Hello Realtors out-there, have you heard such a statement from a buyer before?? Maybe not, but there is a good chance you will, going forward. Why?? Well, patience, I will tell you, but first, let me say a few words about the venue where this oxymoron-sounding remark was made in front of a couple thousand real estate agents, managers and brokers. It was last week. Las Vegas was the place. The occasion: the annual Summit of ?Luxury Portfolio International,? the estates division of the ?Leading Real Estate Companies of the World.?
The list of attendees represented the ?Who?s Who? of the profession. It was to be expected: ?Leading RE,? as it is often called, is the largest global network encompassing 550 companies, 4,600 offices and 140,000 associates producing $225 billion in annual home sales. As for the ?Luxury Portfolio? unit, it is made of 200 of the top independents, worldwide, specializing in the marketing of some 25,000 exclusive homes to over 1.2 million high-net-worth visitors annually. Intero Real Estate Services is a preeminent member of this elite group.
The Summit was a huge hit this year. More than 3 times the number of last years? attendees showed up for the sold-out event. A sign of the times you might say. Happy days are here again, and global marketing is fast becoming business as usual for this group. Twenty countries were represented this year. I even had the opportunity to refresh my native tongue with my friends from Feau, the company which ?owns? as much as half of the upper-end in & around Paris.
The best part of this type of event is to talk about the future. Prepare for it. Luxury Portfolio is an authority in luxury trends tracking. As they did last year, they tapped the Harrison Group, a YouGov company, to read the minds of high net worth Americans, using, in part, data from American Express Publishing. The result of the study is a ?white paper? which can serve as a road map for the pros looking for a winning high end strategy. It is a gold mine.
The first lesson we learn from the white paper is that, after years of recession, affluent and wealthy consumers now have a different focus. What matters to most of them in a home, today, is quality and craftsmanship. Gone are the days when the best price was the number 1 criteria to guide their choice. They expect that the price of a house ought to reflect its worth. Hence the remark we used as a title for this blog ?I know I paid more than I should have, but it was worth it!?
The white paper calls this new focus the ?Worth Dynamic.? It is the way wealthy consumers make buying decisions. Realtors better understand and integrate in their approach the client?s new values and mindsets. The metrics of the Luxury Consumer Segmentation study show that ?Worth-Oriented? decisions, at 44%, are just ahead of ?Deal-Oriented? decisions, at 43%. The remaining 13% is neither Worth or Deal.
The shift in priorities explains the reinforced value of certain amenities which are the translation of the need for quality and privacy. Such is the case for resort-style pools or landscaped terraces with an outdoor kitchen area, ideal for entertaining or summer family fun.
?My home is my refuge.? The trend, as the white paper suggests, is towards a disdain for wealth rather than a celebration of success, as demonstrated by a reduced visibility of wealth and a greater focus on associating with communities where the most affluent are less likely to be judged and having to defend their success. Welcome to new America!
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