Despite tight inventory leading to higher median home prices, experts conclude that Hawaii’s luxury real estate market shows no sign of softening. If you’re a luxury home owner, you are likely looking outward with confidence and have probably done the math, ensuring the price is right and your property is ripe for the high-end real estate picking.
Yet price is only part of the picture. Your potential buyers, the ultra-high-net-worth individuals (UHNWIs) and high-net-worth individuals (HNWIs) collectively known as the rich, think differently. An afternoon open house – or staging photos of the home and advertising the listing online –just doesn’t cut it when it comes to selling super-prime properties.
Many realities underpin the selective sales strategy that works best for multimillion dollar homes. But there are two keys: mystique and perfection.
Know the buying motivation
Your potential buyers are educated, well-informed, and unlikely to overpay but willing to write an offer that meets fair market value. A significant chunk of this market are foreigners who seek to diversify their assets, keep their money safe away from home, and provide quality education and a good life overseas to their children. Zero in on their motives and pain points, and portray your location and the accompanying lifestyle in a way that serves their needs and solves their problems.
Many sellers deliberately sell through private networks to avoid the hassles of an open house. But there’s another sound reason why you should do the same.
Upper-end homes are ideal for invite-only events. Treat your carefully vetted guest list to a themed party, offer a luxury-brand souvenir or two (try a bottle of champagne or monogrammed leather), and promote an atmosphere of prestige. Go for a soft sell; why organize a home tour or an unwanted lecture on the number of bedrooms when you can earn trust and create lasting buzz in the neighborhood and the attendees’ personal networks?
Partner with specialists
The leading real estate broker can build the necessary mystique around your exclusive property and stealthily market it to your target UHNWIs and HNWIs. These people can also best detect changing tides, like the luxury market shifting from Wall Streeters to the creative types, and more and more from mainland China investing in destinations like the Hawaii islands, including properties in the Big Island such as ocean front homes and properties.
Write with high-end finesse
Your emails and print newsletters and brochures should uphold the elements and prestige of your listing. The usual tactics that typically close a commodity sale won’t be effective here, so be clear and consistent that your luxury house is an exclusive offer that comes only once in a lifetime. At any point, write with sincerity and leave the door open for questions.
Strive for perfection and emotion
Everything about your luxury home, from the ocean views and landscaping down to the smallest corners and finish, should come across as high-quality, special, and the window to an extraordinary experience. Spend good money on first-rate photography, video and drone photography, but go beyond visual by evoking the touch of loved ones, the aroma of family cooking, and powerful emotions in every marketing copy. Think of every chance – may it be in your pre-showing or brochure – as your only shot to stand out from a sea of similar high-value listings.