Data can help you better understand luxury real estate clients
Breaking into the luxury sales market is like a dream for many Realtors, but it’s an attainable one for those willing to put in the effort. And that effort, these days, requires tapping into data that can help you better understand this market segment and the clients you want to take under your wing. Comprehensive knowledge of this affluent segment should include what motivates and resonates with them as well as their financial behaviors. And a Realtor who puts in the work to research these tendencies can make themselves invaluable to this sought-after clientele.
Do your research, become a valued Realtor in the luxury real estate market
Breaking into the luxury listings segment requires a deep understanding of the market of those who are worth more than a million dollars, up to those with a net worth of more than $500 million. A report from the Coldwell Banker Global Luxury program and WealthEngine dissected the market to gain a clearer understanding of the millionaire and demi-billionaire lifestyles and preferences. Here’s what they found.
Generational shifts are happening
The number of demi-billionaires and millionaires ages 40 to 50 represents a small percentage, less than 10%, but it’s growing. Meanwhile younger members of this segment have loads of spending power and represent a worthwhile target market for agents who want to get into the luxury market.
This segment craves a customized experience
Would-be luxury real estate agents should consider this segment’s preference for a highly-customized experience in all they do.
Affluent clients adore amenities
When it comes to buying properties, these clients want homes that are filled with the best in amenities, including fitness centers, wine cellars, smart home tech and much more.
They’re fiercely loyal to their favorite brands
Luxury brands are what it’s all about for affluent customers, and they have their favorites when it comes to their collections, such as vehicles. By personalizing and customizing their experience, you can tap into this preference and build their loyalty toward you.
Tech is making buyers more mobile
Forget weekend getaway homes, this market is looking for vacation homes where they can conduct business remotely, throughout a season or longer.
The future of luxury sales: customization is keyUnderstanding the luxury sales target market is just the beginning. When you have a full comprehension of your client’s attitudes and preferences, you can create a customized experience that is sure to wow. Tap into the available data on the millionaire and demi-billionaire market, and leverage it to gain your foothold in the luxury market.