PHOTO: Australian and New Zealand business development manager Dominic Longcroft
Australian and Australian struggling to sell mansions can now call in Sotherby’s premium six-week sales concierge service to seal the deal.
Sotheby’s Concierge Auctions, which has sold close to $US4bn worth of property since it started operating in the United States and Europe in 2008, recently opened for business in Australia and New Zealand.
According to Australian and New Zealand business development manager Dominic Longcroft, local Australian agents like the idea.
Under the arrangement the original listing agent retains the listing but if, after several months, a high-priced property has failed to sell the vendor can hire Sotheby’s Concierge Auctions to take over the listing for a further six-week marketing and subsequent auction campaign.
The first five weeks are devoted to more marketing of the property tapping into Sotheby’s Concierge Auctions international database.
In the final week the property is auctioned over seven days using a live internet auction.
If the property sells, the buyer pays commission of 6-12 per cent of the sale price to Sotheby’s Concierge Auctions and the initial agent still gets their agreed commission from the vendor.
“So far we have had positive feedback from agents once the process has been explained to them,” says Mr Longcroft, a worldwide expert in luxury property.
He says the process works well on highly priced properties that have failed to sell via private treaty and expression of interest campaigns.
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“This is mainly attractive to properties that are being sold via expressions of interest or private treaty campaigns and generally we would get involved towards the end of the existing listing agreement,” he said.
Sotheby’s, the renowned auction house and luxury real estate brand, is setting its sights on high-end homes that are difficult to sell. As the global pandemic has shifted housing market dynamics, many luxury homes are staying on the market for longer periods of time, leaving sellers eager to find new ways to attract buyers. Sotheby’s is stepping in with its specialized marketing and networking capabilities, aiming to help sellers get their high-end properties off the market and into the hands of new owners.
One of the key strategies that Sotheby’s is using is targeting homes that are “niche” properties, meaning they have a unique set of features that make them stand out from other luxury homes on the market. These could include homes with historic or architectural significance, expansive land or waterfront views, or unusual design elements that require a specific buyer with a specific taste. Sotheby’s agents use their global network to connect with potential buyers who may have a particular interest in these types of properties, and they work to highlight the unique features of each home in order to generate interest and offers.
Another approach that Sotheby’s is taking is to focus on homes that have been on the market for a long time, without generating much interest or any offers. These properties may have been overlooked by other agents or may have simply been priced too high for the market. Sotheby’s agents use their expertise to help sellers reevaluate their pricing strategy and make any necessary adjustments in order to attract more interest from potential buyers. They also work to create customized marketing plans that highlight the unique features of each home and reach the right target audience.
Sotheby’s has a long history of working with high-end properties, and their experience in the luxury market has made them a go-to resource for sellers looking to move difficult-to-sell properties. With their global network of agents and their expertise in marketing and networking, Sotheby’s is well-equipped to help sellers find the right buyers for their high-end homes.
In conclusion, Sotheby’s is targeting high-end homes that are hard to sell by focusing on niche properties and homes that have been on the market for a long time without generating much interest. They use their global network and specialized marketing strategies to connect with potential buyers and highlight the unique features of each home, in order to generate interest and offers. If you have a high-end property that you’re having trouble selling, Sotheby’s may be the solution you need to get your property off the market and into the hands of a new owner.
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