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Old 06-05-2008, 11:32 AM
 
10 posts, read 34,856 times
Reputation: 16
Default Marketing Ideas for multi-million dollar home

I have a client that wants to sell a multi-million dollar ocean front home.

Obviously, I'm going to have to alter my marketing plan, seeing how I normally list in the 150-450k range.

I'm asking for ideas/help.

Any suggestions?
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Old 06-05-2008, 12:44 PM
 
Location: South Charlotte
1,395 posts, read 3,783,973 times
Reputation: 454
Are you with one of the larger firms? The reason I ask is with mine we have an entire marketing package catered towards high end luxury homes or listings in general.

Everything from print materials, ads, tv stuff, and so on. It's all different and unique with the focus on attracting that specific type of buyer. Even offers discounts on publication advertising,etc..
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Old 06-05-2008, 06:02 PM
 
Location: San Antonio
4,085 posts, read 6,333,538 times
Reputation: 3155
That's my niche and I'll tell you that there selling a million dollar home just means that there are a million more ways to waste money. The national publications probably won't help you sell it. They're more of a branding thing to help you get more listings. The ads I run are mainly for my own branding here in town.

The main source of my sales is word of mouth. I know all the agents that have buyers and I get to know all the neighbors of the home I'm selling, as they usually know someone that wants to move into their neighborhood. Network with those that can already afford it.

The best thing I do for these homes is open houses. No ads for the open houses either. What I'm finding is that the affluent either already have a buyers agent that tells them when something comes on MLS or they know the neighborhoods/areas they're interested in and they just go out driving and calling off of signs. I'll take my computer to some of my listings and just office out of those homes and hold open houses.

Occasionally I'll do a special open house. Last week I had a "neighborhood gathering/art show" on a Wednesday night. Sent out invitations, got a margarita machine and brought in a local artist to display and sell her work. Went over incredibly well, got all the neighbors looking for a buyer and picked up a new listing.

Don't try and reinvent the wheel just because it is more expensive.
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Old 06-05-2008, 06:19 PM
 
Location: GA
2,579 posts, read 6,496,362 times
Reputation: 881
Quote:
Originally Posted by kevcrawford View Post
That's my niche and I'll tell you that there selling a million dollar home just means that there are a million more ways to waste money. The national publications probably won't help you sell it. They're more of a branding thing to help you get more listings. The ads I run are mainly for my own branding here in town.

The main source of my sales is word of mouth. I know all the agents that have buyers and I get to know all the neighbors of the home I'm selling, as they usually know someone that wants to move into their neighborhood. Network with those that can already afford it.

The best thing I do for these homes is open houses. No ads for the open houses either. What I'm finding is that the affluent either already have a buyers agent that tells them when something comes on MLS or they know the neighborhoods/areas they're interested in and they just go out driving and calling off of signs. I'll take my computer to some of my listings and just office out of those homes and hold open houses.

Occasionally I'll do a special open house. Last week I had a "neighborhood gathering/art show" on a Wednesday night. Sent out invitations, got a margarita machine and brought in a local artist to display and sell her work. Went over incredibly well, got all the neighbors looking for a buyer and picked up a new listing.

Don't try and reinvent the wheel just because it is more expensive.
That's exactly how it's done in my area with $1mil+ homes. It does work!
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Old 09-04-2010, 06:50 PM
 
Location: NJ
17,580 posts, read 19,955,756 times
Reputation: 15381
Don't take this the wrong way, but why would someone choose a realtor to sell their multi million dollar home who has no experience doing it?
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Old 09-12-2010, 03:18 PM
 
42 posts, read 68,374 times
Reputation: 30
Default why

Quote:
Originally Posted by manderly6 View Post
Don't take this the wrong way, but why would someone choose a realtor to sell their multi million dollar home who has no experience doing it?
1) Because he/she is a personal friend and they trust them
or
2) A deep discount on the commission

Or both.

Frank
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Old 09-12-2010, 03:47 PM
 
Location: Farmington, Utah
50 posts, read 69,951 times
Reputation: 29
Experience comes with doing. Learning comes from experience. You will do an awesome job. The fact that you are soliciting suggestions speaks volumes. Here are a few things I have picked up from classes or others.

  • List the home on the Multiple Listing Service.
  • Hire a decorator to stage the inside of the home.
  • Hire a landscaper to stage the outside of the home.
  • Provide tips and advise on preparing the home for sale.
  • Use a professional home tour company to capture the beauty of the home.
  • Post the virtual tour of the home on numerous websites.
  • Send an email flyer to over 5,000 area agents.
  • Prepare a “home book” for the property.
  • Advertise in local news letters and/or news papers.
  • Target a specific audience by providing the property information to area hospitals, medical clinics, professionals, golf courses and law offices.
  • Hold an invitation only affair at the home or an appropriate office for top producing real estate professionals and get the names and addresses of their most interested buyers for another possible social with their clients.
  • Try to cut down or eliminate those who are not potential buyers by requiring that only serious qualified buyers be allowed to have access to the property.
  • Ariel photos for a unique look at the home or home site and the area.

Last edited by Les Hackmeister; 09-12-2010 at 03:50 PM.. Reason: Remove stuff
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Old 09-13-2010, 11:40 AM
 
Location: Illinois
718 posts, read 1,099,053 times
Reputation: 948
Curious why you would offer different service just because of the price of the house. When someone signs a listing agreement they believe you will market their property to the best of your ability ....all people, all homes, all properties. Everyone has a need and a story....I try hard not to differentiate.
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Old 09-13-2010, 11:46 AM
 
Location: NJ
17,580 posts, read 19,955,756 times
Reputation: 15381
Quote:
Originally Posted by LynnKK View Post
Curious why you would offer different service just because of the price of the house. When someone signs a listing agreement they believe you will market their property to the best of your ability ....all people, all homes, all properties. Everyone has a need and a story....I try hard not to differentiate.
I would be pretty pissed off if I was selling a million dollar home and paying 60K in commission and getting the same exact service as the person selling their 200K home and paying 12K in commission.
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Old 09-13-2010, 11:48 AM
 
Location: Union County
5,072 posts, read 4,753,099 times
Reputation: 3672
Quote:
Originally Posted by LynnKK View Post
Curious why you would offer different service just because of the price of the house. When someone signs a listing agreement they believe you will market their property to the best of your ability ....all people, all homes, all properties. Everyone has a need and a story....I try hard not to differentiate.
Interesting... so you pay the same expenses to market a $150k, a $500k, and a multi-million $ waterfront property? Seems idealistic and crazy to me - almost seems like you're insulting our intelligence.
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