Media and The Message: Marketing Real Estate to the Affluent
The factors that influence the purchasing habits of the affluent consumer are changing. With the effect of social media, digital advertising, as well as television and streaming services, real estate professionals must be knowledgeable and strategic in their marketing efforts. In today’s changing landscape, combining both traditional and digital media vehicles to create a multi-channel strategy can help luxury real estate professionals better reach their target audience.
Our most recent whitepaper titled “Media and The Message: Marketing Real Estate to the Affluent” authored in partnership with luxury consumer researcher, YouGov, explores the media consumption habits of today’s affluent and provides insights on the advertising mediums that most impact their purchases. Focusing on high-net-worth-individuals (HNWI) in the market to buy or sell a home worth one million USD or more within the next 3 years, the study outlines which advertising and media outlets influence the purchasing decisions of the affluent and provides real estate professionals with information on how to craft a marketing strategy to reach this discerning audience.
Media as Life
Media consumption, for all age groups and affluence levels, is no longer about just entertainment or education. Today, media use is as much a part of life as the 8-hour workday. In fact, the average affluent homebuyer spends more time with media than they do at work.
For those looking to market a luxury property, it is interesting to note that buyers spend more time and are more engaged in social media than sellers. The most common activities on social media, for buyers, sellers and all age groups are browsing photos, reading articles and watching videos; three perfect mediums for marketing high-end real estate.
Advertising: Breaking Through
When shopping for anything related to their lifestyle, affluent homebuyers report that traditional mediums like magazines and television are most effective for advertising. Millennials follow this trend, though they are less likely than Gen Xers and Baby Boomers to report magazines as being an effective form of advertising.
Compelling and entertaining story telling keeps the attention of these affluent groups. From a generational perspective, Millennials more than the Boomer generation put emphasis on excitement and references to pop culture or nostalgia. Gen Xers and Boomers, however, keep their practical needs in mind, looking for information and inspiration.
As the factors that influence purchasing begin to evolve, the marketing strategies of luxury real estate professionals must also adapt to their changing preferences. Effectively marketing luxury properties today requires a comprehensive and targeted media strategy.
Download the complete version of the whitepaper or visit luxuryportfolio.com homepage and scroll down to find our recent reports. You can also view our press release.