The face of luxury real estate is changing, and it has never been a more interesting time to be a Certified Luxury Home Marketing Specialist.
This month’s Luxury Market Report shows a stark contrast in luxury buyer trends to what was in demand this time last year.
Fall of 2019 was the height of a luxury condo boom, when we saw luxury buyer trends leaning heavily towards small spaces in urban areas where buyers could be close to entertainment and nightlife.
With quarantine concerns still top of mind for many luxury buyers, we see large, sprawling estates making their comeback.
For instance, the last six months have seen a resurgence in the buying of mega mansions and estate-size homes – specifically properties that offer space (both inside and outside), separate home offices, gyms, and private amenities such as swimming pools, yoga studios, and recreation rooms.
So how will this affect your marketing strategy as a luxury real estate professional?
Let’s take a look at three ways you can leverage luxury buyer trends in your listings and services:
1. Let Clients Lead the Conversation
While it’s easy to offer blanket statements about luxury buyer trends, truly listening to your clients’ needs will always take precedent.
Sound too obvious?
Consider this – even your long-term clients’ needs may have unexpectedly evolved during this unprecedented time. In both your marketing consultations and casual check-ins with clients, let them lead the conversation and allow them the space to tell you how their needs may have changed during this time. You may be surprised at some of the specifics that come up that are uniquely tied to their personal experience in quarantine.
At the same time, come prepared knowing the ins and outs of the best new amenities available in larger estates, how other clients are enjoying their transition to larger homes, and even how much a larger property might sell for in the future in areas where they’re interested.
This provides them with important information they may not have even fully considered yet. It also lets them know you’re a great resource for this type of transition, especially if you’ve already helped them build their portfolios with smaller properties in the past.
2. Community Lifestyle Is Still Important, But Tailor Your Listings Towards An At-Home Lifestyle
When buyers upgrade to a larger estate, they will still want to invest in a neighborhood that suits their lifestyle in the long run. However, keep in mind that most will want to know how their transition to a larger estate – or one with more potential for personalization – will immediately suit their needs.
That means your listing copy, photography, and even your staging should reflect what life could look like in your listings if restrictions stayed in place for another few months to a year or more. Additionally, it’s important to know the range of delivery services in the area, the quality of internet available for distance learning and remote work, and the possibilities that abound right in their own backyard.
Don’t be afraid to put yourself in their shoes and get creative in your listings or your home tours. They’re looking for your guidance and expertise, and if you’ve let them lead the conversation first, most buyers will welcome your creative input.
3. Expand Your Luxury Vendor Connections
With more at-home luxury services in demand, consider taking the time to expand your network to include other professionals. Personal chefs, aestheticians, massage therapists, and other service providers who would typically make your clients’ lives easier through home visits are often great connections to have.
Although most in-person networking events are currently postponed, you can still make connections through LinkedIn, Facebook Groups, or, if you’re an Institute Member, you can even use our private Facebook group to seek out recommendations.
Interested in staying on top of luxury buyer trends all year long?
The Institute has a wide range of resources for you to invest in yourself at any stage in your luxury real estate career – even if it hasn’t begun yet.
Subscribe to our Estate of Mind podcast and/or Estate of Mind video series on YouTube for monthly deep-dives into specialized luxury real estate topics with industry experts;
Take our Luxury Livestream or Luxury Online training to qualify for Institute Membership and its many Member Benefits;
Visit your Membership Portal for brand new training sessions, as well as our book, Rich Buyer Rich Seller: The Real Estate Agents’ Guide to Marketing Luxury Homes, which is available for free to all Institute Members and also available on Amazon.