Real estate agents who have sold homes in the USD 1 million and up price bracket know how difficult and lucrative it can be. The good news is that a million dollars can get a buyer an awful lot in most Southeast Asian markets. We’re talking penthouses, beachfront villas and luxurious detached housing. The bad news is that the pool of potential buyers shrinks considerably and they will need to be wowed. Still looking to close that first USD 1 million home sale? Here are a few do’s and don’ts to seal the deal.
Do…Reach out to your network
If you know someone who can afford a million dollar home or have a friend who’s able to introduce you to affluent potential buyers, you should start here. Remember, finding people who can afford these types of properties is half the battle. Even if they say no, you can learn more about what type of real estate they are looking for and find something suitable in the future.
Don’t…Cold call or spam
Think about it like this: if you received a call or email from someone you didn’t know wanting you to spend USD 1 million on anything, what would your response be? Most people would hang up the phone or delete the email immediately and this is no different for real estate.
Do…Incentivise seeing the million dollar home in person
The easiest way to close a sale, especially in resort locations like Bali, Boracay or Phuket, is to have a potential buyer see the property for his or herself. Create bespoke trips for those interested in buying where they can explore the area and perhaps even spend a night or two at the property. It’s a good idea to offer refundable airfare so if they decide to buy, you’ll cover the travel expenses.
Don’t…Offer complimentary trips
You will lose money hand over fist as scammers get a free vacation at your expense. Serious luxury real estate buyers aren’t afraid to put up some form of collateral to show they are truly interested. This can be a deposit, airfare or something else.
Do…List the property on a portal
Just because a home costs more than a million dollars doesn’t mean people using a property portal such as Thailand Property won’t search for it. Affluent international buyers in particular use these portals to start their search since the listings provide comprehensive details and photos of the property all in one place.