Tips on Selling Luxury Real Estate in Malibu

Tips on Selling Luxury Real Estate in Malibu

  • Mark Gruskin
  • 10/6/22

The market for luxury real estate in Malibu, like Broad Beach mansions, is hot, and the return on investment is usually high. However, some properties will command a better price than others, and there are some tried-and-true selling strategies to set up your home for success on the market. If you want to maximize your return when selling your Malibu-area luxury property, here are a few steps that you can take.

1. Understand the market

Work with your real estate agent to gain an understanding of the current Malibu real estate market. Because the area is highly desirable among home seekers, properties here often sell for the list price or higher, and bidding wars may be common in a competitive seller’s market. For instance, Broad Beach mansions and other top properties may go under contract after less than a month on the market and sell for a price that is well above asking.

2. Set your home up for success

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Once you understand the current market trends, you can begin to think about how to help your home stand out among other Malibu Road luxury homes. If you’re still a few months away from listing, you can use this time to make small upgrades to your home. Many buyers of luxury properties are looking for homes with ample outdoor lighting, spacious outdoor living spaces, and energy-efficient features. Improving your home in any one of these areas can improve your ROI and give you the best chance of receiving multiple offers.

3. Know how to market your home

Once your home is on the market, you will want to get the word out about its availability. First and foremost, you will want to prepare your online listing. This will be the first point of contact that many potential buyers have with your home.

Consider taking professional pictures that highlight the best attributes inside your home. Make sure you have a well-crafted home write-up that paints a mental picture for your buyer about what their life could be like if they choose to purchase your home.

Finally, talk with your agent about other ways that you could creatively market your home. Many home listings now include video or 3D home tours that give potential buyers a chance to get a deeper glimpse inside your home before they schedule an in-person showing. And while a yard sign might feel like an outdated tactic, it’s still a great way to raise awareness about your home’s availability and may be a good way to get your neighbors talking with their friends and acquaintances about the opportunity to live nearby.

4. Know how to stage your home

Once potential buyers start coming to see your home in person, you will want to make the best possible impression. You want your potential buyers to feel an emotional attachment that invites them to make an offer. There are several easy ways that you can make your home stand out.

Start by drawing in the potential buyer with a striking curb appeal. Take care of cutting your grass and trimming your bushes, and also consider adding more exterior lighting or painting your front door in a bright color.

Eliminate any clutter inside, and make sure you do a thorough deep cleaning. Many people set the table in their kitchen or put plates and silverware in front of each seat at the bar, as this allows guests to imagine eating or serving guests in their kitchen spaces.

You should eliminate any clutter on top of your kitchen cabinets and island. Buyers don’t want to see your items sitting out — they want to imagine how it would look to have their items inside the space. The only other exception might be a bowl of fresh fruit or a potted plant.

Finally, roll up a few white towels and set them out in the master bathroom, or leave a pair of slippers seated near the bath or shower. This is an easy hack to make your master bathroom feel like a spa.

5. Point out high-end features

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There are certain amenities that set luxury houses apart from the average home on the market. Make sure you highlight these features in your home listing. You can describe them in detail, and you can take pictures of these features to include with the listing. If your home has a beautiful view or sits in close proximity to the beach, make sure to mention this in your listing. If you have a pool, home theater, private driveway, guest suite, or an outdoor kitchen, take a picture so that the buyer knows what they are getting. Also, since many luxury buyers don’t want to take on a project right when they get the keys, it can appeal to your target audience if you mention that the home is move-in-ready.

6. Set the right price

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Obviously, you don’t want to set a price that is too low and risk walking away with less money. However, you also can’t set a price that is far too high. For starters, if the home doesn’t appraise for that number, you risk losing the sale, or you may have to renegotiate a deal that you’ve already agreed upon. Furthermore, if you have to reduce the price at some point, this will show up on the listing record, and potential buyers may wonder if you discovered that there is something wrong with the home.

It can be challenging to strike the right balance between a price that is too low and a price that is unrealistically high, but it’s a crucial step in the process. Your agent will have insight into how to best go about setting the sales price for your home competitively and accurately.

7. Work with an experienced agent

If you’re looking for someone to partner with in your upcoming luxury home sale, look no further than Mark Gruskin. Mark’s years of experience handling home transactions in the Malibu area, from Broad Beach mansions to Malibu Road luxury homes, along with each award he has won, speaks to his competence and professionalism. He’s looking forward to hearing from you and helping you get the best offers when selling your home.

* Carbon Beach Header photo courtesy of Mark Gruskin

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