How does one sell a multimillion-dollar property? In an industry that has gone through the most challenging of ups and downs, one niche of the real estate industry has remained relatively invulnerable. And that is the luxury real estate market. The sale of a luxury home may seem daunting, but the truth is, selling distinctive properties is based on the same principle used to sell the most basic of everyday items.

The gist of it is, if there’s a want for it, it can be sold. The trick is knowing how to successfully bank on this principle.

Look for a selling point
Even the most exorbitant of asking prices can be justified. Knowing what makes a multimillion-dollar home worth its price tag is the best first step to closing that sale. Do research on the property aside from just pointing out how gorgeous the view is, or how the neighborhood is so nice.

Is the property historically significant? Was it once owned by a famous personality? Knowing these things can help you play up an angle that will make the property’s price tag worth it.

Understand the market
These days, the ultra-rich are no longer just suit-and-tie Wall Street types, particularly in L.A. Here, these include the creative types who have come into their own via advertising, cinema, music, and the arts.Knowing your target market is a necessity.

Knowing who can afford the property, what they’re looking for, what their goals are, can help you come up with the right marketing plan and strategy. Each market is different, and knowing how to speak their language can help you out immensely.

Know how to party
In a world where going to events is the norm, knowing how to handle and work these events to your favor can be a tremendous advantage. It is here that you can meet potential clients and create a network.

Some real estate agents – with permission from the owners –throw lavish parties in the property. By doing this, they get to show off the property in the best way possible.