The luxury real estate market is a whole different level of complexity. There are a lot more moving parts, higher costs associated, and even renowned players involved. If you’re looking to buy or sell a luxury home here in Sin City, here are some essentials you need to keep in mind.
Buying a Luxury Home
1. Learn the search process.
Most luxury homes are unlisted to protect the seller’s privacy. Going unlisted means the owners opt for fewer scheduled viewings compared to public open houses.
That’s why it’s helpful to connect with local realtors who have the connections and knowledge of those off-market appointments. Always go beyond online searches.
Be sure to also check how long the property has been on the market. If it’s been quite a while, you might need to double-check possible issues with why it hasn’t been sold yet.
2. Look beyond the photos.
It’s hard to capture the spaces and interiors of large luxury homes with just photos. Some are not as aesthetically pleasing as they truly are in person. That’s why it’s best to visit the property to fully appreciate what it has to offer.
Use online tools like Google Earth or Google Maps’ Street View to get a better sense of the property, including its size, features, and surroundings.
You can also spend some time visiting the area to get a good feel of what it’s like living in there. Some factors you need to consider when house hunting are the traffic flow, proximity to essential locations, the scenery, and the safety of the neighborhood.
3. Keep a record of everything.
Given the larger scale of investment involved in buying a luxury home, it’s best to protect yourself through appropriate documentation before completing a purchase.
High-earners usually have money managers or accountants to shelter their money, so it can be tricky to prove that you have available funds to make a purchase. Be sure to coordinate with them and get your Proof of Funds document settled before making any offer (as some sellers require this prior to viewing).
You also need to secure Title Insurance so you’ll be insured against any issues that may have been overlooked during the sale process. Consult with your tax accountant and estate planner how to go about your property title, taxes, privacy, and the exceptions before closing a deal.
4. Consider the present *and* the future.
Buying a luxury home is a major investment, which means you’ll most likely live there for years. That’s why you must feel safe and comfortable both with the house and the environment.
Be sure to visit and inspect the property more than once to check the property’s safety and current condition. Home inspections cover a list of required things to check, such as structural components, the HVAC system, roofing conditions, and other safety hazards.
It’s also vital that you hire a trained and licensed home inspector that specializes in luxury homes. This way, they’ll have the expertise to make recommendations based on the advanced features that come with high-end houses.
Similarly, coordinate with your agent, commercial chartered surveyors, the local government, or local residential developers about future development plans within your area. You wouldn’t want your astonishing view to end up being blocked by a high-rise building in a few years, right?
5. Work with reliable local experts.
Most luxury properties operate in pocket listings – rather than advertising to the public – to maintain the privacy of the seller and exclusivity of the sale. When working with a local luxury real estate agent, you get access to high-end properties and coveted appointments. Sometimes, they also live in the local area, so they can provide insight about the property and neighborhood.
It’s worth emphasizing that experienced, reliable realtors don’t make decisions on your behalf. Rather, they will make informed recommendations based on their knowledge and expertise. They also consider the input of other experts you’ve employed, like your financial planner, inspector, and accountant.
Selling a Luxury Home
1. Price it right.
Setting your price competitively from the beginning is important but also tricky when it comes to luxury homes. If it’s too high, your property could sit on the market too long. If it’s too low, you risk short-changing yourself.
To ensure you price it right, request a comparative marketing analysis from your agent. Most of them spend hours fact-checking data, visiting similar luxury homes on the market, and coordinating with other brokers. They must also consider the amenities and location of your property when appraising it.
Essentially, you and your realtor should decide on an appropriate price that reflects your home’s value. Remember, the goal is to be competitive but still get as much as you can for the luxury property.
2. Use high-quality photos and videos.
To showcase your property, you’ll need to invest in a photographer who can produce high-quality content representing your property.
Great photos that highlight your home’s unique features and amenities can grab potential buyers’ attention immediately. Videos that tell a story can make buyers feel right at home. Also, drone shots and 360-degree virtual tours are recommended so they can see the entire property before they decide to schedule an inspection.
If you don’t know any photographers, consult with your real estate agent. They should be able to recommend one who has experience with luxurious properties.
3. Highlight what sets your property apart.
To sell your luxury home, make sure it stands out from comparable properties that are within the same price range.
Skip the marble countertops, high ceilings, or custom furniture – most high-end homes have that. Focus on things that make your home extra special, like a wine cellar in the basement, an astonishing view of the city or countryside, or acres of backyard. Remember, your high-value selling points should be prominent in your photographs, videos, and marketing materials.
Does your home include a clubhouse? Nearby trendy spots? Be sure to mention that!
Also, many prospective buyers want to know who is living within the vicinity of their home, so it’s best to be ready with that information. In Vegas, there are a lot of celebrities living in the area that are worth mentioning, should prospects ask.
4. Know your market and speak to them.
Luxury home buyers don’t scout for properties in standard places.That’s why you need to invest in marketing your property.
Getting your property “out there” includes investing in social media efforts, high-value print publications like business or news magazines, blogging, and direct mailing. Be sure your chosen real estate agent has a comprehensive marketing plan in place specific to your target market.
Likewise, double-check if doing an open house is necessary. Will the luxury market like or attend a public open house? Probably not! They want exclusivity and privacy. So, it’s best if you focus on appointment-only viewings.
5. Work with experienced professionals.
The luxury market is a unique niche, so you need to bring in people who specialize in the market. This means your property can reach the right buyers and sell quickly, at the right price.
When looking for a realtor, tap into your network to find someone who has sold a luxury home similar to yours. If there are none, reach out to luxury real estate groups and review their portfolio and testimonials.
Importantly, be sure to employ a professional stager who can arrange your home in a way that best appeals to your target market. Staging can be complicated and challenging, so hiring a seasoned professional can help showcase your home’s best features to increase the buyers’ interest.
Whether you’re a buyer or seller of a luxury home, two things are of utmost importance – timing and patience.
As a buyer, you’ll want to make a purchase when there’s less demand in the area to get a better price. Be sure to coordinate with your team to see if it’s best to buy now or wait it out a bit. Also, it can take longer to compare and evaluate high-end homes, so patience is key if you want good results.
If you’re a seller, you might need to wait for the right season or time of year, if you want to highlight your home’s stand-out features. Likewise, selling a luxury home often has a lot more moving parts, so it can take longer than you might expect.
Are you looking to buy or sell your luxury home in Las Vegas? We can help! We’re a team of experienced real estate agents and Vegas experts who can guide you throughout your journey. Contact Brendan King today to learn more!