Life Style Marketing

Best Prospects for Multi-Unit Luxury Real Estate

Determining the number and characteristics of the best prospects for a multi-unit luxury property can be challenging.

This point was the subject of an entry in Luxury Trends by Bill Gottfried. (The site also has a link to the latest report from the National Association of Realtors regarding International Home Buying Activity.)   Bill was good enough to cite our research (which he discovered via The Institute for Luxury Home Marketing).

We thought we might add an example of how LifeStyle(TM) marketing can be applied to a specific multi-unit luxury property. This is a real example from a luxury condo with approximately 200 units distributed over three different price ranges.

It was estimated that there were approximately 20,000 prospects based on assets and geographic considerations. Download lifestyleand_real_estate2.pdf

If you download the one page example (above) you will see how the potential prospects can be segmented by LifeStyle and level of wealth (different levels required to qualify for different units). Most luxury properties have features that cause them to more attractive to some LifeStyles than others. For example, a luxury property in an urban arts district will appeal to different LifeStyles than one on the beach or in Las Vegas. By matching the property and the LifeStyle of the best prospects you know how to prioritize your marketing budget and focus your message.

An additional advantage of LifeStyle segmentation method is that it provides guidance for how to reach the best prospects. That is, LifeStyle insights help determine the best "place"  to prospect for each segment's population and what type of events to hold: Golf clinics or art symposiums.

In any event, if you are in the business of marketing luxury properties, I encourage you to become familiar with the Institute for Luxury Home Marketing and keep reading Luxury Trends. And if you'd like to apply LifeStyle marketing to increasing the conversion rate for your multi-unit luxury property, let's talk. 

Life Style Marketing Luxury Condos

It is well known that the market for luxury condos is overbuilt in many markets.

On top of that fact, the overall competition for sales of luxury properties to high networth consumers has really heated up.

The number and types of alternative residences, and alternative forms of access,  available to wealthy households has increased dramatically.

In this market what is the best way to sell luxury condominiums located in urban environments? What should the astute marketer of high-end, high-rise properties do?

Life Style Marketing vs. Marketing Life Style.

Life Style marketing is different than marketing lifestyle.  The later assumes that the ammenities (location, features and services) of the property will be the primary attraction of the property. And that they will be equally attractive to all affluent people. These ammenities enable the wealthy condo owner to live an enjoyable life in a well-appointed environment,  free of the hassles of suburban living. They make traveling easy and maintenance irrelevant. Marketing this life style was sufficient in the early stages when there were fewer choices and the sale was made based on the design and perhaps the brand of the developer's product.

But now the property must be marketed based on the Life Style of the specific prospect. That is, the Life Style of the prospect determines everything from where and how the developer's staff would prospect to when and why they would close. 

The Institute for Luxury Home Marketing teaches a course based on Life Style Marketing. This course is based on Premium Knowledge Group research and contains practical applications at every step of selling a luxury property from branding to after the sale CRM.

What we will do in up-coming entries in this blog is specifically discuss how our research-based insights should be applied specifically to the marketing and sale of luxury urban condominiums. In the meantime, if you have questions, feel free to contact me at richard.baker@premiumknowledge.net or contact the Institute for Luxury Home Marketing.