While luxury homes sales have been bearing the brunt of a mini-recession, recent stats have shown that the market may be on the upswing. According to recent data, while the supply of luxury homes has grown, the sale price has increased by 1 percent over the year. While this may not seem like a large amount, it shows that the market may be turning after its slow in 2010.
In order to make the most of this growth, it’s important to be sure you’re marketing to luxury clients in the most effective way possible. Luxury clients are a different kind of audience, so it’s necessary to consider what has worked previously along with any changes in current trends. Here are new ways to create high-end content to help you reach those luxury clients.
Learn More About the Audience
Luxury clients are different from those looking for lower-priced homes. As a result, they require a different kind of marketing strategy. According to NAR, buyers between 37-51 have the highest median-priced homes of all other buyers and buy the largest homes in median square footage and bedrooms. It makes sense, then, that these are the buyers focusing on the luxury home market. In addition to this, they are in their peak earning years. As a result, their incomes are the highest among all of the other generations.
In order to market to this group, it’s important to understand how they consume information. While generations like the baby boomers prefer TV and newspapers, Gen Xers are more tech savvy and have a strong presence on social media. According to a recent survey, 95 percent of this generation is most active on Facebook and 72 percent use the internet to research businesses. If you’re looking to also scoop up younger buyers and sellers, Instagram is the most heavily used social platform in that age group.
Pick Your Channels
While Gen Xers have the most infiltration in the luxury market, there are still outliers from other generations. If you plan to make the most use of Facebook to connect with clients, consider the way Facebook is most used. After their redesign, the focus of Facebook has been on groups. To make sure your connecting with prospective clients and redirecting them to your business page, work to post relevant, valuable content in groups. These can be on local groups or niche luxury home groups. Because Gen Xers place a lot of value on online research and review, it’s also key to ask past clients for reviews to boost your online reputation.
If you’re looking to connect with younger prospective clients, you can shift your focus to channels like Instagram and Snapchat. Still second to Facebook, Instagram remains one of the fastest-growing platforms and has the highest level of engagement. In addition to this, 57 percent of millennials feel that social media ads are the most relevant form of advertising. Advertising in these locations can drive more business back to you and open additional streams you may not have previously considered.
Craft Your Content
After you have an idea of where you should connect with prospective luxury clients, it’s important to determine what you should be creating. Review what you’re using currently and decide whether it would resonate with high-end clients. When potential clients look for luxury agents in a Google search, you want to make sure you’re coming up in those searches. One way to do this is by including what you want to be known for in your social profiles. For example, if a client is searching for luxury real estate in Miami Beach, by including these keywords in your social media profiles, you’ll be more likely to appear in the results.
In addition to this, if you already have a few luxury properties, consider how you’re presenting them. Rather than using standard pictures in your listing, consider creating an elite listing video. You could even utilize drone technology to give an aerial view of the property. If you’re not looking to expand this quickly, quality listing photos can go a long way. When presenting them on your social profiles, consider boosting their views by creating ads.
If you want to add even more traction to your listings, consider Homes.com’s City Sponsor Ads, which connects you with active buyers searching for a home online. By prominently displaying your listings among the first search results in your city, your listings will be in a better position to sell.
Mark Mathis is vice president of Sales for Homes.com. For more information, please visit marketing.homes.com.
