Timeline
A detailed description of the timeline and process for this assignment.
We recommend a XX-month listing period, with the first two months allotted for marketing collateral creation; whisper-campaign execution, and press placement.
In a pre-Covid market, we would have recommended an 18-24 month listing term. The buyers for assets like Casa De Plata have historically been seasonal visitors. The frequency of annual visits may vary from prospect to prospect - ranging anywhere from quarterly to annually - and in rare cases, we may sell a trophy property to a prospective buyer who hasn’t yet owned in Hawaii and/or visited frequently*
As a result, and quite contrary to larger metro-markets on the U.S. continent, Hawaii’s high-end real estate market is far less sensitive to “Days on Market” as an indication of value. Property listings don’t suffer the same “staleness” if/when they’ve been on the market for months or even quarters since it’s obvious that the buyers may only visit the island a few times a year.
Historically (again, pre-Covid) it’s been particularly challenging to enroll high-net-worth prospects in making an otherwise unscheduled visit to Hawaii Island for the sole purpose of viewing a listing. Instead, we track the prospect’s planned visits, as they often travel with their families and staff on pre-scheduled visits. Our goal is to engage with them prior to their arrival, enroll them in the value of the offering, and schedule a tour.
Covid has introduced a new calculus to the high-end real estate market, however, as documented in our Luxury Market Report. Demand for high-end real estate has spiked dramatically. The frequency of high-end trades has increased, and inventory for quality residential real estate is at historic lows.
We recommend a 14-month listing period, with the first two months allotted for marketing collateral creation; whisper-campaign execution, and press placement. The listing would then be publicly available on the MLS for a 12-month period, ensuring that the property is available for each season of the year during which even an only annual visitor may come to Hawaii Island.
Our marketing process is outlined in the Marketing section of this proposal.
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*The largest (public) residential trade in Hawaii, in which Hawaii Life represented both the buyer and seller for a sales price of $46.1m in 2018, was to a buyer who had not previously owned in Hawaii and who was not a frequent/seasonal visitor.
Exhibits:
Market Report
2022 Hawaii Luxury Market Report