The high-end real estate market is on a red hot streak despite reports flying about a property market slowdown. If you've got cash to burn why not consider one of the many luxury Surfers Paradise property options available. But selling a house with a sizeable price tag comes with its own distinct set of challenges.
The process can sometimes be a bit trickier than your day-to-day property sale, but here are some things to keep in mind when you are putting your million-dollar plus property on the market.
Research your options
There is no one-size-fits-all approach to luxury property. It could be a sprawling waterfront mansion with its own marina, or an ultra-modern penthouse overlooking the beach. It can be hard to pin down what luxury means because it differs from person to person. It's therefore very important to sit down and carefully decide upon what features buyers in your area will be drawn to.
Market research is a big part of this strategy. Investigate what certain properties in a similar price bracket offer in surrounding areas. Like many other vendors with exclusive property sales, you might also decide to keep the details of your property private. However, before you commit be aware that many buyers start their property search online.
This also applies to price. Keep in mind that luxury properties generally sit longer on the market than others, simply because there are fewer buyers than in a lower price bracket – but this isn't the case every single time. A property that is priced correctly from the very start has the best chance of a quick sale.
There are a few avenues you can take. It can be tempting to smack the highest price onto your home, but first think about whether you want to price it aggressively or competitively.
A competitively priced property will likely attract an initial slug of buyers and allows you to whittle down or up to a price you want. But aggressive pricing could sort the serious buyers from the rest – and potentially get you the best sale.
Whatever your strategy, real estate professionals who specialise in luxury property sales will help you set a price that will appeal to potential high-end buyers.
The lifestyle that comes with buying real estate in Surfers Paradise is a big drawcard to buyers from all over the world, and this is equally the case with high-end offerings. There are not as many potential buyers who can afford to spend millions on a home, which means you have to reach as many buyers who can as possible.
This means portraying the right type of lifestyle in your marketing strategy. If your property is part of a development with marina space or has club privileges, highlight these in your listing.
Similarly, luxury property does not exist in a vacuum. Emphasise surrounding facilities or activities that might appeal to prospective buyers, like golf courses or top restaurants. If your property is only a stone's throw from the water, make this clear. The location will be a significant aspect in a buyer's decision so it is important to hammer home why your property is worth the price.
Timing is equally important – even more so than for a non-luxury property. An agent who specialises in high-end homes can advise you whether the market in your area is hot or if there are any particular marketing techniques that will help get a sale off the ground.
Selling a luxury apartment or house takes more time and effort than selling a run-of-the-mill property. As such, you will want to work with real estate agents who have a depth of experience selling homes at the top end of the market so consult luxury experts like those at Ray White Surfers Paradise.