As a luxury real estate marketing professional, you have to understand who the most likely buyers are for you high-end properties. Who can afford to buy them? It makes sense that in order to afford these homes one must have a net worth of at least a billion dollars.
Globally, there are 2,325 billionaires, based on the 2014 census done by UBS Warburg and Wealth X. North America has 609 billionaires, Europe 775, Asia 569, Middle East 154, Latin American 153, Africa 40 and the Pacific 34.
The psychographics of the target market narrows the potential buyers. The average age of the billionaire population is 64. 60% percent of these billionaires are self-made. Those who are self-made are not necessarily interested in trophy acquisitions. 26.9% inherited and increased the inheritance by hard work and have the same ethic that self made people do. 13.9% have inherited their wealth.
Among the billionaire population 35% do not have a university degree, and 65% do. The three top career paths are finance, banking and investments, industrial conglomerates are second, and real estate is third. 63% of billionaires businesses are privately held, and 31% are in publicly held companies.
Know your target market and be prepared to hold on to these 100 million dollar plus listings for some time. Your target market is very, very narrow!
Written by Ron & Alexandra Seigel-
ABOUT: Napa Consultants, International is the leader in brand strategy for the luxury real estate industry. They work exclusively with professionals who are passionate about gaining or sustaining market leadership. With an expertise in personal branding, company branding, luxury real estate website design and social media marketing they help their clients become the breakaway brand in their marketplace.