I've got a 2.25 million dollar home and I need ideas on how to market this. My company willput it in the high end magazines but I need to do some heavy work and have no idea what to do.

thanks

Largest employer(s) in town
Chamber of commerce
Robb Report
Prayer

DuPont Registry and a little feng shui never hurts:
Feng Shui Palace or Holly Ziegler

company CEO's, go where rich people hang out. Send gift baskets to other very nice houses in the neighborhood and ask them if they have any friends or family interested in the area to let them know of the house for sale.

Market to the surrounding golf courses. If you can work out a deal with the Golf Club then all the better. I've been successful at having my flyer stapled and handed with their receipt.

Market to big city markets, like SF, LA, Miami, NY, Chicago, ect.

Dupont Registry as stated above is a good marketing tool for high priced homes. Get a farm from the title company and send an issue with your ad to the 100 most expensive homes in your area or homes a little less than your listing, along with an info packet of the house. Go door knocking in the neighborhood (there's probably a few multi million $ homes in the area right) You might come out with another multi-million $ listing if they want to upgrade or relocate, or they might know someone with the $$ like them who wants in to move to the area.

Your buyer is basically 1% of the population so market accordingly. Don't waste your time and money doing stuff like sending "just listed" postcards to 100-500k homes, ect.

Would you describe how the deal with a golf course works? I need some insight. I really appreciate the repsonses!!! Please, if you have any ideas at all, keep them coming. My Broker isn't able to help me out with ideas...he's too far away and I'm just a small office in this town.

What is a farm from the title company? assuming you meant "form" what kind of form? And do you mean any title company in town?

"My Broker isn't able to help me out with ideas...he's too far away and I'm just a small office in this town."

What do you mean by "he's too far away"? Unless he's mentally incapacitated (which in Florida is grounds for losing your license... at least, temporarily) he's just as close as anybody on this forum. I know I'm straying from your topic/question but I think you may have a bigger problem on your hands than just how to market a high-end listing. You may need a new broker.

I have considered leaving but if I do, the Broker will take the listing and I'm not willing to give it up.

He's difficult to speak with...he's extremely busy, when we speak on the phone it's difficult to get his meanings and he's always impatient.

I also wanted to leave becuase he says he's not going to give me an incresed commission for this...I'm at 50/50. I can't do a lot of the chasing around for listings due to a disability so I don't bring much into the office. I do understand the 50/50 for that reason, howver, I think I should get more for this one. I need to have a sit-down with him but I just don't know the questions I should ask him...when I asked about the 70% he simply said...we'll see...we have to ask all the sales people if they have a problem with it.. They tend to do things by the consensus of the entire organization. Those people do not know anything about me and they will certainly not approve of my getting a higher commmission. They will only see the low sales. I do appreciate the question.

Sounds like a tough situation for you, 2004Ferne. I wish you the all the best... hang in there and work hard. It will pay off eventually.

Since I noticed your post - no, get a FARM report/list/package from a title company. Is there a title or escrow (here they are the same) company that your brokerage normally uses? You contact a sales executive with a title co, you give them the address, and request a farm package. It will normally include a profile of the property, the neighborhood, and mailing labels for 200 properties surrounding the home. Or you can tailor the addresses you want - ask for the three adjacent communities, etc.
--A

Network with the agents that typically handle the high-end homes in the area. Make sure they know about it, and invite them for a catered tour. High end agents love to have a reason to get together and talk about their new cars, boats and golf.

In my area, many homes like this are not listed on the MLS, so the only way to sell is by networking with relo companies, high class magazines, local wine clubs, yacht clubs, and golf communitiies etc... You will need to throw some of your own money at this.

As far as the golf club thing, there are advertising companies that specialize in advertising at golf clubs, try to find one in your area.

The broker I used to work with had an advertising department especially for high-end homes, charged us between $500-1000 for a marketing plan and they took care of everything, it was great. The above mentioned were things they did. We had a 90% market share for homes over $1 million in the area.

Good luck,

Great ideas...thanks

I think it is absurd for you to expect to get a higher percentage for one plum listing. First of all, you haven't sold anything. A listing is NOTHING. It is potential but it is not a closing. Second, it may be an overpriced albatross that will eat up advertising and never sell.

A 70% split is reserved for successful agents who keep bringing it. You shouldn't expect it until YOU are bringing it.

Navarac, I have figured it out.

You really need to quit watching "Glengarry Glen Ross" on a daily basis. Calm down.

Somebody just highly recommended that movie to me, but I couldn't find it in Blockbuster. I'm going to see it real soon. Maybe I'll be even more irascible after I watch it. Let's hope so.

Wow!! kind of pissed huh?

I have recently sold over 2 million in properties, both comeercial and residential..It's not as good as the others in the company.

Wow!! kind of pissed huh?

I have recently sold over 2 million in properties, both comeercial and residential..It's not as good as the others in the company.Oh, it's not an overpriced albatross as you so adroitly noted. It's less than the certified appraisal. I'm not as stupid as you wold like to think.I do quite well for someone who's partially blind and can't drive at all.

I didn't say you were stupid. I said you don't deserve to be paid 70% on the basis of bringing in one high priced listing that may or may not sell. If it sells you still arent't worth more than 50%. 70% is reserved for top earners who bring in big sales and big listings on a repeating regular basis because they are the best in the industry. Sell 20 such listings and call me in the morning.

I may regret saying this, but I think navarac's irrascability adds spice to this BB. There's always something in his messages that is worth thinking about even if it annoys the hell out of you as you read it.

Ferne, I have a disability as well and I know how difficult is to do this business given the additional obstacles a disabling condition imposes. In response to your question about how to market a luxury property, first of all, I charge an additional amount in commission to help cover the costs of advertising as it is expensive to do so. First of all, you need to hire a professional photographer with a wide angle lens who can shoot high quality digital photos. I also have a virtual tour company come out and take photos on the same day. Then you need to get these photos up on www.luxuryportfolio.com and www.luxuryrealestate.com, www.nytimes.com, (and your area www.boston.com). You should also do print advertising in a Boston Globe display ad, New England Home magazine, and depending upon the exact location in Massachusetts, there are other options. Hope this helps.

Wow...that's odd...I know many brokerages where I am that regularly start out new agents at a 70/30 split and then increase it from there...there's even a brokerage here that STARTS YOU OUT at 100% with $69/month desk fee & 349 out of your first transaction every month....70% is definitely not "reserved for top earners"...it's the starting point...at least in my market...

You deserve whatever you can convince someone you are worth. If your broker doesn't feel you're worth that much, and you can't convince them of it, and you're not willing to go to another broker who might - then maybe you yourself don't believe that you're worth more...or you'd go get it...just mho.

-Josh

Good Luck!!! As most people mentioned network or sen a personalized nice invitation card to preview the home with catered food from high-end place. Few agents I know service high end listings do take a retaining fee depending on the listing price. I know one agent get helicopter view picture shot for her listings.

Those are good ideas and I thank you for them. I"m going to use the luncheon one for sure and work in the others. Thanks.

I've never seen a luncheon sell a high end home. The people who buy high end homes and even the agents who sell high end homes are way too busy to attend luncheons. You need wide exposure to buyers and agents in the luxury market through print and Internet media. The chances that someone local will stop by and buy the home are not impossible, but pretty slim, and high end agents won't take you seriously if you just focus locally. This will put you at a real disadvantage when it comes time to negotiate an offer as they know they won't have much competition (without wide exposure to high end buyers, you won't have many offers) and figure they are dealing with an agent who isn't experienced at the high end of the market (which means they can play hardball as they will bring up comparable properties that you haven't seen to justify their offer). Getting a high end listing is only part of the battle, getting it exposed to the right buyers and agents is equally important.

In my market area, 11 homes went on the market for over a million, only 5 sold (and of those, only 4 sold for over a million). I listed one of the ones that sold and I can tell you I was in hardball negotiations three times before we found the right buyer, but we had lots of showings due to an extensive print and Internet marketing campaign and the sale was the highest sale price to list price of any of the million+ homes sold.

I agree...this is why I've enlisted a broker who does nothing but high-end, inns and B&Bs. So, no one will know that I don't do them on a regular basis. I don't anticipate a problem with that part. We do an extensive mareting campaign anyway..we're on Realtor.com and this property is there 4 times at any one time. We are Megabrokers INternational...and largest land dealer in NE...But my work is just starting as I want to hit the attorney's and physicians in the cities around me. I will put it in their trade journals too.

This is my first post (under my new anonymous name) - so sorry if I come off like I know something.

In my area of expensive houses - $2.5 is about the middle price range at the high end, and as far as I know, 95% of homes for sale go through an agent that lists in the MLS. Our board prohibits listings that don't go in the MLS unless clients first sign a consent form.

But why wouldn't a client want the home listed in the MLS?

Isn't that the whole point of going with a real estate agent who uses the MLS - so you can have 30,000 agents potentially working for you (instead of just one?)

If a client expected me to sell their home without benefit of the MLS - I'd want more than 3% commission.

#1 Tip: Price it right (If the sellers want too much - why waste your money and time?)

#2 Tip: Don't look to your broker for advice if he's not prepared to give it. But do take his money - if he's prepared to pay for the expensive magazine ads. (No doubt you're going to have to do all the leg work, in re photos, copy etc, and make sure he places the ad!)

#3 Tip: Consider using Range Pricing

I'd research how high end homes are marketed in your area and maybe network with select brokers/agents who have shown success selling those properties.

They may be happy to provide ideas, especially if they think you might come and work for/with them after you sell this listing.

At least they know you're capable of getting such a plum listing and that ain't nothin to sneeze at.

Good Luck

P.S. - Like the golf club idea, but who wants a full flyer (or any advertising/spam) with their receipt at the Golf Club?

Better to offer something of value instead - that can be passed out to members. Half Sheet - one side: flyer and your name on one side of sheet and valuable Coupon for X Dollars Off dinner at a local eatery (local eatery would have to agree of course, etc.) Then since your bringing the local eatery business, they should be willing to put your Full Flyer somewhere on the counter, then put a coupon on their counter with your flyer and discounts at the Golf Pro Shop. Wash rinse repeat until your flyer is all over town where the rich do eat, drink, and play. Be sure to leave the Price off the flyer and have words such as Call for Current Pricing.