Almost a decade since the real estate bubble was punctuated by the so-called “mortgage meltdown” and followed by prolonged steady recovery, Hawaii luxury real estate is on a solid upswing, with growth forecast to continue through 2017. The local market is in the pink of health, partly due to an actual and anticipated influx of foreign investment.
As a property owner, can you take advantage of the upward trend and make a calculating yet fruitful next step? Here are three tips to market your luxury home in the thriving Hawaiian real estate market.
Know your market
Your potential buyers – the ultra-high-net-worth individuals (UHNWIs) and high-net-worth individuals (HNWIs) – are well-informed, educated and not likely to overpay, but today they are clearly willing to write an offer that meets fair market value. It is vital for you to never be a stranger to your own market, and to know their pain points and ultimate vision for their high-level spend.
Foreign real estate investors, for one, have significantly influenced the luxury market, with the wealthiest from the China mainland and in particularly places like Hong Kong continuing to diversify their assets. Have a close understanding of their needs: a haven to keep their money in safety; a stable, attractive place for their children’s education; and an environment conducive to business and socialization.
An intimate knowledge of your market will give you an insight on your potential buyers’ worldview and values, and shape the right approach for marketing your luxury home listing, such as the correct portrayal of the location and lifestyle.
Perfect the smallest details
When marketing a luxury property, you should create a perception of luxury and the highest quality. Present your property in the best possible way, such as immaculate landscaping and the smallest corners in flawless, well-refined marketing materials.
Spend on high-end photography, video and drone photography, and topnotch copy for your ads and brochures. Do not scrimp on marketing tools that will make your home stand out in a wildly competitive marketplace.
Partner with the right specialists
Sometimes, however, the most fantastic gems that islands have to offer are best marketed in the most discreet fashion possible. The key therefore lies in partnering with leading real estate broker who knows how to build a mystique around your property and employ advertising and marketing practices that subtly yet effectively keep them in the radar of UHNWIs and HNWIs.
The right partner, apart from having extensive market expertise and connections, values your time as a precious asset and allows your property to be seen only by potential buyers who are keenly interested and fully qualified to purchase them.