The pandemic has had a dramatic effect on the real estate market, and luxury properties are no exception. This has pushed some to wait until things go back to normal to either sell or buy a property. But some still want to test the market and see how much they can get.
The thing is that competition is now fiercer than ever, and one small mistake could result in your property staying on the market for much longer than it should. You might also have difficulty getting a good offer. Let’s take a look at a few mistakes to avoid when selling your luxury property during a pandemic.
Focusing on Live Visits and Open Houses
Even if rules have been relaxed wherever you are, people are just not in a mindset to move too much. While there might be a few who are more adventurous, open houses would be counterproductive. Not only would you get fewer offers, but there would most likely be gathering restrictions anyway. You also don’t want to take the unnecessary risk of introducing the virus into the property. You’ll need to be a bit more creative and look at alternative viewing options.
Not Holding Virtual Tours
If you want to be able to cast a wide net, you should focus more on virtual tours instead. One of the greatest benefits of those is that you can reach international buyers that may not be able to physically travel to see the property. This will also allow you to pre-screen visits. Another benefit of virtual tours is that they allow buyers to personalize some elements of the house to get a better idea of how far their investment can go.
You should consider virtual appraisals as well. Some lenders will allow for those and these are a great way to cut foot traffic during the sale. Ask your agent if the option is available and how you can set it up.
Not Staging Your Pictures
Not staging your property for pictures is usually a bad idea and could raise plenty of red flags. You could have style elements that are too niche that will end up pushing some people away. Even something like a religious symbol could be enough to deter some people.
This is why you need to consider working with a professional stager and photographer, even if you think you have impeccable taste. Good stagers understand the market and buyer trends in addition to style trends. It’s important to make the distinction as what’s popular in the market is not necessarily what is the most avant-garde or tasteful.
Stagers understand buyer psychology and which choices will get the right reaction from your prime targets. They’ll usually also have connections with other professionals that will help your listing pop.
These are all mistakes you should avoid at all costs when selling a luxury property during a pandemic. The most important thing is making sure that you have a competent team around you and do everything to get the house in front of the right set of people.