This is a reposting of an article we wrote in January 2009. It seems that the luxury buyers are still alive and well. Here is a capsule of the spending habits of high net worth individuals that still hold true today. Luxury real estate marketing professionals take heed!
Exclusivity. The desire to have something better and less known to the mass audience remains strong. New niche labels can prosper in these circumstances, such as limited editions or homes with extraordinary architectural features.
Quality, Dependability and Authenticity. The consumer will want to know the provenance of the goods they are buying. They will want the manufacturer to stand by the product and take care of it, if something goes wrong. Social and environmental responsibility is an important key in the purchase making decision. If it’s “green”, they will part with their green bucks. In the days of “shop till you drop”, consumers were fascinated by novelty. Now they want the “real”, the authentic. They are no longer interested in high end reproductions or anything with “faux” in front of it. Along with authenticity is transparency. How someone does business, their ethics, has become an important part of the process.
Translating this to luxury real estate marketing is simple.
- Refresh your brand. Make sure your website and all your materials have the look and feel of luxury, and do not look like everyone else’s site. Remember they are looking for the exclusive feel.
- Make sure you demonstrate your transparency in terms of your customer relationship management. Your word MUST BE your bond. Go out of your way to provide excellent service. This makes you easy to refer via word-of-mouth advertising.
- Describe your listings by emphasizing the quality and the durability of the home’s appliances and finishes. Make sure that those finishes are the “real” thing. If they aren’t, point it out. If you are not sure, find out. This furthers your authenticity and your transparency.
In the long run remember. “A calm sea does not produce a skilled sailor. We cannot direct the wind, but we can adjust the sails. Anyone can hold the helm when the sea is calm.” Tom Culve
Luxury real estate marketing professionals: Happy Sailing and Selling in 2011!
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