Field Guide to Listing & Selling Luxury Properties
(Updated July 2011)
War, housing bubbles, layoffs, rising mortgage rates... In today’s uncertain economy, what does the future hold for high-end home sales? Will the affluent be forced to scale down or are they adequately cushioned from hard times? What role will the boomers play in the million dollar market? This Field Guide explores the coming trends and past performance of the luxury market, and offers tips and techniques for success in this affluent niche. (K. Stockert, Information & Web Content Specialist)
Facts About Affluent Homebuyers
- Percent of first-time and repeat buyers with household incomes of $200,000 and more: 5%
- Percent of first-time and repeat buyers who bought homes priced $500,000 and more: 6%
- Percent of first-time and repeat buyers who bought homes 3,501 sq. ft. or more: 8%
Source:
- 2010 NAR Profile of Home Buyers & Sellers
The Luxury Property Market 
Are McMansions Coming Back in Style?, (Wall Street Journal, June 29, 2011).
Decrease in Home Sizes and Lots Nearing Bottom, (American Institute of Architects, June 29, 2011).
HIGH Maintenance, (Mortgage Banking, Feb. 2011). Q
Pricing the Luxury Estate Course Handout, (National Association of REALTORS® Annual Convention, Nov. 5, 2010).
The Holdouts -- Some of the Nation's Wealthiest Home Sellers Refuse to Lower Their Asking Prices; 'I Feel the Property is Worth Every Penny', (Wall Street Journal, Eastern Edition, Oct. 1, 2010).
Luxury Sales Bounce Back -- Bidding wars for a $2 million house? In some markets, sales of high-end homes return to levels not seen since the boom, (Wall Street Journal, Eastern Edition, May 28, 2010).
Disney Luxury-Home Plans Indicate Confidence, (REALTOR® Magazine, June 24, 2010).
Luxury Home Market Improving, (REALTOR® Magazine, May 28, 2010).
How I Sold It: Luxury Real Estate Deals, (REALTOR® Magazine, Dec. 2008).
Marketing to the Millionaire: Profile, Preferences, and More
Realtor.com's Celebrity Home News YouTube Channel, (REALTOR.com, n.d.).
How to Brand Yourself as a Luxury/ Resort Real Estate Broker, (National Association of REALTORS®, n.d.).
Architecture Coach: Marketing Top-Line Features for Luxury Buyers, (REALTOR® Magazine, Jan. 2011).
Architecture Coach: What's Hot, Hit, and Happening in Home Design, (REALTOR® Magazine, Dec. 2010).
The Accidental Entrepreneur: Landing Clients Is Hit or Miss, (Wall Street Journal, Eastern Edition, Oct. 24, 2010).
Luxury Home Marketing experts Panel PowerPoint Handout, (National Association of REALTORS® Annual Convention, Sept. 8, 2010).
5 Marketing Techniques Luxury Real Estate Agents Use, (Influential Marketing Blog, May 20, 2010).
Barron's: 10 Best Places for Second Homes, (National Association of REALTORS® Resort Life Blog, Mar. 10, 2010).
3 Solid Tips for Marketing High End, Luxury Real Estate, (Ezine @articles, July 21, 2009).
Leaders by Design, (Canadian Business, Winter 2008/2009). Q
Research on Your Own
National Association of REALTORS®'s Resort & Second Home Property Specialist Certification is an option to gain a more in-depth education in the area of working with luxury homes and home buyers.
Luxury Home Magazine's Twitter account share lots of luxury home related news from a variety of sources. Log in to www.twitter.com and follow @luxuryhomemag, or add them to a Twitter list.
The Luxury Clues Blog offers opinion on the luxury real estate market, including ideas for marketing and building your luxury real estate network.
To search for the most recent articles on listing and selling luxury properties, login to NAR's ProQuest account and enter subject terms such as:
- Luxury homes
- Enter into ProQuest text box as SU(luxury homes)
- Luxury homes and real estate sales
- Enter into ProQuest text box as SU(luxury homes) AND SU(Real estate sales)
- Luxury homes and marketing
- Enter into ProQuest text box as SU(luxury homes) AND SU(marketing)
Information Savvy!
Many websites, such as Wikipedia, can be great resources to quickly get oriented on a subject before conducting more in depth research. However, anyone in the world can create and maintain a website or write a seemingly legitimate article and may, intentionally or unintentionally, publish false or "misinformation." When reviewing information on the Internet, you should always consider the ABC's:
- Accuracy. Is the information accurate? Can you confirm the same information using other resources published by a different author or organization?
- Author. Who composed the information? Can you easily identify the author and contact the author or website publisher?
- Bias. What bias might the author or author organization have?
- Credibility. What is the author’s or author organization’s credentials for publishing the information? What expertise, experience, or education does the author have in this area that makes him or her qualified to write on the subject matter?
- Currency. When was the web page last updated? Is it possible the information might have changed since this web page was last published?
- Critical eye! Remember to always use your discretion and critical eye to determine whether information you find on the web (or even in books and news sources!) is trustworthy. Putting websites to the ABC test will get you started in developing a strong critical eye.
eBooks & Other Resources
eBooks.realtor.org
The following ebooks and digital audiobooks are available to NAR members:
10 Techniques to Market Your Practice and Products (Adobe eReader)
Advanced Selling Strategies: The Proven System of Sales Ideas, Methods, and Techniques Used by Top Salespeople Everywhere (Adobe eReader)
Close Like a Pro (Overdrive Audiobook)
Selling Luxury (Adobe eReader)
Books, Videos, Research Reports & More
The resources below are available for loan through Information Central. Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10. Call Information Central at 800.874.6500 for assistance.
The World of Luxury Real Estate, (CreateSpace, 2007).
Rich Buyer, Rich Seller, (Institute for Luxury Home Marketing, 2003).
Field Guides & More
These Field Guides and other resources in the Virtual Library may also be of interest:
Field Guide to Preparing & Staging a Home for Sale
Field Guide to Selling New Homes
Field Guide to Vacation, Resort and Second Homes
>> Have an idea for a new Field Guide? Click here to send us your suggestions!
The inclusion of links on this Field Guide does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked to this Field Guide complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.
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