The Affluent Client: What Motivates Buyers and Sellers in Luxury Markets?
I recently returned from Miami, Florida where I joined approximately 600 real estate professionals from 25 countries at the Luxury Portfolio Summit (#Luxury Summit), an invite-only event held for the top agents who specialize in Luxury portfolios. Held at the Fontainebleau Miami Beach, the panel-packed 3-day conference gave me the chance to meet and network with other thought leaders and luxury specialists in the industry. I had a blast engaging with these dynamic leaders and discussing trends and predictions in luxury real estate markets, and look forward to sharing them with you!
Luxury buyers are experiencing “Luxury Fatigue”, and are tiredof mainstream brands; instead, they gravitate towards independent firms and brands, like the one-and-only Paragon Real Estate Group, of which I’ve been a proud member for over a decade! Our firm won an award for excellence at the conference, in fact: we rank #1 in the United States per Agent productivity!
Today’s luxury clients are looking to be INSPIRED and FULFILLED in everything they do. When buying/selling property, they will dig a bit deeper to find a home that they feel connected to, a community to align around and help grow, and/or a property or a buyer that reflects their core values. They are searching for fulfilment!
As economic growth rates in China continue to slow down, the expanding economies of India and the ASEAN countries (Indonesia, Malaysia, Phillipines, Singapore, Thailand, Brunei, Vietnam, etc.) will play a greater role in driving global growth.
“For today’s real estate agent, it’s critical to understand the mindset of the affluent consumer. The research shows it’s clear that not all consumers are the same and part of speaking their language is understanding their deepest motivations. — Paul Boomsma, President of Luxury Portfolio International.