A Look Into the Luxury Real Estate Market

Guest Blog Post By Phyllis Brookshire

Luxury home sellers and buyers want many of the same things as their counterparts at all price points. A recent Harris Group research project shows that these buyers want a highly respected company that shows results, a professional, experienced real estate agent and strong marketing efforts with an Internet presence.

Conducted on behalf of Luxury Portfolio, “How Today’s Highly Affluent U.S. Consumer Selects Luxury Real Estate Associates and Brokerages,” was done to gauge priorities, likes and dislikes related to the selection of an agent to buy or sell a $1 million plus home.

Some key findings:

Reputation remains paramount.

People like to do business with companies that not only have a solid business performance but also a strong standing in the community. And when it comes to their agent, 97% say the professional attributes of an agent are extremely/very important. 91% say it’s extremely/very important to have a reputation for performance in the market.

Website performance is important.

Luxury consumers like elegant websites, but in the end it all comes down to performance with 77% of those surveyed indicating that a strong internet presence is important to them.

An agent who has market knowledge and experience (no surprise) as well as global reach is a top priority.

Consumers want to know that their agent has local expertise as well as a broader view of the marketplace as a whole.

The paper also notes that because of the recession, consumers have become more fiscally responsible. For luxury real estate, this means consumers are seeking fair-priced homes that still provide superb quality of amenities and features that fit the needs and lifestyle for a family setting.