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Is the process for advertising a luxury real estate property the same as any other listing? The answer is a simple yes and no. The same steps have to be taken, but the canvas is that much more elegant and the creativity can flow a bit more freely. Luxury properties are like fine art; Adorned by many, but afforded by a few. Your luxury real estate listing will attract a lot more attention than a regular ad, but a lot of those clicks/views are achieved through admiration, not genuine interest.
This is a good thing! The saying of “all press is good press” applies here because the listing will gain much more popularity (even virality) due to its appearance, location, price or a combination of all of the above. While the ad spend will have to correct for this increase in activity, even a substantially large advertising budget ($100k) will still undoubtedly be a drop in the bucket compared to the homes’ full value.
Advertising online is a similar process, however, the demographics and audience targeting needs to be shifted. If you open up your scope to all audiences, you’ll see a ton of traffic, but likely not that much interest. Targeting business professionals is a great way to narrow your scope. An awareness of the professionals currently near a radius of your luxury property is also a worthwhile avenue to pursue.
Advertising using more traditional means is still an option, however, if you’re trying to promote your mansion in a magazine that has listings of houses in a similar price range, you’ll find yourself competing on a more level playing field, which may or may not pan out how you’d expect. This method will also likely take a chunk out of your budget. Print may be dying, but it sure isn’t charging like it is.
The multimedia budget for advertising a luxury property is also a big bonus, compared to more traditional properties. Options for creativity are most present during this stage and a whole slew of videography options become available. 3D-Tours, VR walkthroughs, aerial drone shots and modern promotional videos are all great options to explore.
Advertising luxury real estate properties requires you to tighten your scope of who you want to target, but that doesn’t always mean that you shouldn’t run with any traction of popularity you might achieve. Careful monitoring of the campaign is required and with the right steps and attention, you’ll be putting up that SOLD sign in no time.