Tag Archives: homebuyers

Understanding the Mind of a Luxury Buyer

shutterstock_114018187For generations, we have seen people climb slowly to the top of the success ladder with sweat and tears, sometimes lining their pockets with cash as they go. Today, we see a shift of the high-income earners, who increasingly span a wider range of countries and ages. These individuals are self-starters and want lovely luxury items as the cherry on their success. The Luxury Portfolio, a summation of studies done by Dr. Jim Taylor and Chandler Mount of YouGov, states that affluent buyers have increased their spending from 2013 to 2014 by 12% on their primary residence, meaning this is a growing niche market to learn about. Let’s take a deeper look into the mind of the luxury buyer.

Sought-after home features

According to real estate news site inman.com, the features wanted in a luxury home are often seen as similar, despite the widespread origins of wealthy buyers. Location is important, with buyers seeking out high-end areas with retail and restaurants to match their luxurious style. The details of the home are also important, with buyers searching for things like custom walk-in closets, saunas, infinity pools, home theaters, and updated chef kitchens. These buyers know what they want and they intend to get it in their purchase. The same Luxury Portfolio also states that these buyers cut out the “flowery language” in their search and stay focused on their desired amenities.

A new generation

Interestingly enough, we are now seeing luxury real estate buyers at a younger age. These are the people who grew up with smart technology at their fingertips. They are well versed in the internet and higher end technologies, not only because they can afford it, but also because it’s what they’ve always known. As you find yourself interacting with the luxury buyer, be prepared to use mobile apps, interactive websites, videos, professional photography, and social media as your main tools.

Having the right Realtor is important

These high-end buyers are looking for a real estate agent to accompany them on the journey of their home purchase. Reputation and respect within the community go a long way for the real estate agent wanting to win over the luxury buyer. The Luxury Portfolio goes on to say that 87% of these buyers expect a real estate agent to protect them from risk during their transaction. When asked what makes an agent the most valuable, these affluent buyers had various answers, such as assisting to make the buying process enjoyable, showing interest in understanding the luxurious lifestyle, and being well equipped with knowledge and wise counsel throughout the process.

Understanding this growing group of prosperous buyers is valuable knowledge in today’s market. With some insight into lifestyle, technology, and locations, a rewarding transaction could be well within reach.

 

Sources: inman.com, Luxury Portfolio on media.mcguire.com, myfirstclasslife.com

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“Responsive Web Design” And Why It Matters In Real Estate

What is your customer’s real estate search experience like? Do you find viewing websites on a smartphone or tablet frustrating? If you are scrolling or panning side to side to see the whole page, your customers are as well. That’s because most websites are behind the curve when it comes to functioning on smartphones and tablets. It requires a design change that until recently wasn’t available. For the real estate agent, a website with responsive web design meets the needs of a growing mobile audience – and increases visibility.

2013 has been declared the year of Responsive Web Design (RWD) by technology news sources like Mashable.com. Meaning, more and more websites will be implementing this design to adjust to the many devices used today. The increasing use of mobile web access demands it.

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Mobile browsing is fast outpacing desktop browsing. At the same time, more than 80% of people are disappointed with their mobile browsing experience and would use their smartphones more if it improved (source: smashingmagazine.com). How a real estate site behaves on a mobile device is crucial to how much viewers use it – and that affects the likelihood of them contacting you.

As an agent, it benefits you if buyers and sellers have an enjoyable and satisfying web search experience that is smooth and complete. A website that isn’t mobile friendly risks losing traffic and ultimately business. Statistics prove it. 91% of people in the U.S. have their mobile device within reach all day, every day. 70% of mobile searches result in action within 1 hour (Source: Mobile Marketing Association). Think about that for a second. Are you benefitting from these on-the-go action takers?

How it Works

The content on a PC screen hasn’t transferred very well to a smartphone or tablet until now. Responsive Web Design, a term only recently coined in 2010, means that no matter what device you are using, smartphone, tablet, or desktop, the image adjusts according to the screen size of the device it’s being viewed on. Your clients need and expect full functionality on their mobile device just as they would get on a desktop. Responsive web design allows for that and enables easy reading and navigating.

Digital Engagement Leads to You Responsive Design Smartphone Tablet

To view a good example of a real estate search site with responsive design, take a look at HomesAndLand.com. Homes & Land is a leader in technologysolutions that support its advertisers. The recently completed makeover of the website improves both the desktop and mobile user experience. With faster page load times and easier navigation, buyers can quickly and easily search and view real estate listings and have the same experience whether they’re on a desktop, tablet or smartphone. Larger property photos easily display on both smartphones and tablets, encouraging the viewer to stay engaged. That translates to them being on the site longer because it delivers what they need and want. Agents gain greater exposure as a result. If prospects can find you easily while they are mobile, that’s a good thing.

In a survey conducted in late 2012, 63% of Homes & Land’s readers indicated they are likely to drive by a listing after seeing it in the magazine. 72% also said they would then find that same property online. Many buyers out for a Sunday drive, looking at houses or open houses, now have full website functionality on their mobile device thanks to HomesAndLand.com’s use of RWD.

People use mobile devices for both work and play. So, by all means, if play means looking at houses on their tablet, who are we to stop them or frustrate them with a poor viewing experience? For serious house hunters, responsive web design means getting what they want when they need it. Real estate sites with responsive design provide a satisfying experience for buyers and sellers, which can mean more leads for you. Perhaps you’ll be getting more requests for a showing while they are sitting in front of your listing.

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Overcome Objections and Close the Sale

RISMedia published four helpful tips from John Boe on how to overcome objections and close a sale.

“Objections are a good sign and you should actually look forward to them,” says Boe. “After all, if your prospect was not interested in your product or service, they wouldn’t be asking questions.”

Here’s how to close the sale.

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Top 10 Tips for Sellers

Today’s sellers may face challenging conditions in many markets, but that doesn’t mean choosing to sell is a bad idea. There are many reasons to sell and most are good ones. Here are ten tips to help you on your way to getting your home sold.

Read the Full Story Here.

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Financial Advice for Renters Looking to Buy

The New York Times recently published financial advice for renters looking to buy a home: pay your rent on time.

Credit reporting companies are starting to include payment histories in credit scores – which may help first-time homebuyers who have not established credit through traditional sources. It may also help consumers who have lost homes to foreclosure rebuild their credit.

These days, everyone can use a little help boosting their credit score so
share this article with your clients and prospects.

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