Prestige property deserves prestige marketing

Some of Australia’s most valuable property is bought and sold in Perth, yet the majority doesn’t receive the marketing strategy it deserves. If you had a luxury item to sell, wouldn’t you want to tell as many people about it as possible?

Traditionally, the Perth’s western suburbs located nearest the Swan River have been the city’s most exclusive and expensive. In 2006, Perth took the mantle from Sydney as having Australia’s highest median property value. Although this has now reverted back to Sydney, Perth’s “purple” band – or band of suburbs that have an average house price of more than $800,000 – has grown in number and geographically spread away from the river to include many northern suburbs such as Trigg, Marmion, Sorrento, Wembley Downs and Mt Lawley.
According to Realmark principal Mr John Percudani, selling premium property requires a premium approach from agents yet often this does not happen and these homes are left languishing on the market for months at a time. This has an adverse impact on final sale price.

“We are finding that sellers in prestige suburbs are often reverting to what is safe and comfortable,” says Mr Percudani. “This usually means they select a local agent who only markets to the local community. This surprises me as people who own premium property are likely to be commercially savvy people and would be expected to make informed decisions.”

“If you only market to your local area, you are narrowing the potential buyer pool. If you only take an advertisement in the local paper, no matter how big the ad is , then you will only attract local interest!”

What sellers need to be thinking about says Mr Percudani is a much broader, sophisticated and dynamic marketing approach, especially as the number of premium suburbs and buyers grows.

“If I was selling a luxury product, I would want to showcase it in the best possible light to as many people as possible,” says Mr Percudani. “Sellers need to move away from the ‘traditional’ approach of selecting an agent based on friendships and local prominence and instead start thinking outside the square.

“Look for an agent who talks to the widest possible audience and has the marketing tools and approach that uses the best photography, best copywriting and other customised marketing tools.”

Mr Percudani uses a recent example where Realmark recently sold a property in a high-end beachside suburb which had failed to sell with a previous prominent local agent who was the vendor’s golf “buddy”.

“We got the listing, marketed the property highlighting its many excellent features to a wide audience,” says Mr Percudani. “Within 28 days we had three offers on the property and it was sold for a premium price. The competition we generated was due to the wider area marketing we undertook and the premium marketing strategy that truly ‘spoke’ to the premium market.”

Rather than making a decision based on safety and comfort, sellers must embrace a non-traditional attitude believes Mr Percudani.

“This will ensure the freshest marketing approach, attracting the freshest buyers and achieving the freshest price.”