In the luxury consumer market, including the luxury real estate market, conversations now more than ever focus on experiences instead of consumables. What do we mean by this? Things, or objects, unless they produce an experience or lend themselves to making an experience more memorable, are less important and less valuable to the luxury consumer than the experience itself.
For individuals looking to buy a luxury home, this means that the potential experience of living in the house could be a larger selling point than the house itself.
The most important questions you can ask yourself in marketing a luxury home
Can your luxury consumer specifically picture themselves in an “experience” based on your pitch or marketing materials? Can they imagine hosting a dinner in the beautiful chef’s kitchen? How about throwing a lavish party on the terrace or in the garden?
Your key role as a luxury real estate agent is to paint the best, most relatable picture possible. How do you do this? By finding ways to relate to existing consumer experiences. You can greatly boost your chances of a sale, increase your credibility, and create a meaningful connection with the luxury consumer if this is your #1 approach.
Price tags are inconsequential if the quality of life isn’t the main reason for the home purchase. Essentially, luxury consumers see the purchase of a home as a lifestyle purchase. Luxury consumers will want to know the specific value of the home and what experience it can bring to their lifestyle.
For example: If your target prospects are passionate about surfing or sailing, a beachfront property close to neighborhood amenities or within commuting distance is the perfect place for their passions to align with lifestyle and work. The goal in conversing with today’s luxury market is to show clients how and why the home is the perfect place to align their lifestyle with their dreams and goals.
Demographic changes and how to direct these new types of conversations
Young luxury consumers are now expanding beyond the historic demographic of inherited wealth; we are starting to see a different type of buyer. A younger demographic of luxury buyers is on the rise; a demographic that is self-made, entrepreneurial and is seeking cultural experiences.
With today’s digitally connected business world, young luxury consumers are able to pursue a certain level of lifestyle while maintaining global connectedness from the comfort of their home. They are also the most informed generation, often moving independently online through most of the buyer journey.
How you create conversation and speak about a home to a young, luxury consumer needs to reflect the mindsets of this new luxury generation. Take time to study their lifestyle goals, determine how you can use this to sell the home, and then paint a “lifestyle” picture. Sparking a memory or arousing emotions around a potential lifestyle experience within the home is crucial. Show them that their lifestyle goals can be achieved in this home.
Learning about the luxury home buyer’s lifestyle requires that you experience and understand their worldview. Researching common topics of conversation, luxury market trends, and current events allows you to accurately portray your knowledge of the luxury market and the luxury lifestyle.
Blue chip conversation topics
Overall, keep the conversation centered around experiences or the experiences that the home can foster. Topics such as food, travel, interior design, fashion and style are universally relatable in the luxury market and lifestyle, so keeping up-to-date on the latest trends will keep you sharp when creating conversations with luxury home buyers. Keeping an eye to the latest in the luxury lifestyle is key to crafting meaningful conversations that position you as credible, knowledgeable, and relatable.