When trying to improve the presentation of your community, it can be a significant challenge to communicate value to the right buyers. Luxury buyers expect every experience with your brand to create feelings of exclusivity. For this reason, it is imperative for you to have advertising strategies that make you stand out.
In fact, NAR research reports that more than 5.64 million existing homes and 822,000 newly constructed homes were sold in 2020 — the demand is there. This increased demand has caused inventory for new and resale homes to plummet to all-time lows across the U.S.
Under normal demand levels, most real estate markets would have a six-month supply of inventory; currently, though, that inventory is just one month. As a luxury home builder, you know that people are looking for homes now potentially more than ever, so it’s a great time to optimize your advertising efforts.
Here are four of the best luxury real estate advertising ideas for differentiating your brand from the competition.
When it comes to resonating with wealthy buyers, single-property websites are a valuable element of luxury home marketing. They're not your typical luxury real estate websites, but rather websites that are dedicated to a single listing, highlighting dozens of its unique features in a light that can't be matched on typical listings posted to Realtor.com or Zillow. Think of your website as a 24-hour salesperson — it's some of the best advertising possible.
While it isn't recommended for just any home listing, luxury home selling isn't just any home listing — it's a luxury home made for wealthy buyers that appreciate the elite experience. When you devote an entire site to each home specifically, it's sure to make a lasting impression on the buyer and increase the property's exclusivity.
Take special care to implement a good mix of detailed and high-quality photos, videos, virtual tours, community features, finishing details, and more to your site. After all, you have an entire site to promote this listing and express its unparalleled value. Real Trends’ research reveals that listings with sharp, high-quality pictures can increase the chances of selling at or above the list price (professional looking pictures sell 32% faster) and property listings with video get 403% more inquiries as compared to their videoless counterparts — imagine what your luxury single-property website can do.
Staging is not just for real estate agents — when you as the builder are able to stage your home beautifully, you immediately allow buyers to envision themselves in your home.
The beauty of staging is it's useful for both online advertising (video walkthroughs, photography) as well as in-person showings. We all know luxury buyers expect nothing short of the best experiences — professional staging incorporates all the latest design trends paired with your upscale interior features and home layout to bring your home to life. They inspire the buyer's interior designing opportunities and allow them to envision their personal belongings alongside these incredible additions.
Think of it this way: Buying a home is an emotional experience, and what influences an emotional response more than your homes' beauty and appeal in action with the latest trends?
Open houses don't need to be a requirement for luxury builders — if anything, those will likely only attract the wrong buyers who are just looking for a taste of luxury with no real intention to buy. One way to replace those is by hosting fairly prestigious in-home events. This will attract only interested parties because it will be more exclusive and separate from a typical open house.
You could partner with charities (silent auction), restaurants (dinners), or other local companies to host high-end events at specific homes to raise interest for them among wealthy buyers. After all, there's nothing more telling of your buyer's potential for future gatherings like them experiencing it firsthand.
For quick inspiration, Key Real Estate Resources names a few high-end event opportunities worth taking advantage of:
Either way, make it something that can be put together relatively quickly and efficiently. The last thing you want to do is experience year-long planning of high-end events for every home in your community.
If you're building a luxury home, chances are it's in a desirable location that could end up being a vacation home for someone internationally. This brings a lot more opportunity and range to the number of qualified buyers to become aware of (and hopefully interested in) your homes for sale.
Take advantage by speaking to international buyers who may be struggling to feel comfortable in an international market. If your competitors are not doing this, you are sure to make a solid first impression and will likely gain a significant advantage in two important areas:
There's nothing more important than knowing your luxury buyers to a 'T.' All their ins and outs, likes and dislikes, behaviors, and more. The psychology behind luxury home marketing is simple — wealthy buyers prioritize buying a dream, status, image, and exclusivity in potential homes.
When you understand them at a deeper level, implementing luxury real estate advertising tactics like single-property websites, staging, events, and international promotions will not only be easier but much more successful.
Milesbrand understands that better than anyone on the market. Contact us or follow our blog for more luxury real estate advertising ideas.