New Face of Luxury Homebuyers: Gen X and Millennials
More than $15T will likely be inherited by Gen X and millennials before 2030. Like their parents, these buyers will also expect excellent above-and-beyond service.
SAN FRANCISCO – The term “young affluents” refers to a growing cohort of luxury homebuyers comprised of millennials and Gen Zers, a group that will grow over the next decade.
Experts estimate that more than $15 trillion will be passed down around the globe, from the world’s richest individuals to the next generation, by 2030.
When marketing to young affluents, agents should focus on creating a luxury experience for buyers across all price points, even if their first transaction isn’t a high-dollar sale. These individuals operate at a high caliber and demand that same level of excellence from agents and everyone else involved in the transaction.
As a result, agents should closely assess their sphere of attorneys, lenders and other experts. They should also focus on what inspires prospective buyers and how a home can help them achieve their aspirations.
In addition, agents must add value during the transaction and beyond, such as by providing market data to clients and keep them updated on their real estate holdings. They can offer consultations regarding home improvement projects and potential resales. Agents should also focus on “like-markets” that offer similar lifestyles.
During the decision-making process, there is a strong possibility other people will be involved, including parents, trustees, attorneys or financial advisers, and agents must learn how to navigate a multilevel sale. The goal is to build trust among all decision makers, ideally by bringing everyone together early on.
Source: Inman (01/08/21) Bull, Dana
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