What do you think of when you hear the word ‘luxury’? Brand names like Prada, St Laurent or Hugo Boss might come to mind. When it comes to the world of real estate, ‘luxury’ may conjure up images of Beverly Hills mansions or London’s Westminster and Kensington.
Properties in these areas have prime locations. While there is no single definition of what constitutes a prime location, the location is usually rich in history, centrally located, spacious and offers stunning views. Westminster, for example, is steeped in heritage as the home of Buckingham Palace and the Houses of Parliament. Many of London’s most famous streets – including Oxford Street, Regent Street and Bond Street – are located in Westminster. The average price for a home in Westminster is $1.6 million. The price point makes sense given the location’s features and perks.
Marketing aims to captivate your audience with storytelling, inspiring them to take action and obtain your product or service. It’s clear then that real estate and home staging intersect with marketing. Many of the golden rules of marketing apply to these fields too. One of these rules is that you need to understand your product (the property) and the buyer.
Understanding the property comes from listening to the property’s current owner. Make sure you know why they chose that specific property and why they made their design choices. Understand what influenced them and how those influences lead up to the property that is now on the market. Next, understand the location. What is good about the area and its amenities? Why would a buyer want to live there, and how would that benefit their lives? This information will help you design and market the home to your ideal buyer. To understand this ideal buyer, we recommend building a persona for them. Who is this person? What do they want? What features are they looking for in a home?
When it comes to buyers considering purchasing properties at premium price points, it’s important to remember that they are typically well-acquainted with the property market. More often than not, this property won’t be their first (or only) one. These individuals are buying out of want rather than need. Buyers considering purchasing properties at premium price points don’t make rushed decisions. Many factors are considered before the individual moves from expressing interest in a property to making an offer.
For these buyers, price isn’t generally a deciding factor (although it may still be relevant to their decision). Instead of focusing on the price tag, they want to discover the story behind the property – the location, the architecture and the home’s unique features. They expect and appreciate bespoke, luxury service. In summary, these buyers want an experience.
Besides understanding the psychology behind selling extraordinary homes, you’ll need to get creative to attract your ideal buyer. Many homeowners say that beautiful videos and photography are what initially made them fall in love with a property. From personal experience, I can say that this is absolutely true.
Videos and pictures are great for showcasing the property and drawing buyers into its story. Visually communicating the property’s best features, views, amenities, surroundings and overall appeal can make a huge difference in attracting potential buyers. In doing so, there’s no need to cast your net wide. Generally speaking, interior designers do design homes to appeal to as many people as possible within the target market. However, with six- to eight-figure homes, it just takes one buyer to fall in love and recognise your property’s value.
In the end, selling your premium property in London is a little bit of science and a little bit of art. The science tells you where the buyer is coming from, what they want, what they need, and who is looking at which properties (and why). The art of selling premium properties comes from using all that knowledge to craft engaging stories about the property. Designing, staging and visual tools like videos and photography can inspire buyers to feel a connection with the property. You’ll know you’ve succeeded at telling your luxury property’s story when a buyer falls in love with your prime property as soon as they enter the front door.
Trust us, there’s no better feeling…