Any individual who wants to buy a home is bound to have their fair share of questions, concerns, and desires to vocalize. While these desires are usually easy to communicate, a luxury homebuyer may have different priorities than the average homebuyer.
The point of a luxury home is to impress. If potential buyers aren’t met with a dazzling first impression and the amenities they’ve requested, they may see working with you as a pointless venture. As a real estate agent who specializes in luxury homes, you may find yourself dealing with situations that many other real estate agents will not.
Working with luxury homebuyers can be challenging, but fortunately we know exactly what luxury homebuyers want, and we’re here to help.
Location, Location, Location
Approximately 71% of luxury homebuyers will pay more for a great location. That means location should be your number one selling point for any home you’re showing. Case in point — interiors can be changed with a great interior designer or contractor, but nothing can fix a terrible view.
The interests of the buyer are absolutely crucial to take into account for location. If your client is searching for a home with a beach view, you obviously don’t want to show them a home in a secluded development, no matter if it meets all their other requirements. Take the time to learn where your clients want to be situated, and then hone your search to focus on those specific areas. Make sure you’re paying attention to budget, as well. If a location and a budget don’t match up, then research similar areas to discuss with your client.
What is the Layout Like?
Part of buying a luxury home is the desire for a large, luxurious space to live in — but it’s not always size that matters the most. You can have a gorgeous facade on a house, but if the interior doesn’t function the way a client wants it to, then you may be out of luck.
More often than not, how space is distributed is much more important to a luxury client than the actual size of the house. So before you begin showing homes, it’s important to learn what your client’s spatial priorities are. For example, someone who values a finished outdoor space probably won’t be interested in a home with no backyard. On the flip side, someone who has their heart set on an open loft-style dwelling in an urban area will balk at houses in the suburbs. Above all else, make sure you’re communicating with your client about not just the size of their ideal home, but how the space inside is apportioned.
All About the Amenities
If your client has expressed interest in certain amenities, you should take it into your hands to seek out homes that fulfill those criteria. Most luxury homebuyers are willing to add specific amenities themselves, but if certain features are already in place, so much the better.
One of the hottest trends right now is the eco-friendly home. Amenities such as eco-friendly heating options and solar panels can be a huge selling point. Another big trend is the smart home, in which mobile devices can control multiple features within the house. If security is a big issue for your client, smart homes may be a smart idea.
In the vast majority of moving scenarios, appliances like a dishwasher, stove, and refrigerator are expected to be up and running prior to moving day. It might be vexing to some when these appliances aren’t present during a showing, but even more vexing might be the existence of outdated appliances.
If you’re at a loss as to what kind of appliances are considered top of the line, stainless steel is usually a safe choice. It’s sleek, easy to clean, and gives the entire room a contemporary appearance. In most cases, luxury homebuyers are willing to expand their budget to include higher-end appliances.
Don’t Forget the Price
It doesn’t matter if your client is looking for a studio apartment or a mansion; if the price isn’t right, then you’re not going to make the sale. Even luxury homebuyers can be on the hunt for a deal, so make sure you’re aware of their intentions for the house and their price range.
Some luxury homebuyers are looking for a less expensive home to tear down and rebuild the way they want it to function, or are willing to remodel extensively if the house is sound structurally but somewhat outdated. If building a new home is at the top of the list of priorities for your client, suggest looking into homes with lower price tags and a great location, as this may be an option they hadn’t yet considered.
Above all else, make sure you’re communicating with your client. We can help you get a general idea of what most luxury homebuyers are looking for, but it’s up to you to discuss details with your client. Don’t waste your time or your client’s. Put communication first!
This guest article was written by Terri McAuley of www.weknowchicagorealestate.com.