Every business needs fans. Whether you are selling a product or service, your success largely depends on how well you market to that fan base. When it comes to luxury property auctions, marketing is even more important since these properties often have a higher price tag and have a smaller concentrated group of people interested in what you’re selling.
Marketing your luxury property auction is the difference between selling and holding. Platinum Luxury Auctions utilizes marketing techniques that are constantly evolving to stay in touch with where your target demographics would hang out, consume information, and just exist. We auction luxury homes ranging from mansion auctions to luxury real estate auctions.
Here are some of the top reasons why marketing is a critical factor in selling a high-end property at auction:
- Target a specific audience
Luxury property auctions are not for everyone–luxury precludes a select few. Only a specific group of people are likely to have the funds and vision to invest in your property. To market your luxury property in a way to get wallets opened and people interested, you need to identify and target the right audience. Everyone talks about this, but it’s the foundation of all marketing strategies, which should aim to create awareness about the property amongst high-net-worth individuals, investors, celebrities, and affluent buyers who would be interested in bidding on the property. Know anyone interested? Ask them where they consume their media, if they want to be on an email list, or if they simply want to chat about their goals. One-on-one communication can’t be beaten.
At Platinum Luxury Auctions, we discover the target audience by doing the following:
- Determine the target audience’s demographics (age, gender, income, etc.).
- Analyze their interests, needs, and preferences.
- Develop a tailored marketing message that speaks directly to their interests and needs.
- Use targeted advertising channels, such as social media or industry-specific publications.
- Continually track and adjust your marketing efforts based on the response and engagement of the target audience.
- Establish value
Be honest to potential buyers about the value of the property—honesty is the best policy in terms of marketing because transparency is highly valued among the public. On the other hand, you are crafting a message that educates, inspires, and/or entertains. Your property is unique for a reason–make that known. Is there a story behind the building or its history? Also, make that known. People love a good story. Whether it is promoting the architectural design, the location, or the amenities, marketing strategies should focus on highlighting the property’s value proposition.
- Generate excitement and anticipation
Marketing campaigns tend to generate excitement and anticipation about the upcoming auction. Effective marketing strategies should ultimately get people excited, create a buzz and get people talking about the property–remember that word of mouth is your golden ticket. The anticipation created by unique marketing messages only you can envision, and campaigns that create a sense of exclusivity and urgency is priceless. By getting people interested and talking, marketing can attract potential buyers and maximize bids at auction.
- Increase visibility and exposure
What is marketing, anyway? In short, marketing is increasing exposure, lessening confusion, and bringing your product or service to a larger audience. Basically, making your property known with the right marketing tools with your luxury property auction can help increase visibility and attract new buyers that may be interested in purchasing luxury real estate. Platforms such as online auction sites, social media, and luxury real estate publications can reach a wider global audience and attract high-net-worth individuals.
To market a property effectively, create professional photos and videos, highlight unique and desirable features, price accurately, and target the right audience through online and offline channels. Use social media, email marketing, and word-of-mouth to increase exposure and generate interest. Showcase the property in its best light and provide thorough information.
- Build brand reputation and trust
Marketing luxury property auctions can help create a strong brand reputation, increase credibility, and heighten trust. These three factors are essential so that you can position your unique brand and develop a reputation for selling high-end luxury properties successfully (if you want to sell more properties down the line). Keep in mind how you’re presenting yourself and the property (the personality behind the property is important, too) because your reputation can be leveraged to attract future high-end property auction listings and develop trust and credibility with potential buyers. Trust and credibility directly translate to better relationships and higher profits.
Any business would agree with these principles. To achieve the formula in a way that works, utilize various strategies such as being consistent about highlighting quality products or services, engaging with customers through social media platforms, and listening to feedback and actually responding. Directly answer potential buyers’ questions honestly and kindly. Propose a Q&A session about the property. Post reels and photos consistently to remind people about what you’re doing.
Honesty and transparency in business practices also play a vital role in building trust. Establishing a strong brand message and consistently delivering on it also helps in building trust and credibility with consumers. Building a community around the brand and creating a sense of belonging can also go a long way in building brand reputation and trust. Ultimately, the trust that is built with consumers translates into increased loyalty and sales for the business.
- Competitive edge
Not all sellers are utilizing free marketing efforts like social media to promote their properties. By taking advantage of an effective marketing campaign, your property will be more likely to be sold than a property that isn’t visible to the public. Distinguish your property from similar properties and help it stand out in the market. With a competitive edge, you can attract more potential buyers and maximize the property’s final sales price.
Keep in mind that the property itself contains its own marketing keys to success. As with all real estate, location plays a significant role in determining a property’s curb appeal. Easy access to transportation, features, and walkable neighborhoods can all contribute to a property’s image. Amenities like specialized architecture, gorgeous views, large layouts, and high-tech amenities can help set a property apart from the competition. A well-maintained and updated property can also be a significant selling point, as buyers are often looking for move-in ready homes.
Researching the luxury housing market in your area and understanding the preferences of potential buyers can also help determine a property’s competitive edge. By highlighting the features and benefits that make a property stand out, sellers can increase the chances of a successful sale.
- Maximize price potential
Effective marketing campaigns can make or break your sale and increase it by large margins. By targeting the right audience, communicating your property’s value proposition, building hype around it, increasing exposure, and working on instilling trust with your audience, you can attract more potential buyers and drive up the final selling price.
In conclusion, marketing is an integral component of selling luxury properties at auction. Without an effective marketing campaign, you run the risk of failing to attract the right audience and achieving the best possible price.
At Platinum Luxury Auctions, marketing is one of our largest outputs. We strive to connect with audiences across a range of media and advertise to them exactly what they need. Get in touch today by giving us a call at 1 (800) 262-5132. We’ll help you target your property to the right audience so it gets the visibility it needs to sell and get off your hands.
