The luxury neighborhoods are fastly becoming the ‘other side of the tracks’. It’s fact, the fastest growing sector of distressed properties in the U.S. is the luxury market. CoreLogic and the New York Times recently reported together that more than one in seven homeowners with loans in excess of a million dollars are now seriously delinquent.
When you drive down the street of luxury neighborhoods, know that the same economic problems attacking the middle class consumer are taking a swipe at the rich too.
Developing a marketing strategy that appeals to the concerns of the distressed homeowners in the luxury market could mean huge opportunities for you to grow our short sale business.
The lesson here: No market should be deemed unapproachable.
The key with luxury market distressed sellers is to understand their motivation, their options, and to set the proper expectations. Luxury market short sales come with additional nuances in the negotiations and likely exit strategy. Luxury sellers cannot just choose to walk away from a sour investment and not expect to balance some of the loss without a dire hardship.
Agents and Investors working with short sales will consistently earn higher returns on luxury market sales and short sales are no different. Now is the time to match your message to the needs of this market. Our team has built our own lead capture campaigns using our Proptrackr site that are tailored specifically to the luxury market. Using social media outreach we have been able to drive traffic to our Proptrackr site.
We will keep you in the loop on luxury short sale strategies!
To Your Short Sale Success!
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