualified to purchase the luxury home or not! While public open houses do not help sell luxury homes, broker open houses can be helpful.  A broker open, which is an open house for local real estate professionals, allows real estate agents who have buyer prospects looking for luxury homes to view possible matches.  A broker open is much more successful if the real estate agents who sell luxury homes locally are able to attend, as they have the greatest probability of having a client for the home!

Tips For Selling A Luxury Home: Location & Lifestyle Must Be Portrayed Correctly

Luxury homes are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club privileges, it is important they are being showcased in the listing information. This is another reason why utilizing video or virtual tour when selling a luxury home is a great marketing tool as it is a very good way to present a homes location as well as the lifestyle. When buying a luxury home, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It's important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home. [caption id="attachment_1433" align="aligncenter" width="303"]Staging with a Purpose Helps Sell Luxury Homes Staging with a Purpose Helps Sell Luxury Homes[/caption]

Tips For Selling A Luxury Home: Staging Is Key

Staging does not sell homes but it certainly can help!  There are many sellers who believe that by hiring a real estate agent who has a staging designation, their home will sell because their home has been staged.  This is wrong.  Obtaining a designation for staging doesn't necessarily mean they are a great real estate agent. When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.

Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury home will normally take longer than a non-luxury home. One major reason that luxury homes take longer to sell than non-luxury homes is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a $150,000 home entering the market on a daily basis.  There aren't many buyers who can afford a 1.5 million dollar home entering the market on a daily basis.  For this reason alone, it's important to be patient and understand that if the above tips are being practiced, a buyer will surface!

Rochester NY Luxury Real Estate - Case Study

The luxury real estate market in the Greater Rochester NY area would incorporate properties that are listed and sold for $500,000 or more.  Rochester NY luxury real estate is a great example of the above tip of remaining patient when selling a luxury house.  Below is a case study reviewing the luxury real estate market in the Greater Rochester NY area over the past 12 months. Over the past 12 months there have been a total of 114 Greater Rochester area luxury houses sold.  In this example, the "Greater Rochester area" incorporates all of Monroe County, NY.  Over the past 12 months, there have been 7,926 homes sold for under $500,000, with 6,880 being sold for under $250,000. Clearly you can see the total number of luxury houses sold over the past 12 months is much lower than what would be considered a "non luxury home." When it comes to average time on the market, the homes that sold for greater than $500,000 in the Rochester area, they took an average of 49 days from listing date to contract date.  Those homes sold for less than $500,000 in the Rochester area took an average of 34 days from listing date to contract date. Again, as you can see the average time on the market for a luxury home is going to be higher than non luxury real estate.  This real life example likely applies to most Cities across the United States! If you're unsure if it applies to your area, contact me and I can get you in touch with a Luxury real estate agent in your market who can help confirm that this is the case in your area.

Final Thoughts

Selling luxury real estate takes a much different approach than selling a $100,000 home in a suburb.  The above tips for selling luxury real estate must be followed in order for the sale to be a success.  If you don't consider these tips for selling luxury real estate, it's very possible the sale is going to take a significant amount of time, if the sale ever occurs.

Other Luxury Home Resources

Are you considering selling luxury real estate in Rochester, NY?  If so, we'd love the opportunity to interview and explain why we can give your luxury home maximum exposure and get it sold!  Our marketing plan is second to none and we'd love to prove why we are top real estate agents in Rochester, NY!
About the authors:  The above article "8 Tips For Selling a Luxury Home | How To Sell A Luxury House" was provided by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group!  With over 35 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]>