Marketing: Selling the Ritz to Boomers

By Christopher Zoukis

Harris Interactive reports most baby boomers are still in the workforce, and are a driving force in the housing market. The same report concludes 42% of baby boomers would like to retire in the South, 32% in the Western United States, 15% in the Midwest, and 12% in the Northeast. Which means the bulk of opportunity for marketing luxury real estate remains in the Sunbelt.  Image courtesy tourdehomes.com

Four out of ten or 40% of baby boomers own second, separate vacation homes. In fact, baby boomers account for 57% of all vacation home ownership, and own 58% of all rental properties in the United States. Ten percent of baby boomers plan to buy real estate over the course of the next year. Two-thirds of those will buy a new home, a second home or commercial property.

According to a National Association of Realtors survey, baby boomers expect to use a professional realtor when they buy property. Not only will they utilize real estate agents, but they will demand excellent service and expertise from their agent. Of boomers in the rich category, 97% own homes, and 47% own other additional real estate.

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High End Crazy: Luxury Real Estate

By Christopher Zoukis

How does one go about marketing luxury real estate to affluent customers? The first challenge is the size of the group of potential buyers. The more luxurious the property, the more it costs. This means there are fewer people who can afford it. Which, in turn, means that mass-marketing techniques will not work for luxury real estate.  Photo courtesy activerain.com

Usually, mass-market real estate agents try to appeal to customers who already exist. If they do not already exist, the agent tries to create a market for the property. With luxury properties, however, the agent must “go where the market is.” This allows the agent to connect with people who are actively looking for million dollar homes.

The simplest method to connecting with wealthy real estate seekers is by listing the property on luxury real estate websites. These websites already attract individuals in the market for expensive properties. One tip to remember when going this route is to be sure the listing site is international in scope. Think globally, because rich investors do not limit themselves geographically.

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