The luxury homebuyer market is changing – are you ready to adapt? If you haven’t already adjusted your 2017 business plan, now is the time to plan for the emergence of the new luxury homebuyer.
Chances are the picture that pops into your head when someone mentions “luxury homebuyer” is an affluent businessperson with years spent climbing the corporate ladder behind them. The emergence of new technology has boosted millennial tech entrepreneurs into the same market, and it is this same group responsible for the change in the luxury status quo.
Tech entrepreneurs entering the luxury homebuyer market may have different goals than their predecessors, so don’t assume they will be looking for the same amenities as their predecessors. You can expect them to focus on three distinct factors – location, lifestyle, and luxury.
This new group of buyers are no longer looking for the quiet, tree lined streets where they can continue to check off life’s major milestones. They are looking for a home in a location where they are walking distance to the cities trendiest amenities. From café’s to restaurants and the hottest bars in town, the perfect location will be on the top of their wish list. Not only that, but it needs to be accessible and easy for them to work from. Whether it is being a short distance from their office, or have the ability for them to work remotely comfortably, accessibility and technology play a large role in their decision making process.
Although these new buyers can be described easily as workaholics, it isn’t all work and no play. Lifestyle is important to them, which means they are looking for a space that allows them to show off modern art, entertain easily, and customize it to reflect their own taste and style.
With high end finishes, luxurious touches, and high tech additions, luxury buyers are not just local entrepreneurs and successful young business leaders. With many options for higher education, Boston attracts many international students, which leads to many luxury buyers each year, especially from China. This change has lead to an increase in Chinese speaking agents in the area, and websites catering to these buyers.
When it comes to the luxury real estate market, it is clear that change is upon us meaning the coming year will be the time to adapt to this change. From the way we communicate with them, to the way we manage and build the relationship, there is no doubt that we will continue to adapt to this ever-changing group of homebuyers.