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Wealthy home buyers can be broken into three tiers, according to a new report, \u201cThe Affluent Homebuyer: A Quest for Meaning,\u201d by Luxury Portfolio International.<\/p>\n\n
\nRead more<\/strong>: 4 Myths About Working With Luxury Clients<\/span><\/p>\n<\/blockquote>\n\n
Those three segments of the luxury buyer market are:<\/p>\n\n
- Practical Explorers: $1 million-2 million range<\/li>\n\t
- Meaning Seekers: $2 million-5 million<\/li>\n\t
- Power Players: $5 million-plus<\/li>\n<\/ul>
Practical Explorers, for example, tend to prefer the expertise of a real estate<\/a> professional to guide them, looking for \u201ctrusted experiences,\u201d according to the report. Eighty percent say they prefer to work with a real estate<\/a> agent on their transactions.<\/p>\n\n
Meaning Seekers often seek status that comes from owning luxury real estate. They also tend to value sustainability (74 percent) and want their purchases to mean something.<\/p>\n\n
As for the top tier\u2014the Power Players\u2014they want the absolute best and they\u2019re willing to pay a premium for it. Eighty-three percent of Power Players surveyed say they choose the best and expect the price to reflect that. They want to feel confident that their purchase is \u201cunrivaled excellence,\u201d the report notes.<\/p>\n\n
\u201cFor today\u2019s real estate agent<\/a>, it\u2019s critical to understand the mindset of the affluent consumer,\u201d says Paul Boomsma, president of Luxury Portfolio International. \u201cThe research shows it\u2019s clear that not all consumers are the same, and part of speaking their language is understanding their deepest motivations.\u201d<\/p>\n\n
Download the full report. <\/p>\n\n
Source: Luxury Portfolio International<\/em><\/p>\n<\/div>\n \n \n<\/pre>\n\n<\/div>\n\n\n
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