How to Understand the Luxury Buyer: They Are Different

Looking to break into the lucrative luxury market? To meet the needs of this unique and high-demand segment, you'll need the right real estate selling tips. Luxury home buyers are not your average clientele.

What do luxury buyers love?

Buzzworthy reputations

Both yours as a real estate professional – and the property's. Wary of the intentions and the opinions of others, they will often choose an agent based on personal recommendation, and will gravitate toward properties with a newsworthy buzz in social media, amongst friends, and in the community. To keep a specific property in the spotlight and ramp up interest, never neglect to spread the word amongst your most socially active contacts.

Ultra-exclusivity

You should not and will not sell a home to a luxury buyer in the same way as you would a typical client. Luxury buyers see themselves as special and expect to be treated as such, with invitation-only open houses, private viewings, professionally presented information via luxury home booklets (for each listing of interest), live music, fine food and wine—the works.

Emotional connection

Luxury buyers will happily shell out big bucks for homes they experience a connection with, which you can bring to light with the right marketing efforts. The best real estate selling tips to evoke this emotional connection involve helping buyers see themselves at the property.

Rather than describing the home as having a fabulous outdoor living space on your marketing booklet or in conversation, establish an emotional connection by suggesting how your client could host a fantastic graduation party or family reunion in that space. Helping prospective buyers imagine themselves in these situations evokes an emotional connection and positive feelings toward the listing.

To view the original article, visit the Properties Online blog.