The use of data has become key to high-end Luxury Real Estate. Luxury Real Estate sellers or buyers are usually individuals coming from being top in their fields. The use of data, a good understanding of statistics and taking decision-based on it, is normal.
Statistics are the best way to answer questions to sellers’ or buyers’ worries, expectations as well as it gives a better scenario at the time of making decisions.
How Does Data Help?
1) In a market, that has slowed to traditional market behavior as Key Biscayne and some other areas of Miami, Fl. It is the agent responsibility to do the proper research of the property on today’s market.
The history behavior of the area is as important, as it can reveal how the area has gone thru different stages in the past, from a buyer’s market to seller’s market and vice-versa.
Determining The Price
2) The real value of luxury properties has many elements to consider. The data of the current luxury properties, the sales prices, and the pricing differentials help. In addition, the days on the market, the definition of the market tendencies, new listings and price per square foot, all play a role in defining the price.
Now for most property owners, there is an intangible added value to the property and it is the agent’s responsibility to arrive at a common understanding on how this intangible value needs to be treated on the strategy to be implemented to position the property on the market.
3) Once the price is agreed, the marketing strategy is crucial. On today’s Market, the transition to Digital Online Marketing is another important factor that is playing a role in how the exposure of the property is delivered to its potential crowd. An agent that specializes in Luxury Real Estate should present you several plans.
An experienced agent should keep traditional tools as mailing, emails, MLS, Zillow or similar as well as printing papers.
In addition, it is crucial the agent presents a plan on the digital marketing strategy that is going to be implemented on the promotion of the sale of the property. More than 60% of real estate is now first initiated through a digital platform or strategy. And more than 75% of Clients researched online the areas, properties, and their possibilities before contacting a Real Estate professional.
The lack of understanding, how the latest mobile technology has drastically changed consumer behaviors into the Real Estate and many other industries, has contributed to a slowing down. Digital Marketing is here to stay and Real Estate agents involved in Luxury Real Estate should present to their clients different plans and possibilities from moderate to the most recommended.
Digital Marketing allows monthly report and metrics on the results of the strategies. Keeping the owner informed on the results of the marketing strategy with real data performance of the property is very important as it indicates the results on the money, time and effort invested into the service of their Real Estate needs.