Luxury consumers are a different breed. They’re not your average homebuyer – they expect a different standard. They demand the best when it comes to every aspect of buying and selling a home. Some agents might not realize that selling luxury requires an extra skill set. Not only does it require a step up in terms of marketing materials for that listing, and the ability to price the property well, but it also requires a certain vocabulary.
The agents who don’t think the luxury homebuyer or seller is different from the average homebuyer or seller is someone who doesn’t realize that certain words do not resonate with the luxury sect. According to a Harrison Group Survey, the Institute of Luxury Home Marketing and the book “Rich Buyer, Rich Seller,” there are words that luxury consumers do not favor, so to speak. Some are surprising: the top five that don’t resonate are “luxurious,” “cheap,” “trendsetter,” “gambler” and “socialite.” Agents who pepper their speech with any of these words (though “gambler” might be tough to fit into a real estate setting) will not get far with luxury buyers and sellers. However, print the words “honest,” “reliable,” “loyal,” “intelligent” and “knowledgeable” in your marketing materials for your services, and luxury consumers may be more apt to hire you, as those are the top five words they resonate with.
The differences between average and luxury consumers can help or hurt an agent, so it’s important to not only know your market and its changes, but also, what will appeal to this higher-end sect of buyers and sellers. What will make them happy? That’s part of your job as an agent. Read what three expert luxury agents, including Craig Hogan, luxury director of Coldwell Banker Previews, featured on our cover, told us about what buyers and sellers look for in agents and how the market is changing in our cover story.
Be sure to share your own thoughts about the luxury market and this issue with us – email your thoughts to Stephanie@chicago.staging312.com.