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Affluent Consumers Find Value in Agent Expertise and Will Use an Agent Again, Says Study

November 10 2022

luxury coupleA recent survey released by Coldwell Banker Real Estate and the Coldwell Banker Global Luxury program indicates that buyers are looking for much more than a transactional relationship when it comes to choosing and staying with their agent. Real estate agents are now financial, wealth and lifestyle ambassadors, and consumers are finding more value in working with a real estate agent than ever before, especially as they face a transitioning market.

The survey data conducted by Censuswide, as highlighted in the 2022 Trend Report, showcases the luxury real estate market sentiments of over 2,000 U.S.-based high-net-worth consumers, insight from Coldwell Banker Global Luxury property specialists and data collected by the Institute for Luxury Home Marketing and Wealth-X. Paired with the top trends currently driving the luxury market, the report provides an inside look at how consumers are working with agents and their plans to use a trusted advisor again for their next home purchase.

Real estate agents are crucial to any luxury transaction

Luxury property specialists are seen as a trusted resource to a community and all that it offers. As that connection point, they are expected to go beyond just sharing market knowledge to providing insights on other factors luxury buyers consider when purchasing a property, like connections to desired schools, introductions to social groups and philanthropy efforts, and much more. The white glove service and world-class expertise of a top agent provides immeasurable value, as evidenced by the survey.

  • Four in five (86%) respondents with a household income of $5 million or more have used a real estate agent to assist them in the purchase of their home and find value in their expertise.

The U.S. luxury consumer would use a trusted agent again

The advice and service of a luxury real estate agent when buying or selling a home does not go unnoticed, as many affluent consumers would use an agent again for a future home purchase, especially among younger millionaires.

  • 83% of respondents who have used a real estate agent to assist in purchasing a home in the past will use a real estate agent for their next home purchase.
  • Younger respondents, those aged 25-34 (86%) and 35-44 (86%), who have used a real estate agent to assist in purchasing a home in the past, will use an agent in the future.
  • More mature respondents, aged 45-54 (75%) and 55+ (80%), say they will use a real estate agent for their next home purchase.

"More than ever, it is necessary for agents to have deep market insight and connections to help their clients navigate in today's environment and set themselves apart from everyone else," said Jade Mills, president, Jade Mills Estates and international ambassador of Coldwell Banker Global Luxury. "Keeping regular touchpoints with clients – past and present – is so essential to our business. By sending little notes on life events or updates on community gatherings, it really shines a light on the value we bring as agents, and the importance of enhancing and deepening those client bonds to keep them coming back."