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Buying and selling luxury property in a competitive market: All you need to know

Selling a high value property requires different strategies and procedures than an average market home.

By LLM Reporters  |  May 25, 2022
luxury villa

With the UK housing market booming, some of the nation’s hottest mid-range properties are being snapped up within just a few days of being listed – but for those looking to make a quick sale on a luxury property, things can be a little more complicated.

For buyers with millions to spend, only the perfect home will do, and with wealthy buyers becoming more discerning – and demanding – winning them over can be a tricky business. If they can’t see themselves living in your property, or imagine it fitting their lifestyle, they won’t hesitate to write it off and continue looking elsewhere, so how exactly can you ensure that it speaks to them in exactly the right way from the first viewing, and land yourself a lucrative sale as quickly as possible?

Choose a realtor with experience in the luxury housing market

Marketing and selling luxury properties is a fine art, which means your average estate agent may not be well enough equipped to see the process through from start to finish without any hiccups. With this in mind, opt for an experienced luxury realtor, who will know exactly what is required to get you a speedy sale at the right price.

3d render of beautiful luxurious house
For buyers with millions to spend, only the perfect home will do, and with wealthy buyers becoming more discerning – and demanding – winning them over can be a tricky business

A great way to seek out the best luxury estate agents is to look at the past sale portfolios of luxury real estate groups and seek out reviews to get a good idea of previous customers’ experience.

Be sure to offer a good conveyancing agreement

A conveyancing agreement refers to documents that both the property owner or seller and the buyer sign as proof of property transfer and turnover. This requires extensive attention to detail, since it has the power to make or break your whole experience throughout the process, and is applicable whether you’re the one selling a property or the one buying it.

As the seller, if the conveyancing agreement you present is far from being legal and fair then you might quickly find yourself losing a lucrative sale. On the other hand, if you show several statements containing the best conveyancing agreements, you can expect the sale process to go through with relative ease if all parties are in the right position.

Working with professional conveyancers will make the task of obtaining a good conveyancing agreement much easier. Conveyance solicitors at Conveyancing Supermarket is a good place to start, with a team of experienced professionals on hand to draft it on your behalf.

Set the right price

Home owners can often be biased about their properties, and this can influence the appeal of the initial asking price to potential buyers. While you might be looking to get the highest possible amount of money, it’s important to listen to your luxury estate agent’s advice, as they are experienced in valuing and selling high-end properties and will know what you can realistically expect to get for your home.

Luxury villa show home exterior view in a tropical resort with private garden and metal gates
Marketing and selling luxury properties is a fine art, which means your average estate agent may not be well enough equipped to see the process through from start to finish without any hiccups

Upping the price from their estimate might seem tempting, but if you’re eager to sell quickly then this can prove a hindrance that will slow the entire process down. Allowing a property to go stale on the market can dramatically impact upon its perceived appeal amongst potential buyers and will reduce the pool of offers you’re likely to get, so work with your realtor to set a fair price that is competitive but will also get you the amount you deserve for your home.

Market effectively

There’s a lot that goes into marketing a luxury home, but a great set of high-quality photos is the sensible place to start and will help to show your property off in all its glory. Before arranging a shoot, consider bringing in a professional stager to ensure that your home is styled and laid out in a way that is likely to be the most appealing to buyers and that will help them to envisage themselves living in it – and keep the staging in place for your open house and any subsequent viewings.

Taking some time to work with both the stager and your chosen estate agent to determine what it is that makes your home special and how best to highlight this will go a long way when it comes to showcasing it in its best possible light. When it comes to the crunch, selling a luxury home is all about a good marketing strategy, and done right, this will get you the best possible price.