Buying and Selling Behavior of the Affluent Real Estate Market
Affluent real estate buyers and sellers around the world create a unique segment of the market and have very specific needs and requests that require very special attention. In last year's conference of Real Estate Connect in New York, luxury real estate executives revealed that these high-end buyers demand quality service and require direct answers.
According to Frederick Peters, president of the Manhattan-based Warburg Realty, dealing with a luxury real estate buyer requires forging a special relationship, although the luxury buyer may be a comparatively easier buyer because of his high net worth in proportion to the price of the luxury property.
The president of Halstead Property, Diane Ramirez, stressed that these luxury buyers are knowledgeable of the market and they know what they're looking for. She said, they come to agents with the type of property in mind and would not ask for a specific property, but instead just state what they want.
Mauricio Umansky, The Agency's co-founder and CEO, also noted that because these clients are thoroughly educated on the real estate market and know properties before they're out, a luxury real estate agent should be equipped enough to deal with these clients.
According to Frederick Peters, president of the Manhattan-based Warburg Realty, dealing with a luxury real estate buyer requires forging a special relationship, although the luxury buyer may be a comparatively easier buyer because of his high net worth in proportion to the price of the luxury property.Umansky added that although these high-net worth buyers prefer to deal privately and minimize publicity, they are direct and upfront when it comes to dealing with the purchase or sale of properties. Peters stressed that these luxury home clients prefer communication by phone in most cases, rather than by email or text.
Umansky further said that a brokerage can increase its media mileage by improving its Web page. For Umansky, going global is very important to increase the company's network. He said “global is the new local”.
For real estate agents it is worth noting that increasing visibility, participating in networks and building alliances with other brokerage firms are key to better service and wider growth. Extending outside the usual local service areas is the key to obtaining a positive response in the affluent real estate market.
Courtesy of: REAL ESTATE NEWS by Inman News http://lowes.inman.com
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