To be truly effective as a luxury real estate marketing professional it behooves you to become fluent in all facets of the luxury mindset especially those facets that do not particularly resonate with your own values. Appreciate diversity in values.
One of the most important facets to understand is the concept of “status”. Owning an expensive home in the “right” neighborhood clearly telegraphs, to those who are likely to be impressed, the price of the home and thus it signals wealth.
You might scoff at this because it does not resonate with your own values. But, you must appreciate how important it is to many potential luxury homebuyers, if you want to do business with them. For the status conscious consumer, the luxury home is much more than a house; it is a status symbol.
Having worked for 20 years as broker-owners of a commercial real estate firm in Beverly Hills, where we specialized in high-end retail property sales and leasing, we came to truly appreciate this particular luxury mindset. Although, it was not our own mindset, we were able to capitalize on significant opportunities to work with status conscious clients to build a highly successful real estate practice.
We often marveled at the status conscious consumers in West Los Angeles because we are not among those who are overly impressed with wealth. We are however, always impressed with achievement. Keeping that common value in mind we get along quite well with just about everyone in these circles. Oddly, some of the biggest achievers are also insecure.
Many status conscious consumers are pretentious. But, living in their unique “bubble”, we noticed that, in LA at least, they are often genuine about their pretentiousness. It is a place like no other on our planet. And, we enjoy co-existing with them.
Get Fluent, Get Affluent!