How To Sell A Luxury Property In Cyprus

How To Sell A Luxury Property In Cyprus

Selling Thursday, 08 November, 2018

Selling a home is not the easiest thing in the world but it also doesn’t have to be as hard as figuring out rocket science. The level of difficulty does increase though when selling a luxury property in Cyprus.  With the increasing level of difficulty comes an increased level of expertise that is required to sell a luxury property.

Many real estate agents have no idea when it comes to selling luxury properties.  The same can be said for the owners of a luxury home.  It is important that the correct strategy is taken to ensure the property is sold in a timely fashion and at market value.   


Tips For Selling A Luxury Home: Is The Price Right?

Pricing a home correctly, when first listing your property for sale, is extremely important whether selling a $100,000 home or a 1.5 million euros luxury property the biggest mistake that is made is hiring the real estate agent who suggests the highest price and in the luxury home market, this can be a huge mistake.

It’s extremely important that a luxury property is priced competitively or aggressively from the beginning to attract buyers from the beginning.  It is more common for a luxury property to sit on the market for longer than a lower-priced home, however, a luxury property in Cyprus does not have to sit on the market if priced properly from the beginning!

To ensure the price is right, an in-depth comparative market analysis must be completed on a luxury property in Cyprus in order to conclude a competitive or aggressive price.  A real estate agent should spend several hours studying the data, touring other comparable luxury properties currently for sale, and calling other real estate agents who have recently sold comparable properties in the area.

Often times there are homes that are extremely similar to others in certain neighborhoods.  It is rare to find a luxury home that is identical to another, so knowing every amenity a luxury home has is crucial when determining the price!


Tips For Selling A Luxury Home: Effective Marketing Is Vital!

The price a home enters the market at does a fair amount of the marketing in itself, however, there are other marketing tools that should be used when selling a luxury home.

Print advertising and direct mailing should still be a part of any real estate agents marketing plan/strategy.  The internet, however, has significantly changed how consumers shop.  This is no different in the real estate industry!

It is extremely important that a real estate agent who is selling a luxury home is utilizing the internet.  It’s important that a real estate agent has their own website and/or blog and that it is mobile responsive as well.  Many home buyers are shopping on their tablets and mobile devices. According to our website www.cyprino.com data, the ratio between mobile users and desktop are double with mobile users.

When selling a luxury home, it’s important that a real estate agent uses social media.  Social media is an extremely powerful marketing tool for real estate agents that can help give their clients maximum exposure!  It is a marketing tool that most real estate agents don’t utilize and/or understand.

Ask yourself, what percentage of people in the market to buy or sell a home have a Facebook Page, or Instagram Account?  95%+?  By not marketing a luxury home for sale on social media, a real estate agent is doing their client a huge disservice!

When selecting a real estate agent in Cyprus to sell a luxury home, it’s critical to know where the luxury home will be marketed, how it will be marketed, and how frequently it will be marketed.  When selling a luxury home, a real estate agent must have a comprehensive marketing plan/system and cannot list a luxury home, wait and hope it sells.


High-Quality Photos and Videos are Important When Selling a Luxury Home

Tips For Selling A Luxury Home: Quality Photographs, Videos, Are A Must!

Most have heard the saying, “quality over quantity.”  This relates perfectly to the quality of photographs and videos of a luxury home for sale.  With over 90% of buyers beginning their home search online, it’s critical the photographs and videos of a luxury home are outstanding and nothing but the best!

Every real estate agent will offer to take photos of a home, but it shouldn’t be as easy as just leisurely taking photos.  When selling a luxury home, if the real estate agent is not having a professional photographer take photos of the home, they better have some great equipment.

Top real estate agents who choose to take their own photographs of their luxury home listings must have experience and also hhigh-endequipment such as a wide angle lens.  When taking photos of a luxury home a few things that need to be considered are, is the lighting right for the photos, are the amenities being photographed, and is the exquisite location being highlighted.

A picture may be worth a 1,000 words, how much is a video or virtual tour worth?  A billion?  When selling a luxury home, a professionally created video or virtual tour can be the difference of whether or not the luxury home sells.  

Many luxury homes in Cyprus are much larger than 25 photos can showcase and also much more glamorous than 25 photos can showcase, so video is a great way to allow potential buyers the ability to “walk-through” the luxury home in the comfort of their own home.


Tips For Selling A Luxury Home: Timing Is Important

When selling a luxury home, timing plays a larger role than when selling a non-luxury home.  For instance, if a beachfront luxury home is being sold in Limassol, Cyprus it’s important to select the correct time of year to sell.  Selling a home in the middle of February, in the winter would not be a good time to showcase the beachfront!


Tips For Selling A Luxury Property: Location & Lifestyle Must Be Described Correctly

Luxury properties are often luxurious because of their location and lifestyle.  If a luxury home is part of a development which includes a clubhouse or yacht club advantages, it is important they are being showcased in the listing information.

This is another reason why utilizing video when selling a luxury home is a great marketing tool as it is a very good way to present property location as well as the lifestyle.

When buying a luxury property in Cyprus, the prospective purchasers will often want to know who else is living in the general vicinity of the home.  It’s important to know or find out who else lives in the area and ensure this information is available to real estate agents who are showing the home.


 

Tips For Selling A Luxury Home: Staging Is Key

When selling a luxury home, staging will help maximize price and minimize time on the market.  When staging a luxury home, it is important that the amenities which make the home luxurious are being showcased.  If there is an outdoor BBQ, is it staged so that potential buyers can envision their summertime gatherings?  A luxury home with an over-sized formal dining room should have elegant place settings with fine china at each place setting to help a buyer envision what their fine dining parties may look like.


Tips For Selling A Luxury Home: Patience Is A Must

One of the biggest things that a seller needs to consider when selling a luxury home, patience is a must!  Selling a luxury Property will normally take longer than a non-luxury Property.

One major reason that luxury Properties take longer to sell than non-luxury properties is the number of possible buyers available to purchase the home.  Face it, there are many buyers who can afford a 200,000 Euro home entering the market on a daily basis.  There aren’t many buyers who can afford a 2 million Euro Properties entering the market on a daily basis.  For this reason alone, it’s important to be patient and understand that if the above tips are being practiced, a buyer will surface!


Final Thoughts

Selling luxury real estate takes a much different approach than selling a 100,000 Euro home in Limassol.  The above tips for selling luxury real estate in Cyprus must be followed in order for the sale to be a success.  If you don’t consider these tips for selling luxury real estate, it’s very possible the sale is going to take a significant amount of time, if the sale ever occurs.

 

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