Selling a luxury home isn't exactly like selling any other home, so the marketing plan you use to reach luxury home buyers needs to have that “extra something” to elevate your properties as “extraordinary.” Luxury second home owners are a very specific audience segment with needs that are different than other home buyers (especially first-time home buyers). Here are some insights into how you can gear your marketing techniques to luxury second home owners specifically.
‘Be’ in the right place, at the right time
Consider not only where home buyers are looking for information, but where this very specific segment of home buyers will be looking as they begin their search for luxury homes, and the agent that will put them into the house they love. If you don't factor in their habits and media platform preferences, they'll never discover you, your available properties or the prices you’re offering.
That means you need to go digital, but it also means you cannot abandon one of the most important mediums. Print is critical — in Eagle County alone, 91% of the residents read the local paper at least once per week. Do your research and know where your local buyers will look for information about luxury homes. Ensure your marketing ends up not only in the right digital spaces, but in the right newspapers, magazines and other publications. Don't forget other traditional mediums either — do they listen to the radio or watch particular types of TV, and when?
Create a targetTargeting your audience is an extension and expansion of our first point. You need to really understand your audience and the segments within it. This means more than just where they search for real estate information, and while it does include typical demographics like age, sex and marriage status, it encompasses so much more than that — you need to dig into why they're looking for a second luxury home. What lifestyle elements are they trying to capture, or what level of prestige are they trying to convey? What surrounding amenities do they want? This will help you frame your marketing message in the context that appeals to them best.
Invest in your materials
We can't emphasize this enough: Don't scrimp on your marketing costs. Buyers want high-end luxury, and your materials will absolutely be a reflection of your ability to delivery that. Remember that even with the statistic we mentioned above about traditional print marketing, you also to take into account that 92% of all buyers will use the internet as a part of their property search.
That means you might have to spend quite a bit of money and time, but for a luxury property, it's necessary. Put in the effort to take great photos, hi-def videos, and even drone photography or video. For your print materials, ensure they're on quality paper that offers the texture and weight this sort of property deserves. Make sure you have great digital marketing tools in place, a website that's easy to find, and ensure your online listing features those high quality images and video. You should also tap into high-quality, professional writers to develop the copy for your materials, including your listings.
Pay attention to the detailsJust as your materials needs to be of the utmost quality, your creative needs to be held to that same standard. Luxury is also refined; its quality superior to the last detail. Certainly this is most important with the property itself, and you should stage it so it's not only well kept with immaculate landscaping, but flawless in every element of appeal. Of course, your attention to detail shouldn't just be on the big picture. It needs to come down to even the simplest levels. Whether you pay for a professional writer or not, for example, you need to proofread every piece of material your buyers will see or hear. A typo might seem like a small thing, but it can do a lot to hurt the way you (or the property) are perceived.
Tell a story
Selling a luxury home is about more than pitching buyers on the building's unique amenities and features. Rather, it requires a sense of mystique; a sense of storytelling that will pique the buyer's interest. You're not just selling a building, after all. You're promoting a point of view and selling a piece of a lifestyle. Luxury homes lend an air of prestige to their owners, and the way you market the property should “sell” that prestige too. Remember that how you price the property can also affect that perception, so be sure to do your homework to find the right balance between what your buyers are willing to pay and what they expect a luxury home in that area to be worth.
These tips should help you develop an effective strategy for reaching luxury homeowners. Audit your outreach and your budget to see which areas you can really elevate to represent the experience and lifestyle of your property in the marketing. Take a look at our case study on Slifer Smith & Frampton to see a great example of luxury home marketing done successfully.