The luxury market has grown from strength to strength since the mid-2020s. According to the National Association of Realtors, this sector is revered due to its rock-solid stance during economic uncertainty.
As a real estate agent looking to make headway in this ever-growing market, you’d need to integrate tested and proven luxury real estate marketing ideas.
This article gives an overview of the luxury housing market alongside seven unique marketing ideas that’ll see your realtor business attract prospective buyers and prompt positive ROI values. Let’s dive in!
Luxury Real Estate Defined
Before venturing into luxury properties as a realtor, getting an overview of the market is essential. The term “luxury real estate” doesn’t have a set definition as it changes, depending on the market. For instance, luxury homes in Texas might not meet the standards of those featured in New York City.
However, it’s important to note that 5% to 10% of most listings feature luxury real estate properties. Depending on the market, these structures feature prices ranging from $2 million to $40 million.
Contrary to popular belief, high prices linked to a property isn’t the only thing that earns it the “luxury” classification. The structure must be unique, exclusive, and accommodate luxury living.
When scouring a luxury property listing, affluent buyers opt for homes in locations featuring exclusive add-ons revolving around fine dining, sports, arts, and distance to other luxury-themed structures.
By understanding potential clients’ needs in the luxury real estate market, you can adopt marketing techniques to increase engagement and make sales.
Importance of Luxury Real Estate Marketing
Real estate marketing is an important activity, regardless of your focus sector. As a realtor looking to make luxury home sales, it’s crucial to ascertain the property’s main features and showcase them in a way that’ll attract potential buyers.
Luxury buyers are amongst the richest in society. With the financial backing to choose any property they desire, realtors must bring in their marketing “A-game” to capture their full attention. Anything less would see your luxury listings become redundant as time passes.
Although luxury home marketing strategies might seem a tad different from techniques used for regular structures, one thing unites both — adequately catering to a specific target audience.
As such, you’d need to tailor your luxury property listing to suit your potential buyers’ specific preferences. Without further ado, let’s look at luxury real estate marketing ideas that’ll earn your realtor business more leads and traction.
7 Luxury Real Estate Marketing Ideas to Put Your Realtor Business on the Map in 2023
Now that we’ve highlighted the importance of luxury real estate marketing, what ideas can you implement to attract serious buyers and make sales?
Chances are you’ve encountered numerous alternatives and are overwhelmed. This guide aims to change all that by giving seven proven marketing strategies to excel in the luxury home sector and attract buyers.
Notable mentions include:
#1 Create a Custom Single-Property Website
As its naming suggests, a single-property website allows you to advertise a distinct luxury apartment to local and international buyers. Albeit reminiscent of landing pages, these websites integrate high-quality images, videos, and realtor information. Related web pages have become an essential part of luxury real estate marketing in the past decade, and their popularity is still growing.
Although using real estate marketplace websites, such as Zillow and Realtor.com, might seem great to market Houston luxury homes for sale, you can’t detail the property’s full specifications.
With a single-property real estate website, however, you can go all out to list properties in a comprehensive manner that’ll appeal to buyers. What’s better? Prospective clients won’t click on a different luxury property while scouring your unique website.
Although creating a single-property website might seem advantageous, there’s a nagging concern — ranking high on Google’s Search Engine Result Pages (SERPs).
To do this, utilize a proven SEO for real estate platform — the Ardor SEO company. Contrary to online advertising channels like Google Ads, this service helps you attain visibility levels that’ll place your realtor business on the map!
Having a clutter-free single-property website for your luxury listing will attract affluent buyers
#2 Ensure Potential Buyers Have an Immersive Virtual Experience
Print media prompts initial interest in your luxury house listing. Nonetheless, luxury real estate agents know virtual experiences are critical to piquing clients’ interest and achieving luxury home sales.
To attract buyers and prompt home sales via virtual experiences, consider these mediums:
- Video Tours
Virtual video tours have become an aspect of luxury real estate marketing with increased traction in the last few years. Due to COVID-19 restrictions, people rarely attended open house events. As such, most individuals leaned towards video tours for the “ultimate buyer experience” from their home’s convenience.
However, with the pandemic relatively non-existent, luxury real estate agents can use virtual tours to complement an open house. Since many buyers have limited time to look at properties, they’ll be unable to validate featured amenities. However, a high-quality video tour accessible 24/7 allows them to assess a luxury property numerous times and see if it suits their housing desires.
You can utilize video tours through two distinct routes:
- Your Website: People redirected to your unique luxury property website can view video clips of associated structures. This route is the perfect virtual open house, as interested buyers can watch them and make informed decisions.
- YouTube: YouTube helps realtors reach an extensive real estate market. On this digital marketing platform, agents can post videos viewable via Smart TVs, laptops, and smartphones.
PRO TIP: When curating a video tour, use top-tier gear to capture high-quality clips. Also, you can make these tours interactive by asking questions and seeking answers via the comments section.
- Digital Storybooks
Numerous companies can create a digital storybook depicting your luxury house property listing as the main character. By presenting a property’s story in the best light possible, a digital storybook creates a realistic experience that’ll attract a wide array of high-end buyers.
When choosing an entity to create your listing’s digital storybook, choose an alternative revered for creating variations with immersive and exhilarating storylines.
For buyers in other jurisdictions, a digital storybook is the closest they’ll get to an actual walkthrough or open house. Make them comprehensive by integrating essential house amenities. Since these digital prints can make or mar your search for an ideal buyer, it’s always best to put your best foot forward.
#3 Host Events
Luxury houses showcase glamour and Instagrammable spots. As such, organizing open houses on these properties will see regular folks in attendance. Although they might don fancy suits to look the part, their interests lie in taking photos and munching the expensive treats on display.
Since this activity can be financially draining without yielding results, consider hosting exclusive and invite-only events. By going this route, you can limit guest numbers and ensure arrivals are within your target audience — wealthy and affluent individuals.
Here are some event ideas you can adopt to attract serious buyers:
- Host an art exhibit for young artists to showcase their artistic canvasses. You can request a set donation percentage from their proceeds.
- Host an immaculate “Prom” night. Besides promoting nostalgia in aged attendees, you can use these events to showcase luxury property listings highlighting vast terraces and Olympic-sized swimming pools.
- Host a gala that allows attendees to make donations geared towards the eco-maintenance of the area surrounding your luxury property listing. This approach makes perfect sense if it’s an eco-friendly structure.
Host luxury-themed events at exquisite structures featured on your listings to attract high-profile buyers
#4 Utilize Popular Social Media Channels
Social media has become the bane of real estate digital marketing worldwide. According to a report, 77% of licensed realtors use social media. With these platforms accessible by every “Dick and Harry,” it’s no surprise that luxury real estate agents engage them to market property listings to a wide audience.
With multiple social media platforms available to realtors, choosing the right channel might seem challenging. However, the following are frequented by individuals searching for luxurious properties:
Established in 2005, Facebook has become the leading platform for luxury realtors to market properties and attract more leads. Additionally, most agents use Facebook to grow their personal brand and following.
Using Facebook’s customizable, targeted ads feature, luxury realtors can generate more traffic to their respective landing pages and websites.
Although Facebook shares some semblance with Instagram, the latter is a social media platform where visuals (photos and videos) take center stage for information dissemination.
Using gorgeous photos and videos, luxury real estate agents can showcase their property listings and attract qualified buyers on Instagram. Additionally, realtors can improve visibility with hashtags linked to real estate.
Unlike Facebook and Instagram, LinkedIn focuses on peoples’ professions. This stance adopted by LinkedIn means it isn’t an outright social media marketing medium.
Instead, this platform lets luxury realtors connect with related professionals in the saturated real estate market and increase brand awareness simultaneously. With an extensive LinkedIn profile and the right connections, your listings can attract individuals looking to acquire luxury houses.
#5 Don’t Relegate Newspaper Listings to the Background
Although digital marketing might seem like the only advertisement route to garner the prospects required for luxury house sales, consider newspapers. You might think the “fine print” as an information medium is going obsolete; however, a recent Statista report shows that 21% of adults aged 65 and above read newspapers. And you’d never know what retiree is looking to splurge cash on luxury properties!
Following the newspaper route, place your luxury property listing on a full or double page spread with an eye-catching description and aesthetically pleasing images. While most outlets accept black-and-white photographs, utilize colored photos to provide more detail.
#6 Consider Email Marketing
According to a report, over 4 billion daily email users exist. Thus, it’s unsurprising to see businesses grow their email list and disseminate information concerning their offerings to thousands within just a few minutes.
As a luxury real estate agent, it’s essential to grow your email list diligently. By dedicating time to this vital activity, you’ll eventually curate a list featuring buyers, sellers, and reputable real estate professionals. By showcasing your luxury home listings to these folks, your chances of making sales increase.
#7 Revamp Your Direct Mail Campaigns
You probably have an idea of how direct mail works. Although this medium is critical in helping real estate agencies improve ROI and save costs, you’d need to revamp this advertisement medium to capture prospects in the luxury housing arena.
The common mistake realtors make when they market real estate is making it all about themselves. You’re probably a licensed realtor with a decade’s experience. Although this puts your brand in a good light, making your résumé the standout aspect of direct mail will leave prospects disinterested in your listings.
To avoid your direct mailing efforts going straight to the trash, adopt these tips:
- Increase its frequency, so you become familiar.
- Establish value that’ll impress clients.
- Build trust. Although you might need sales to grow your luxury realtor business, show prospective buyers your care extends beyond the actual transaction.
These tips are proven and tested. But as a luxury real estate agent, you’d need to ensure your direct mails reaffirm quality.
People who purchase luxurious properties aren’t on the same level as regular buyers. As such, consider patronizing top-notch printing presses to curate unique direct mail iterations for your high-end clients.
Consider designs with glossy finishes and liquid lamination to ensure your mails are worth a second look. Before sending them out, certify their texture to ensure everything is according to spec!
Since technology reigns supreme nowadays, add a QR code linked to your realtor website or a virtual YouTube tour of an exquisite listed property. Integrating these nifty bits will create lasting client impressions that foster sales or referrals.
Quality direct mails make your luxury home listings standout
Listing Luxury Homes Below the Market’s Set Value: Is This Marketing Tactic Employable in 2023?
Although undervaluing a luxury property listing doesn’t rank amongst our top seven marketing ideas, it’s worth considering. If your farm area as a luxury realtor fields several exquisite houses, a slight value dip might give your listing the visibility it needs among qualified buyers.
Additionally, a reduction can prompt a bidding war, especially if your property has attractive features. With numerous bids to consider, settle with the offer that suits your interests.
This luxury home marketing strategy has worked the trick for most realtors and would be a worthy addition to your “real estate marketing toolbox.”
Frequently Asked Questions on Luxury Real Estate Marketing
Would You Spend More on Luxury Real Estate Marketing?
Unlike traditional real estate, you’d need to put in more effort to capture prospects’ attention when listing luxury homes. For example, hosting events and creating luxurious direct mail will see you spend a fortune.
Although these efforts might bore a hole in your pockets, they’ll be worth the hassle once you facilitate a sale and earn a juicy commission!
Does a Good Marketing Strategy Increase My Chances of Selling More Luxury Properties?
Yes! You’d need a rock-solid marketing strategy to trump the competition and make sales — the goal of all luxury house agents.
So, while we’ve delivered seven marketing ideas, it’s up to you to uncover the alternatives tallying your chosen target market and implement them accordingly.
The luxury real estate market is getting more competitive by the day. As a real estate agent, the onus rests on you to utilize marketing strategies to increase engagement on your listings.
This article has highlighted seven ideas to attain visibility on your luxury house listings. Although you might encounter some back and forths with several, uncover the alternative suitable for your target demographic and audience.