In our post, “Meet the Henrys”, we emphasized that this demographic (High Earner Not Rich Yet) values experiences over ownership of objects. This trend has become evident in every segment of the luxury goods and services market. Lifestyle is now of paramount importance especially when it comes to marketing luxury real estate. In marketing a luxury home, it is more important to tell the story of the lifestyle rather than focusing on granite countertops or mahogany floors.
For instance, people who are moving to Santa Barbara are willing to own smaller homes because they want to live the “outdoor” lifestyle that the environment offers. The experience is more important than the size of the home. Their focus is the weather, the beach, the cycling trails, the hiking venues, golfing, sailing, fishing and kayaking. Others want to walk to the downtown area for shopping, restaurants, and theaters.
In Aspen, the Aspen Institute is an important market draw. Its stated mission is twofold: “to foster values-based leadership, encouraging individuals to reflect on the ideals and ideas that define a good society, and to provide a neutral and balanced venue for discussing and acting on critical issues.” The Institute has a broad appeal for tourist as well as for affluent Aspen home owners.
Sell your market on the lifestyle benefits they would derive from moving to and living in your community. Smart agents will take clients for lunch in their harbor/beach area, so that their guests can feel what it would be like to live in their town on the waterfront. Others will invite them for lunch at an exclusive club on top of the highest mountain peak. In urban communities, such as New York, walking to a great restaurant for lunch from their apartment may seal the deal.
Be mindful of this experiential trend and apply it to your marketing strategies. That is, if you are interested in the “unabashed pursuit of market leadership”, as we say.
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