Archives for April 2018

Luxury Real Estate-Secrets Revealed

Luxury real estate has continued to be successful despite the credit crunch currently happening. An example can be seen in the Boston area, where luxury home sales have increased by 8 percent. Such a trend can also be seen in other parts of the country. Indeed, depending on how you look at the issue, it can almost be said that the more expensive the real estate is, the more likely it is to sell quickly.

Yet, when you really think about it, it’s not hard to believe that luxury real estate is doing so well. Remember, in order to qualify for these homes, you need to be able to afford $1 million or more. And to be in that position, you need to have a lot of assets or be independently wealthy. If you possess either of these characteristics, you will be viewed more favorably by lending institutions.

So, why would a person seek out luxury real estate? Well, firstly, the properties are usually located in well-off neighborhoods. Country clubs, golf courses and lakes are just a few amenities that can be found in these types of neighborhoods… at least in suburban areas. If the real estate is located in an urban area, they will be in close proximity to metropolitan conveniences such as stores, restaurants and metro trains.

Luxury real estate may also have historic value. Some of the more expensive homes were built between the 1800s and 1900s. So, in addition to prestige, such houses are also able to provide their owners with a more ‘vintage’ feel. In conclusion, luxury real estate is a good choice for people who are wealthy. Even for those who aren’t, such properties can still be attainable. How? Well, assuming that they have good jobs, they can work their way into luxury homes by selling their existing properties. This will help lower the price associated with the home, making the loan amount more reasonable.

Luxury Real Estate Marketing Essentials

Luxury Real Estate Marketing Professionals know the importance of disclosure when it comes to representing and selling a property. There are laws that ensure the protection of all parties and the adherence to these is the price of admission, when it comes to longevity in the real estate business. In luxury real estate marketing, it is important to maintain the spirit of transparency regardless of the circumstances that present themselves.

Yesterday, we were in Seattle for the day. Our return was delayed, first for an hour, then another half hour, and finally another 15 minutes. When our plane finally reached the gate, the pilot came up to the check-in counter, and explained his day and what had happened that caused the delay. His explanation was believable. He told us of a colleague getting ill on the plane and personally escorting her to her hotel room at his first stop. Then, there was a mechanical glitch that had to be attended to, as well as finding a new co-pilot for the aircraft who arrived in the nick of time. Finally, the Seattle tower had them circling the city prior to letting them land.

He did not blame anyone, gave us the facts and assured us that he and the crew would be doing their best to make up the lost time. His sincerity brought applause from the 200 plus waiting passengers, and one of the passengers behind us, said, “He needs a hug!” In an instant he soothed the crowd with his sincerity.

So when things do not go your way, it is so much easier to tell the truth than to make up a story. We all have days when circumstances escalate beyond our control. After all, it is much easier to remember the truth, than a well-fabricated story. It also speaks volumes about your integrity, and it will be remembered by your clients when they refer you. Incidentally, our flights were on Virgin America. We were impressed enough to tell this story, and delighted at the transparency that the company encourages.

Real Estate Marketing-An Analysis

In staying up to date with the new theories of luxury marketing in the global economic downturn, it seems to us that there is a denial, among the purveyors of luxury goods and services, about how consumers are now viewing luxury. The same holds true, in many cases, with sellers of luxury real estate. As we read the various reports and the advice from industry pundits, we are struck by the level of delusion that continues to characterize the industry. Many home sellers are refusing to price their homes in line with current consumer demand.

In retail, some advisors say, “Do not lower prices of luxury goods and services”. The fear is that this may tarnish the brand’s reputation. In the perfume industry, one solution is to sell perfume in smaller bottles, giving consumers the illusion of lowering prices. Have you noticed that store bought coffee usually comes in 12 once bags these days instead of 1 pound bags? The hospitality industry is also attempting to maintain their prices while adding incentives such as food and spa credits which effectively lower the rate of the rooms. Consumers are not jumping at either offer.

The high end consumer is rejoicing at all the sales. Finding bargains has become a badge of honor. Waiting for items to go on sale has become a new national pastime. Most importantly, consumers are beginning to ask these important questions: Is this item worth it? Do I really need it? Do I have to have it at this price? As soon as more homebuyers wake up to the new perception of value in the luxury realm, more luxury real estate marketing professionals will start to see significant momentum in their sales.