Luxury realestate developers are building properties that appeal to the buying audience that luxury brands target. Global brands like Four Seasons infuse credibility into real estate developers. The Embassy Group has partnered with the Four Seasons in Bangalore to create homes that are 20 percent more expensive than non-branded luxury properties. Many developers are also incorporating resort-based designs, creative branding exercises, and world-class recreational facilities. This trend will continue in the future.
Millennials prefer luxury real estate
The recent slowdown in the luxury real estate market is having an impact on the industry, but the biggest spenders are still spending money on prime properties – and they’re doing so overseas. While London is still the city of choice for billionaires, the younger generation is turning to markets that offer higher rental yields. Countries like Malta, Portugal, and Spain have high rental yields, making them a great option for millennial buyers.
Millennials’ changing housing habits are making luxury real estate a more desirable market. They’re more self-conscious, environmentally conscious, and data-driven. These individuals have strong purchasing power and cultural influence and will continue to shape market dynamics and trends. But how do Millennials influence real estate trends? Read on to learn about some of the benefits that Millennials demand in luxury real estate. You’ll be surprised at what you learn.
Projects with upscale amenities
To keep up with the ever-growing expectations of the rich, luxury residential real estate developers need to think beyond large unit sizes and upscale finishes. They must create unique experiences that set themselves apart from the rest. Luxury real estate developers are finding more ways to stand out from the crowd with their latest projects. The experts behind luxury trends have begun observing some trends in new projects across the country and the world. In addition to unit sizes, upscale finishes and amenities, luxury properties will be offering smart home features. A well-appointed home theater will allow homeowners to watch their favorite movies without leaving the house. Energy consumption and security monitoring will also help residents enjoy their homes and surroundings.
Luxury projects are designed with the individual preferences of their owners in mind. For example, a high-end project may include sprawling penthouses, fitness centers, and private pools. Buyers are also attracted to exclusive residences designed by leading international designers. In addition to offering premium amenities, luxury projects also include community gardens and green space. These are all desirable features for a luxury home. However, in addition to the design of the property, upscale amenities are also key to maintaining the status and prestige of the project.
Partnerships with global luxury brands
In addition to building prestigious projects, developers can also benefit from collaborating with international luxury brands. A partnership with Versace will see the Italian designer collaborate on interior design, while a project with Fendi or Bugatti will see the company collaborate on common areas and amenities. Both parties will also have personal consultations with clients. Partnerships with global luxury brands will be an important talking point for developers, but they also need to deliver real added value for residents.
In addition to luxury real estate developers, luxury marketing companies are increasingly seeking out strategic partners with global brands. According to Thomai Serdari, professor of luxury marketing at New York University Stern School of Business, these partnerships benefit both companies. Partnerships with luxury brands can help developers attract and retain high-end clients. The Coldwell Banker Global Luxury program recently announced a partnership with JamesEdition, a leading luxury listings platform that attracts over seven million high-value buyers every month. JamesEdition’s comprehensive digital classifieds deliver 12 million impressions globally.
Marketing initiatives that convert into sales
To attract more luxury buyers, developers must diversify their marketing initiatives to appeal to a variety of buyer types. Content marketing is one effective strategy to attract online visitors, grow brand awareness, drive traffic to property websites, and convert leads. Corcoran Real Estate Group, for example, has embraced content marketing and increased its social media efforts, and has begun posting two blog posts a week. Luxury real estate buyers have a high expectation for the quality and quantity of information and experiences, so the luxury brand must reach them where they are online.
Using a database such as WealthEngine allows developers to customize marketing campaigns based on an individual’s wealth and lifestyle. Highly personalized campaigns drive engagement and boost customer lifetime value. WealthEngine profile data also provides a rich canvas of information, including real estate, stock holdings, charitable contributions, and actual business contact information. Luxury real estate developers should take advantage of this information to enhance their marketing campaigns. While lead lists are great for generating prospects, they are often lengthy and require guesswork on the net worth of the individuals on them.