Why selling prestige property is different
A genuinely prestigious property is more than simply luxurious. It is a home with something special, unique, and grand. It can be superior architectural design, absolute waterfront locations, or a lifestyle that comes from being nestled within a world-class golf club.
Understandably, the prestige property market is one of the most exciting and unique real estate industry sectors. Prestigious homes and estates do not always follow the same journey as the general residential property market. If you are looking to buy or sell a prestigious property, it is essential to know why this process is different and how to get the best result when selling.c
Discerning buyers, specific sellers.
Despite the Australian property market hovering at an all-time high. Buyers of prestige homes are less susceptible to external pressures such as price increases and/or interest rate changes. Owners can often afford to hold off selling until they receive a price offer they are happy with, whilst at the same time, buyers can take their time before buying a home, or buy after first viewing! Both buyers and vendors, therefore, are as unique as the property they are concerned with, and it is important to know what these primary concerns are to get the best result.
Most prestige property is not purchased primarily for investment reasons. Buyers more often buy because of the emotional connection they have made with the property – that special feeling that they ‘just have to have it’. That is not to say that many do not successfully invest in prestige property all the time.
So while you might not spot as many property investors scoping out prestige homes, the buyers in this market are looking to be blown away, and they understand the pull of a property that delivers something more.
The importance of a network
It is common for prestige properties to be sold in silent auctions or private sales before most people are even aware that it was on the market. Many owners do not want to advertise that they are selling their property to the general public and prefer a more curated approach.
Accordingly, prestige properties tend to be sold by specialised, experienced sales agents. Generally, these agents have an extensive, well connected, well-heeled network of buyers and sellers that they work closely with. Through these networks, sales can go through without a single entry into realestate.com.au.
Relationships are essential
Buyers of prestige properties will not want to spend large amounts of time looking for a new home or going to auctions. Instead, they rely on the experience and knowledge of buyers and sales agents to bring them the properties they may be interested in. At Mercer and Cooper a buyer is not just a number, but a valuable relationship with unique search criteria that have been developed over time. An experienced agent will be able to present the right properties to the buyer at the right time to create that emotional connection – leading to the sale.
Unique search criteria
Buyers of prestige property tend to have highly specific requirements. It is not simply enough that a property ticks all the boxes. The buyer may want specific views, certain features, or jetty access for a particular vessel size. Many of these are non-negotiables, meaning that a sales agent will have in-depth local area knowledge of the property itself, the postcode, as well as knowledge of the client, to ensure the right match is made. Therefore, hyperlocal, experienced prestige property sales companies will tend to avoid having hundreds of listings on their books, always choosing quality over quantity, and understanding the attention and focus required for every home.
Pricing a prestigious property can be challenging.
Prestige properties are unique, and so is the bottom line when it comes to taking one to market. What is special to some buyers is not important to others. As such, pricing properties can be a difficult task. This is why it is so important when selling your home that you pick the right estate agent that has the experience. Why? It is like the old saying ‘it’s not what you know – it’s who you know’. An experienced agent specialising in prestige property will balance the best price with the best sale period, considering the market, buyers and other comparable properties.
Buyers and sellers of prestige property have a wide variety of requirements that necessitate a highly skilled approach to the sales process. It’s a given, therefore, that real estate agents have significant experience within this sector, as well as established networks and genuine relationships across all parties. Finding the right real estate agents is therefore the essential first step in getting the result you want when selling.
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