Ginger R., Home Seller in Massachusetts

How do you find a buyer for a high end house? (over $2MM)We have priced the house below the realtor's

Asked by Ginger R., Massachusetts Mon Oct 29, 2007

recommended price. The realtor has placed it in MLS & oher appropriate wesites. He has done minimal advertising, but I can't fault him him for that since the advertising has brought no results. We have staged the house, everyone says it is lovely and in three months we have had one showing. How do we get showings?

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Ginger,

Depending on where you are in MA, you'll hear totally different outlooks on the "high end" market. In the immediate Boston suburbs the high end is doing very well, posting better sales prices and lower sales inventory staying on the market. The biggest thing that could be slowing the purchase of your home was the perception that the "jumbo" loan was going to disappear. People are finding they still can get jumbos and I would expect the high end to keep going strong. Take a look at why the high end market moves (what life factors, what motivations) and see if you can target those specific groups. For example, why are you moving? The same reasons might apply to your buyer. Most of your marketing for a high-end home will need to hit OUTSIDE of your community. A lot of major brokerage firms have relationships with the Wall Street Journal and New York Times specifically for those reasons. I hope this helps.
1 vote Thank Flag Link Mon Oct 29, 2007
Hi Ginger,
The "high end" homes are doing extremely well on Cape Cod. In fact, they are moving the fastest along with the low end. The medium priced are kind of "sitting". Here we offer wine tastings, Broker Open Houses ( with a mortgage company supplying lunch/appetizers) - I receive special invites to these events which are usually sent to all the "high end" sellers. Some events are held after the Broker Weekly Tour. Your neighbors are a great resource as well - they may have friends that want your house - or are looking in that area. There is no reason to have minimal advertising on a great property - there's even a program
to have a webpage for your home so drive-by's can look it up online. My office uses this, along with virtual tours - and inviting brokers, neighbors in - word of mouth is soooo powerful. Feeding them helps too.
As I said, mortgage companies, banks are more than happy to bring food, drinks etc to sponsor events and pass their own cards/rate info out - a great opportunity, especially in these times.
Good luck-
Peggy Gabour, Realty Executives Cape Cod
1 vote Thank Flag Link Fri Nov 2, 2007
In that high end of the price range I would suggest more than average or even above average advertising. You are selling to a pool of buyers that is far smaller than the average groupe. This home needs to be advertised nation wide. In more expensive publications, obviously requiring more marketing dolalrs. An agent working for the commission on a home of this calibur should be willing to invest more money into getting it sold as obviously once is is sold he/she will get a fairly large check to compensate him/her.

I would do an open house with more of a classy touch. Perhaps a wine tasting party with live piano music. A list of home owners that own homes in that price range could be acquired from a title company to create your invite list. They may not be looking to buy your home but chances are they know somebody who has the means to do so.
1 vote Thank Flag Link Tue Oct 30, 2007
Hey don't give up. Thinks about letting a none for profit host a part for their donors.
0 votes Thank Flag Link Sat Nov 1, 2014
Thanks to all who answered. I found all of the replies helpful.
0 votes Thank Flag Link Tue Nov 13, 2007
Is your home located in a high end neighborhood? When selling high end houses, it is necessary to reach that market of high end buyers. That means doing more than the normal things. There are sites that only list high end homes. Your realtor has to be very very creative. Maybe even featuring charity events. Hopefully , your realtor has experience in selling high end homes.
0 votes Thank Flag Link Tue Oct 30, 2007
In this day and age, minimal advertising is not acceptable. You need exposure both on the web and off. If you are not getting showings, eventhough you listed below the Realtor's recommendation, you probably need to reduce your price.
If the listing is on the MLS, there are hundreds of thousands of agents exposed to it. The agents have the buyers, but the buyers need motivation to purchase. Price usually does it. Try a reduction and have your agent blast it out to the world both online and off.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Mon Oct 29, 2007
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