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5 Things to Consider If You’re Selling a Luxury Boston Home

Boston‘s high-end real estate market runs the gamut from meticulously restored historic houses to amenity-rich modern condos in brand-new buildings, which can make figuring out how best to sell your luxury property a bit confusing. This is when finding the right agent can mean the difference between getting a good deal and getting a great deal.

Michael Harper, an agent with Coldwell Banker Residential Brokerage Boston Commonwealth Avenue, says, “Selling a luxury home is not like selling any other property.”

U.S. News asked some of Boston’s top real estate agents, as identified by Agent Explore, a real estate technology company (and a U.S. News partner), what makes the luxury home market unique and what sellers need to do for a seamless sale.

Luxury, defined

Tracy Campion, principal and owner of Campion & Company Fine Homes Real Estate, defines luxury by quoting one of the real estate industry’s most repeated maxims: “Location, location, location.”

[Read: 4 Real Estate Trends to Know Before Selling Your Home in Boston.]

After that, she adds, “The quality of construction, the design of the property, the appearance. We’re lucky enough in Boston to live in historic neighborhoods. There’s Back Bay, Beacon Hill, the South End, but you can go all over the city. There are also new high-rises and brand-new buildings.”

Harper agrees that location is key, and homes in certain addresses and neighborhoods bring in big numbers. He says other key factors in Boston, especially in areas like Back Bay and Beacon Hill, include perks like parking and outdoor space.

Find the right agent.

More than anything else, sellers must find the right agent. Harper says, “It’s really important to engage someone who knows the market. A broker who has skill and knowledge and comes with a proven track record. I’m great on the downtown market, but [for sellers] in the suburbs, I’d refer them to someone else.”

Campion, who has been in the real estate business for more than 30 years, offers the same advice. “Go to someone who has a track record. You want experience.” She says sellers should interview several agents to find the right one for them. “It makes all the difference in the world who your broker is,” she says. “Go to a top broker, who has your best interests at heart, someone who’s at it all the time, not part time.”

Marketing is key.

Christopher Sower, senior vice president with Colliers International, says, “We’re big believers in creative marketing campaigns.”

Strategies he uses include building custom websites for all his properties, using social media to promote them and even going overseas to court potential buyers.

[Read: 3 Things Boston Home Sellers Should Ask Before Hiring a Real Estate Agent.]

Harper says that marketing begins early — “before you even put your home on the market. We make sure we have outstanding marketing materials.”

This involves first decluttering the home, hiring a photographer who is an expert in architectural images and using high-quality photos to showcase the property at its best.

Setting the scene

Sometimes people get carried away making major improvements to a house, but that’s not always a good use of time or money.

“Luxury buyers either want something ready to go or they are going to customize on their own,” Harper says. He advises clients tackle easy tasks — clean, tidy up, maybe replace old fixtures or paint rooms — rather than launch into a full-on renovation.

Campion says, “In today’s market, you want to make sure the property puts forth its best. You can hire stagers, declutter. When someone lives in a property a long time, they sometimes don’t see things. People are unaware. A broker can really see what needs to be done.”

Sower says, “Every property is different. Get it in the best condition as possible.” He advises sellers to make their homes as neutral as possible, so buyers can picture themselves there.

The right price

Your agent will help you figure out where your luxury property fits in the real estate landscape, which involves researching other properties like yours.

[Read: 4 Red Flags to Look for Before Accepting an Offer on Your Boston Home.]

Harper says an expert agent will know how to accurately price your home by going over recent deals near you, deducing what’s in the pipeline, even finding out what’s trading off-market, so you’re competitive, yet realistic. He also says knowing the clientele is key.

“Often luxury deals are done before they even go on MLS,” a listing of homes on the market, he says.

Campion says, “This is one of the biggest transactions in their life,” so it’s important to get it right.

Looking for a real estate agent in Boston? U.S. News’ Find an Agent tool can match you with the person who’s most qualified for the job.

More from U.S. News

The Best Places to Live in the U.S. in 2017

$100 million for a home? Luxury buyers reach a new threshold

How to Define Luxury Real Estate in Today’s Market

5 Things to Consider If You’re Selling a Luxury Boston Home originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. 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Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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