Choose the Best Luxury Realtor

In this age of DIY home improvement and YouTube videos that show you how to do everything from change an alternator to repair a computer, our American nature of rugged individualism and independence often leads people down the DIY path of home selling, called “For Sale By Owner” or “FSBO”. It’s assumed that by eliminating the middle man, namely  the Realtor®, the homeowner will make more money at closing because of the elimination of Realtor® fees.

However, the statistics don’t lie. While, yes, a FSBO sale will avoid the commissions, statistically home sellers sell their homes for higher prices than FSBO sellers, and often end up netting LESS than they would have had they used an accomplished Realtor® to help them price their home right, negotiate with buyers, navigate the documents and deadlines involved in closing on a home, and many other tasks.  Homes sold by a Realtor® also often sell faster, so you aren’t losing money waiting for a bargain-hunting buyer to make an offer you are willing to accept.

Regardless of the price range of the home, most sellers would benefit from the skills and assistance of a Realtor. However, owners of luxury real estate are in a truly unique market. There are few buyers at these upper level prices, and lots of competition for their attention. Your exceptional home deserves the specialized skills and attention a dedicated luxury Realtor® can bring. Not all Realtors® have the experience and exclusive expertise to stage, market, and close luxury real estate.

It’s important to note that luxury homes often don’t sell as quickly as lower-priced homes. It’s just the nature of the beast. Buyers in the luxury market like to take their time and evaluate all the possibilities. Word of mouth and networking are now deals get done, and you want a Realtor® who knows the best ways to market a luxury home in the right social circles and can use sophisticated digital marketing strategies to maximize exposure to potential buyers. Your home needs to stand out, with proper attention to what makes it unique and valuable.

Your Realtor® should have time for you and be able to dedicate the necessary time to devising and executing the right marketing plant. A successful Realtor® in the luxury space is not the one with the greatest quantity of listings but the best quality of closings and the most happy, satisfied clients. You want someone who can provide you with the level of communication you desire and can personally ensure a positive outcome for your home sale.

Another key characteristic that differentiates an expert luxury Realtor® is the quality of their network. While tapping into a strong network of personal contacts is a strategy most agents employ, your luxury agent’s network should include high end investors, mortgage lenders, contractors, inspectors, and other professionals that can help make your home sale a success, as well as a full database of potential buyers. Every person involved in the transaction should understand the unique challenges of selling a luxury home.

Technology is another key differentiator in the luxury market. Since there are fewer buyers at this level, your Realtor® should be able to successfully tap into a worldwide network of prospective buyers. This is is most effectively accomplished with the sophisticated use of technology. Sine 44% of home buyers will casually do an online search before pursuing the purchase of a home, the technology used by your Realtor® must be the latest, state-of-the-art digital marketing tools. It’s imperative that you reach the largest possible pool of buyers, and Realtors comfortable in the international space will bring the most value.

Real estate is largely a relationship business. The most successful luxury Realtors® will focus on the relationship more than the transaction. So while closing rates and price to sale ratios are important, the true value is going to be found in the online testimonials, reviews, and the recommendations from your colleagues, family and friends. Due to the size of the transaction, you really want to check references very carefully, while also reviewing the online presence of the prospective Realtor®, and ensure that there is a strong trail of satisfied clients.

Luxury real estate is a huge investment, and you don’t want to trust your transaction to the dartboard approach to selecting a Realtor®. If you take the time to do your due diligence in selecting the right partner for your home sale or purchase, you can help ensure a smoother and more satisfying process. Let my team at Keystone Realtors® meet all your real estate needs. Paul Phangureh has over 16 years of experience in buying and selling in the Santa Clara and San Mateo County areas, specializing in the high-end, luxury market. Visit our website at Keystonesv.com for listings and information. You can contact me at 650-924-2544, or email at paul@keystonesv.com.

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