What does a hat selling in Paris have in common with selling a premium property…

You’ve probably heard the news, A bicorne black beaver felt hat worn by
Napoleon Bonaparte was valued between €600,000 and €800,000 (£525,850-
£701,131) and it astonishingly fetched £1.7m at auction in Paris…

Crazy right? Well No…

You see, with anything, especially premium property. The ONLY person who can dictate the value, is the person who wants to buy it. Not you as the seller, not your estate agent and certainly not your family or friends.

This is why high street estate agents can’t and don’t always get the price right… It is also why one of the most important factors to consider when selling a premium home is how your marketing strategy and marketing price are established to support your sale, because we simply don’t know the demographic of buyer at that moment in time wanting that particular property and how much their prepared to pay for it.

The ‘mad’ person who pays £1.7m for a hat is a ‘minority’ buyer i.e. they are prepared to pay more than most. That may be because they have a collection to complete, they may feel positive that in 30 years time, it’ll be worth £5m.

However, believe it or not… It is exactly the same when selling a premium property such as yours. There is a ‘majority’ market value, and a ‘minority’ market value.

You have to price and market for the majority (based on recent similar sales and current competition) this increases your exposure through price prefix or trigger price positioning however along with your marketing plan you’re more likely to find a minority buyer who is committed to buying your home.
A majority buyer is the one who just wants a 3 bed house in a certain area, a minority buyer is the one who NEEDS a particular style premium home and a lifestyle that comes with it.

I’ve seen plenty of situations where a buyer has paid more than I thought they would… just because they wanted it.

Crafting a robust marketing plan for your premium property is crucial, the basic approach isn’t sufficient in today’s premium market. Previous experience on operational tours across the globe with the British Army taught me that to achieve a key objective it takes a great strategy and an even greater plan. It’s important that you have a clear, detailed and strategic approach to your marketing, tailored to your buyer and your moving needs, not a “one-size-fits-all” approach. A plan not only increases exposure across a broader audience however also strategically targets minority buyers, who may value your property higher due to their unique preferences and needs. This approach ensures you capture the attention of both general and niche markets, maximising your potential of fetching a premium price for your property.