- High-end buyers show individual preferences, but there are common threads among wealthy purchasers.
- The affluent consumer values luxury.
- Every successful luxury real estate career begins with the best available training and coaching.
The Luxury Portfolio 2016 Global Report notes that 2017 should be a seller’s market in luxury real estate. Almost one-quarter of the U.S. affluent will want to buy high-end property, but just 18 percent are looking to sell their luxury homes.
On the global scene, 45 percent of the wealthy plan to buy real estate, and 23 percent hope to sell their high-end homes. The sellers with property that fulfills a contemporary buyer’s dream list will have the best advantage in the current marketplace.
What do wealthy homebuyers desire the most?
The desires of the affluent buyer fall into different categories such as features, values and goals.
Desirable features in luxury real estate
Privacy
Luxury Portfolio’s recent research suggests that privacy is the most significant consideration for today’s affluent purchasers in the United States. Seclusion garnered a 61 percent result.
Stephanie Pfeffer Anton, executive vice president of Luxury Portfolio, was fascinated with privacy’s top placement. Yet she was also not surprised with its lead position. Anton explained that the modern world is very much about display.
Master bedroom with luxury bathroom
Rating right next to privacy, 60 percent of wealthy U.S. homebuyers wanted a master bedroom and luxury bathroom. This data indicates that there is a definite consumer interest in luxurious spaces and elegant décor.
The value of luxury
More than 70 percent of the modern global affluent value sustainable living. Rich U.S. buyers consider it slightly less of a priority (at 66 percent) than the international wealthy.
A smart home, however, still attracts half of the U.S. affluent. Even a greater percentage (58 percent) of the world’s rich want a smart home as their luxury residence.
The goal of luxury
When luxury real estate agents are aware of the buyer’s goal, then they can tap into that feeling.
Establish consumer bonds on that basis. Make a consistent effort to always zero in on the dreams of the affluent client for a specific luxury property.
Despite some global challenges, personal wealth is on the upswing, and the ever-increasing affluent group have an overall confidence about the future and their choices.
The best in the business of luxury
Without exception, the wealthy will seek out luxury real estate agents known for the highest standards and excellent ability to understand the world of luxury.
They appreciate luxury real estate agents who can demonstrate knowledge and experience as well as provide a top-level performance.
Today’s luxury real estate agent must be able to meet the demands of the modern high-end consumer. That is why luxury real estate agents should prepare themselves with the best available real estate training that focuses on learning, networking and working with leading mentors in the business of high-end property.
Kevin M. Leonard is the founder of Luxury Agent and Valore Group. You can follow him on Twitter or LinkedIn.
