Today, the affluent are purchasing homes with an eye firmly fixed on this being a long-term investment, as the rate of price increases has slowed. With that has come a change in their philosophy on what they want from a new home.
While location, price, and size are still critical factors, it seems that the deciding factor for affluent buyers has become whether or not the property checks their ‘lifestyle’ box, or boxes!
Lifestyle is an emotional choice and it’s no longer acceptable to simply state the facts of a property. If you are looking to sell a luxury property, make it stand out from the competition, and maximize its financial return, then changing how you market the property is a necessity.
We review four steps that will help you evoke a better connection:
Change How You Look at a Property
A buyer might say they are looking for a 5-bedroom, 6-bathroom home in the most desirable location with a large yard, but what they are really looking for is a place that meets their lifestyle goals.
Luxury homes are highly unique and looking at a property from the eye of the masses is not going to allow you to elicit the right response. Instead, start to look at where its situated, what amenities and attractions surround the property, what is unusual about the property itself, and ask the current buyer what attracted them to the house, or what they believe to be its best features – these might surprise you.
Looking past the basics, the standard upgrades and traditional features, and discovering what truly sets the property apart is the first step to understanding the key lifestyle differentiators.
Create a Niche Market
The next question to ask yourself – what kind of lifestyle does this property match? This is how you need to market the property.
Using the key lifestyle differentiators, make these the focal point of your home’s marketing with your focus clearly on evoking the emotional side of their decision making. This is especially critical when writing a listing description and even more powerful in photography and video property tours.
Since most searches start online, buyers have already put in the key parameters they are looking for, so this is your chance to shine. You only have a few seconds to connect, so effective headlines and powerful imagery are a must. Make sure that the lifestyle aspect is front and center.
Every Home Has a Lifestyle Story
Every property has a story – tell it while highlighting how the house will achieve their lifestyle goals.
For instance, a property in the mountains might start, “This unique get-away was built for avid outdoors enthusiasts who long for fresh mountain air and numerous trails right from their own back door…” Or for a water location, “Wake up to enjoy the gentle lapping of the ocean/lake against the shore as you enjoy your first cup of coffee…”
In your video and photography include footage of nearby attractions such as outdoor activities, local events, shopping, and other aspects of a community that can inspire a buyer to want to choose the area, not just the home. Anything you can do to tie your listing to the lifestyle that buyers want will attract more traffic.
Connect the story of a home with a lifestyle and you’ll find how to market to the buyer looking for that lifestyle.
Connect With the Right Buyer
Once you have developed your marketing materials to resonate with potential buyers, you should be putting your listing out through traditional channels as well as mediums that will connect you with people whose profiles match these lifestyle choices.
Take the time to understand the trends and attributes that characterize these potential buyers. There are various companies that specialize in finding buyers that can match the attributes you are looking for, not just financially or by occupation, but by where they like to shop, what their entertainment choices are, and even their favorite pastimes. For instance, though an Institute Membership, you can use the WealthEngine tool to create a list of potential clients.
Finally, there are services that can sift through the information and create reports to help you develop an effective pitch to these potential buyers.
Make 2024 a Year of Doing Things Differently
The market certainly looks to be holding steady as we enter into 2024 and many experts believe that both the stability and potential decreases in interest rates will see it start a slow comeback. Equally they predict it’s unlikely we will see a market similar to the pandemic years. So real estate professionals need to start to view how they will market their homes using more strategic methods.
To understand the products available visit your member portal or become a member of the Institute for Luxury Home Marketing and learn through our extensive training how to market luxury homes and build both your business and presence in your local market.