Not all buyers are in the market to purchase The Legendary Beverly House or a 50,000 square-foot estate with panoramic views of the beaches, West Side, the Hollywood Hills, downtown Los Angeles and the San Gabriel Mountains. In fact, most aren’t. According to the National Association of Realtors®, only 9 percent of first-time and repeat homebuyers purchase homes priced at more than $500,000; a percentage that decreases further as price increases.
With such a small demographic to market to, how do you sell luxury real estate in Los Angeles?
We’ve all seen the traditional marketing of a single-family home or condominium in Los Angeles – home staging, photographs, online and print advertising, a sign in the front yard and sometimes an open house. With a luxury property in areas such as Beverly Hills, Bel Air, the Hollywood Hills and Malibu, these marketing tactics simply do not suffice. Everything – from the text of the listing package to the way buyers are introduced to the property – must change.
If you’re thinking about listing your luxury property in Los Angeles, for these and other reasons, it is imperative to hire a real estate professional that has extensive multi-million dollar property sales experience and a history of excellence in your particular community. An agent with an extensive portfolio of multi-million dollar luxury home sales will have the experience, connections and creativity you need to get the job done.
Let’s take a look at some of the more specific ways your Realtor® should market and sell your luxury home.
Frankly, for traditional listings, real estate agents shoot most of the photographs you see on the Multiple Listing Service with their own digital cameras. When it comes to luxury real estate, however, a professional photo shoot is the only way to go. Quality marketing materials need to be designed, websites need to be created and buyers’ attention needs to be captured. Professional photographs set the tone. These lust-worthy images sell houses and encourage potential buyers to dream about owning your home.
Connections. Connections. Connections. In the uber-luxury real estate industry, it is not uncommon for buyers to want the sale of their home to be kept private – out of the public eye. Furthermore, if there is one thing that luxury agents know, it’s that hitting the wrong customers will only end up wasting time. When it comes time to sell luxury real estate in Los Angeles, knowing how and who to contact can be the key to success.
Perhaps you’re selling a very private estate in the heart of Beverly Hills that would be ideal for a buyer with celebrity status. Maybe your home offers an expansive, showroom quality garage that would be ideal for the exotic car connoisseur. Or, maybe you need a buyer that is interested in owning an elaborate equestrian estate in the hills. Finding these buyers among the small percentage of the population that can actually afford your home is key. An agent with a sterling reputation for multi-million dollar and luxury property sales will have the industry connections and book of clientele needed to ensure your property is matched with the ideal buyer.
It would be great if every luxury home sold with a simple phone call to a past client or real estate agent, but sometimes we have to get a bit creative. Los Angeles is an eccentric, exciting and dynamic city. Real estate professionals have to think outside the box to attract buyers. Whether it’s throwing a party in conjunction with one of Los Angeles’ many luxury brands to draw attention to the home or adding an incentive for the right buyer, there are a number of ways to create a buzz around the sale of your luxury L.A. home.
The luxury real estate market, particularly in a city like Los Angeles, draws international buyers for a number of reasons; the main reason is the value of real estate here. Prices in the United States are considerably lower than in other major international cities and buyers are attracted to the lifestyle and excitement of our city. Your real estate agent should have a global presence to ensure your home is being marketed to the widest pool of qualified buyers possible.
By partnering with the renowned Christie’s International Real Estate brokerage, our team at Hilton & Hyland is part of the largest international network of independent real estate brokerages specializing in the sale of important properties around the globe. Each firm selected is put through an extensive screening process ensuring the company demonstrates proven records of success in handling distinctive properties.
These are just a few of the many steps that are used to sell luxury and multi-million dollar properties in Los Angeles. Representing the highest 2012 home sale in Beverly Hills and many of the most expensive homes in Los Angeles, including the famed Spelling Manor in 2011, our team at Hilton & Hyland understands this unique market and has developed a team of more than 100 of the most successful agents working in the industry today to ensure your success.
To learn more about the luxury real estate market in Los Angeles or to speak with an agent about listing your distinctive property, connect with our team at Hilton & Hyland today. We look forward to hearing from you and to earning your trust and lasting business.