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LUXURY HOME TOURS! 

Expert Tips for Navigating the Real Estate Market

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Our mission is to be your best resource for real estate advice. Whether you are a buyer, seller, or investor, our team of professionals can answer any questions you might have about real estate. Subscribe to this blog to get the latest news on local market trends and receive expert tips for buying or selling a home.

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How Do You Plan a Successful Luxury Property Purchase?

Updated: Jul 13


Buying a luxury property is a more complex process than buying a regular home. There are six steps to take to ensure a successful transaction that I want to share today. Selling in the Beverly Hills Area area?

Purchasing in the Beverly Hills area?


What’s different about purchasing a luxury property versus purchasing a regular property? There are several steps you need to consider to ensure a successful transaction.  


The first is establishing a great search process.You need to define how you plan on finding these types of properties because, oftentimes, they’re not even on the market—they may be pocket listed. You not only need MLS and Internet access, but also access to private networks of properties through a variety of sources. 


The second step is finding the right set of reliable photos.Typically with luxury properties, the property itself doesn’t encompass just one building, but several. It might be an estate, for example, with grounds involved and amenities (helicopter pad, vineyard, multi-car garage, etc.) that are hard to photograph in their proper context. Furthermore, there may not be many photos available due to privacy restrictions, so the more photography you can access, the better. That’s the best way to know that the luxury home you’re looking at matches your needs. 


Step number three is to ensure you have the right types of documentation.There’s not only a standardized purchase agreement you can use, but you have to account for all the upgrades that could happen with a property if there’s work that has been done recently, like renovations or additions. You’ll want to track whether there is appropriate permitting involved in these processes.


BUYING A LUXURY PROPERTY IS MORE COMPLEX THAN BUYING A REGULAR HOME.

Step four is to find the right team of advisors. With luxury properties, there’s a complexity that doesn’t exist with traditional transactions. In this case, a real estate agent will also work exclusively with a family office, a financial planner, a corporate attorney, a family trust, and any number of other intermediaries. Having the right team in place and having them work in harmony will carry itself in spades and make the transaction that much smoother. 


Step five is to look to the future.Know that in buying a luxury property, oftentimes, it won’t just appraise like a standard home because there is no inventory to compare it to. By looking into the future, you’re making sure that your asset will continue to gain value and that there are other comparable to work off of. 


Lastly, remember that there is usually room to negotiate. I’ve seen luxury properties listed between $30 million and $50 million sell for 10% to 20% less than their asking price. That’s millions of dollars of discounting achieved through effective negotiating.


There are a number of other tips and trends that we can share when it comes to buying a luxury property. If you have any questions regarding this topic or are interested in buying or selling a home, don’t hesitate to reach out to me. Looking forward to connecting with you soon!

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Hilton. Rolls Royce. Versace. Chateau Rothschild.

 

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And you know what? You deserve it.

 

 

Luxury living is a state of mind. If you're like me, you expect the best, and this especially holds true when you buy or sell a home.

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Erik Brown / DRE: 01958545 / Compass

9454 Wilshire Blvd, Beverly Hills, CA 90212

www.erikRbrown.com

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ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. EQUAL HOUSING OPPORTUNITY.

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