Selling your luxury home means selling one of your most important investments. The task may be more difficult and daunting than selling a mid-priced home, especially since luxury home buyers have a specific taste for high-end homes that will greatly suit their lifestyle. That's why it is important to take the proper steps to ensure your luxury home is sold in a timely fashion and at its best market value.

1. Price your home right

In whatever market you're in, pricing a home correctly is extremely important. However, pricing a luxury home is even more challenging. Custom features, upgrades, high-tech automation systems, amenities and even the outdoor view vary from one home to the next. Consider the dangers of overpricing, or even underpricing it. The luxury price range of homes also vary per region. Pricing your luxury home competitively from the very beginning will attract more buyers and won’t let it sit on the market for too long.

2. Hire a realtor who has extensive knowledge of the luxury home market

Hiring a real estate agent who is also a local luxury home expert could be for the best if you are selling one of your most prized investments. Your chosen realtor should have a comprehensive marketing plan/system that they can use in promoting your home. Ask whether they have a team of other agents who also work in the luxury market and can help him/her promote your property to potential and qualified luxury buyers.

Know whether the agent has other listings in your specific neighborhood, as proof of his/her expertise. It may also help if the realtor and his team have a custom website where they can also feature property listings.  

3. Use professional photos/videos and utilize effective marketing

Using amateur photos in promoting your luxury home is a big no-no, especially if you decide to promote it publicly.

In the NAR Real Estate in A Digital Age Report (2016), 44% of homebuyers in this digital age looked for properties online first, so it’s a no-brainer to use quality photos and videos when presenting your home online. In taking photos of your luxury home, greatly consider the lighting, photograph your home’s best amenities and custom features, and highlight its exquisite location and the panoramic view surrounding it.

Most local MLSs also have a limit on the number of photos you can showcase online, so a professionally-created video or a virtual tour could be an advantage in selling your property. A virtual tour could give potential buyers a “walkthrough” of your luxury home.

4. Present your home’s location and lifestyle correctly

Luxury homes are all about lifestyle and location. Utilizing a video or virtual tour is also a great marketing tool as it can accurately portray the location and lifestyle your home provides to its future owner. Prospective buyers would want to know if the home not only suits their preferences, but also the lifestyle it portrays. It is important for them to also know who else is living in the vicinity.

5. Consider the right timing when selling your home

Timing plays a large role in selling your luxury home and showcasing its feature amenities. It’s important to select the correct time of the year to sell, and to consider the current luxury housing market. For example, selling a home with a luxury waterfront and resort-style infinity pool in the middle of a cold and stormy winter may not seem to be the best idea. The same goes for listing in areas with weather events that may not complement the house’s features.

6. Clean, declutter and stage your home

Staging any home before selling could definitely help, especially in million-dollar luxury homes. Some luxury homeowners enlist help in keeping their home clean, so staging could be the only thing that’s needed. The luxurious amenities in a home should be showcased to help potential buyers envision themselves in it. For an instance, a magnificent formal dining room should be staged with elegant dinnerware to help buyers visualize having their fine dining and memorable parties.

You may get the idea that selling your house would mean reaping lots of cash, but it is good to be reminded of the costs that you still have to settle as a seller before you start making plans on what to do with your estimated profit. Several factors can affect the cost of selling your home. It would be wise to factor in these costs beforehand so that you can have a precise estimate of your profit come settlement.

As a seller, you should also clarify with both your agent and the buyer's agent which fees are customary and which are not. Here are the standard fees associated with selling a house:

1. Realtor's commission – While this fee is negotiable and varies within markets and property values, it usually takes a big chunk off the selling price, generally amounting to 5-6% of the sale cost. Some arrangements may require you to pay a flat fee, where you and the agent will agree on a fixed price for the sale of the house no matter how much the property sells for. Take note that this fee is split between your agent and the buyer’s agent.

You may opt not to hire an agent to sell your house, but keep in mind that the realtor’s responsibilities would cost you money and much of your time, too. Professional agents would also have better access to information on your market and contacts to prospective buyers.

2. Closing costs – This string of fees could be split between the buyer and the seller based on agreements from both parties, but you can expect to pay 6-10% of the house’s sales price upon settlement. Closing costs for sellers vary according to where you live but what the seller usually shoulders are the title transfer fees, notary fees, and escrow expenses. The closing costs could also include outstanding balances from property taxes and mortgage fees. You may also need to pay for a prorated share of the water and sewage bills. It is worth to take note that – unless you are selling with very low equity --  payment for closing costs will not be coming directly from your pocket but would instead be deducted from the profit of selling your home.

3. Home repairs – For your house to have a high market value and to look appealing to buyers, you may want to present your home for sale in its best condition possible. Do not skimp on repainting and having a second look on the functional spaces of the house (such as the kitchen and bathrooms) if ever something needs repairing.

4. Inspection fixes – If the buyer’s home inspection detects major faults in your house such as sewage leakage and roof issues, you have to be ready to cover these costs.

5. Marketing – Your agent may recommend a marketing campaign that includes online listing and physical posters. You will have to pay for these costs which include professional photography, the creation of a floor plan, and press advertising.

You might be dreading the idea of improving your home because it might cost you a fortune. Don't fret! This list will enlighten you that simple and easy measures which you can do yourself will make a big (and positive!) difference in your home. You can ask your agent how to stage your home best, but it won’t hurt to get a headstart on making your home as presentable as it may be – without having to spend thousands of dollars.

1. De-clutter – Making your place organized and free from clutter will give your potential buyers a good impression of you and your home, and what's great about it is that it won’t cost you a cent. Start by clearing unnecessary items not just from easily visible spaces in the house but also in closets so that your clients can have a good idea of how much storage they could have.

2. Hide signs of pets – Your client may be a dog or cat lover like you, but thick animal stench can still be off-putting for them when they’re trying to purchase their new home. If possible, ask someone to babysit your pets while potential buyers view your house. Make sure to stow away litter boxes, remove pet-related stains, and fix damages on furniture or any part of the house that have been caused by your pets.

3. Arrange your furniture – Don’t overlook the small details! Even the simple act of reducing chairs on your porch will make your space look bigger and more presentable. Another thing you could do is to move furniture that obstructs entryways. Stage your house in a way that makes it more welcoming for potential buyers.

4. Depersonalize your home – Make your house as base as possible, save for a few wall clocks and tasteful art. You want to make sure that your clients have plenty of room to visualize how they could make the space their own, and it’ll be hard for them to do that if you have too many photos of you and your family hanging on the walls.

5. Upgrade your curb appeal – Again, small details can make or break your chances of selling your house. And when it comes to marketing property, it’s crucial that you make potential buyers fall in love with it at first sight. And, the first thing your client sees when they go to your house is your curb – so a swept walkway, nicely mowed lawn, and well-placed shrubs will make a really great impression.

6. Add visible storage – A place for storage will always be a useful feature for your house. Hidden storage also helps, but visible ones will assist your clients’ visualization of where they could keep their stuff in place.

7. Paint your walls and ceilings – This will surely brighten up your home and make it look clean. Take note that it’s always better to have your paint in neutral colors than in bold ones. Make your space look spacious and elegant by going with light colors such as white and beige.

8. Change bulbs – In line with painting your walls, better lighting also makes for a brighter space which makes your house instantly appealing and inviting.

9. Spruce up your kitchen – The kitchen can often make or break your chances of selling your home, and the best way to upgrade it is to make sure that things in it work properly. You can start out by adding new cabinet handles, updating lighting fixtures, and replacing faucet sets.

10. Boost your bathroom - Next to the kitchen, the bathroom is what most buyers tend to be meticulous about. Spruce it up by cleaning your tiles and replacing your toilet seat.