Selling Lux

For the last several years Durham County has typically had between 75 and 85 homes on the market with prices over $700,000 at any given time but only about 30 to 35 are sold each year.  These are much lower numbers than Wake, Orange or even Chatham counties. The pattern of expired or withdrawn listings also suggests that if the market for these homes improved many additional properties would go back on the market. This trend pre-dates the current housing crisis and is very discouraging for anyone contemplating the sale of one of these luxury properties.

Since the luxury markets in the communities surrounding Durham are much more vibrant than Durham itself, one would conclude that Durham is the problem.  My contention is that Durham is only part of the problem.

Furthermore, I contend that Durham has the potential of becoming the preferred luxury community in the Research Triangle Region if properly positioned and promoted. A lot of the forces necessary to make this happen are already in motion.

The challenge to the real estate marketing community is to acquire some sophisticated marketing skills that have not been necessary in the broader home markets during times of high employment, income growth and easy financing.

Since 1974 I have earned my living as a marketing professional in several industries including residential real estate and I’ve learned a few things including these:

1. Buyers of luxury homes are not buying shelter, they are buying an experience.

2. Price is NOT the driving factor in the marketing mix for luxury homes.

3. Good listing agents don’t sell, they market.

4. Traditional compensation of real estate agents discourages marketing.

5. A well positioned luxury property will be found by the right buyer.

6. The sellers of luxury properties in Durham should approach hiring an agent like the CEO of a company should approach hiring a marketing director.

If you want to learn more about the Springtree approach to selling luxury property in Durham there are two ways to do it. The first is to read the report I prepared earlier this year on the Luxury Market in Durham. It is available directly from this link.

Or, if you prefer, you may schedule an appointment at your home to discuss how to develop a marketing plan built around the unique characteristics of your home based on the marketing principles that I discuss in the report.

My desire is to work with no more than 4 clients at a time, so that my effort and attention can be more focused.  Please call me anytime at  919 819-6666  or email me at Jay@JayZenner.com I am now using advanced software from RealPriceNow to prepare property evaluations. I believe this provides the most thorough analysis and clear presentation available anywhere.