The Difficulties With Luxury Real Estate Marketing
The term luxury has become a diluted adjective in our real estate industry. It has been used to describe things as mundane as granite countertops.
So, what is luxury?
Of course, this is a relative term and can mean vastly different things to different people in different geographic regions, so it’s not merely defined by price point alone.
When evaluating our target market for luxury real estate, we look at the expectations and discerning tastes of the high-net-worth individual* (HNWI). This allows us to tailor our marketing message to the appropriate niche audience.
A Few Ways Your Luxury Real Estate Marketing Can Be Improved
High-net-worth individuals expect exceptional marketing to showcase their luxury real estate property. The underlying goal of all our marketing and advertising efforts is to create the perception of luxury that will attract the affluent homebuyer.
Here are some best practices when marketing on behalf of (and to) an affluent audience:
Pretty as a picture!
Professional high-resolution photography is an absolute must and should also feature aerial drone photography to create a seamless visual of the property. You should also include twilight photos to showcase the luxury home in another light as well as highlight any special lighting features that it has.
A Compelling Story
Paint a picture and create a story!
It is not enough to simply list and describe the features of a high-end real estate home. You need to paint the picture and provide buyers with the experience of what it is like to live in this opulent home with a story-based narrative.
Make it come alive by integrating the facts and figures in with the glamour and mystique of the home! If your writing skills are not up to par, you can also consider hiring a writer that can write your listing copy for you. They can create the sense of wonder and intrigue that will entice a buyer to call so that they can experience the home for themselves!
Showcase the experience!
Video is a must that helps to create an experience of the high-end real estate home and neighborhood. After putting the experience in words with a story-based narrative, validate this with a video that can highlight not only the unique features of the home itself, but also the neighborhood and surrounding area.
Focus on attributes and amenities that draw people to the area such as schools, nearby shopping, dining, coffee shops, parks, and outdoor recreation. Ask your sellers why they love the neighborhood/area so much and focus on those features as they are likely what will appeal to the new buyer.
Ensure Pristine Condition
First impressions matter!
As with all listings, the home should be in perfect showing condition. This becomes especially important when you are selling the home and the luxury lifestyle.
Offer A Tangible Experience
Print marketing is not dead!
In fact, this group expects it. Make flyers stand out with captivating layouts, quality paper or card stock and different paper sizes such as square or booklet style. And of course, ensure it is full color and includes high-resolution photos that showcase the most prominent features of the high-end estate.
Showcasing the property in relevant publications and magazines that have an international reach is also important as buyers of these homes frequently come from out-of-state or country.
Use Descriptive Words
Since the term “luxury” has become saturated, try using words like prestigious, captivating, opulent, lavish, or grandeur to appeal to this discerning group. You can also focus on other property descriptive such as estate, motor court, pavilion, pool house, etc. These terms paint a picture of the luxury amenities of the property. Also, highlight the most important features first to appeal to short attention spans and search engines.
Affluent buyers know their brands and look to them as a sign of quality in a home. This applies to appliances and furniture but also the architect, the designer, landscape designer, lighting, plumbing fixtures, audio/visual, and home automation equipment.
Don’t Forget About Social Outreach
The importance of maximizing exposure on social media is paramount in this day and age. Ensuring that you are conveying a consistent message targeted to your HNWI that matches the prestige of the property is essential.
The quality of all your marketing materials and message should mirror the quality and distinctiveness of the luxury property.
All properties that we represent at Tru Realty deserve and receive the same attention to detail that a high-end property does. But no matter what type of property it is, it is important to keep in mind who you are marketing the home to and who the end-buyer will likely be. This allows you to maximize your luxury real estate marketing efforts. It is not always the quantity of the marketing and advertising that is done but the quality!
*A high-net-worth individual (HNWI) is a term used to designate persons whose liquid financial assets (such as stocks and bonds) exceed a given amount, typically $1 million.
Laura Jewett is a Native Arizonan, serving the greater Phoenix area as a professional Realtor since January 2001. With a passion for all things real estate, she offers a true concierge approach to real estate for her clients, with experience in design, rehab, fix and flip, construction, investment, rental, vacation rental and many other aspects of real estate.