Princess Pan RE/MAX Crest Realty Westside

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A static luxury real estate market begs the question, how can we increase an overall sense of urgency in today’s luxury buyers? Real estate market trends are showing that most markets are currently leaning in the buyer’s favor, and as a result, listings are sitting a bit longer on the market than usual.


When there are too many luxury listings available, buyers tend to feel like they have more time to mull over their options and take their time making an offer.


As a luxury real estate agent, this can become a great source of frustration both for you and the sellers you’re representing. However, adapting to real estate trends in the luxury market means being able to see past the things you can’t control and leveraging the things that you can. 

USE YOUR SOLD, UNDER CONTRACT, AND PENDING LISTINGS TO MOTIVATE BUYERS TO TAKE ACTION

You can’t force buyers to be more decisive, but you can certainly motivate them by showing them that other buyers are taking action. This is called creating “social proof”, and it’s becoming more and more necessary to adapt to today’s real estate market trends. 


Most agent websites focus heavily on their available listings, but giving just as much air time to listings that are under contract, pending, or just sold is a direct, yet non-aggressive way to show buyers that they aren’t the only ones interested in what you have to offer. 


Similarly, posting about these unavailable listings on social media can help create a sense of forward motion in the market for prospects who are just passively following your accounts. When they see a property they were interested in is now “under contract”, it sends the message that they need to take a more active approach to their home search. When agents do this, it not only helps them, but it helps the entire local market. 

TODAY’S LUXURY BUYERS ARE RESPONDING TO INFLUENCER MARKETING

With the rise of social media also came the rise of all types of consumers seeking third-party influencers’ opinions on what to buy.


People are being sold something everywhere: on their television, their radio, and now on their social media feeds. They’re aware that whoever is doing the selling is likely going to say that whatever they’re offering is the best, whether it really is or not, which is what makes influencer marketing so appealing.


Influencer marketing entails having an unbiased, third-party person or entity of influence who already has an established audience within your target market endorsing whatever it is you’re trying to sell, whether it’s something as small as a book or as big as a luxury property. 


Using established community influencers is another way to create social proof around your listings. This lets potential buyers know that people they trust— or who are at least not going to significantly profit from whatever it is you’re promoting— are interested in what you’re selling. 


While this is a big topic with lots of conditions to consider to apply it correctly to luxury real estate, one example would be to consider that health and wellness are major priorities for most of today’s affluent buyers.


With this in mind, reaching out to yoga instructors or wellness coaches with a large social media following to host a yoga class or private wellness workshop at one of your available listings that happens to have an incredible view, a meditation room, or spa-like space,  would be a great way to create buzz within the community about your listing.


Although influencer marketing might not work for all of your listings, it’s something to consider when you’re running out of ways to build momentum.

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The luxury lifestyle isn’t just about looking great anymore. It’s about feeling great, too. Of course, the world’s affluent still want jaw-dropping properties with inspiring views, but they’re also looking for more substance. In today’s fast-paced world, they also want homes that can challenge them physically, calm them mentally, and keep them centered.


As a result, wellness-related amenities have exploded in recent years. In fact, according to a report from ONE Sotheby’s International, properties with wellness-focused amenities sell for anywhere from 10% to 25% more than traditional luxury properties. In the luxury world, that can mean a significant sum of cash.


But what exactly are these amenities that today’s luxe buyers are looking for? The following are just some of the health and wellness features today’s top-tier buyers have on top of their wishlists. The Institute for Luxury Home Marketingis an authority on the world of luxury real estate and works with its members to provide insights and information about the latest trends.

#1: MEDITATION ROOMS

meditation room

Meditation rooms—quiet, peaceful spots dedicated to self-reflection—are quickly becoming a hot commodity for the world’s elite. Tech-driven virtual mediation spaces are even hotter. These use a combination of virtual reality technology and tranquil design to enhance the owner’s meditative practices.

#2: SAUNAS AND MASSAGE ROOMS

sauna on lake

Dedicated places to unwind and relax are also high on the list for top-tier buyers. They want saunas that can remove all the toxins of the day, private massage rooms where their on-call masseuse can get to work, and in-home spa stations, where they can enjoy a facial, get a Botox treatment or have their hair done without ever leaving the comfort of their own home.

#3: ON-SITE ORGANIC MEALS

on-site organic meals

Access to fast, healthy, and sustainably sourced meals is important to the world’s elite, and many luxury developers are finding ways to cater to this need. From bringing in five-star restaurants to deliver door-side, organic meals to on-site nutritionists and rooftop vegetable gardens, luxe real estate is offering buyers their pick of healthy at-home dining options.

#4: YOGA AND PILATES STUDIOS

personal pilates stuido

Those dedicated to the art of yoga or Pilates often seek out properties with in-house studios—places they can hone their craft or enjoy one-on-one sessions with their trainer. In high-rise builders or condos, these might even take the shape of outdoor yoga decks or rooftop, private studios. 

#5: TRANQUILITY GARDENS

tranquility garden luxury

These peaceful gatherings of greenery bring peace to the busy lives of affluent clients. Typically situated on high-rise rooftops in gritty, concrete-filled urban centers, they’re a haven of natural foliage to the affluent city-dwellers who call these spots home. Some developers are even taking this trend to the next level and offering full, on-site private parks.

#6: OXYGEN CHAMBER PODS AND CRYOTHERAPY BOOTHS

oxygen chamber pod

One of the perks of affluence is getting to enjoy the latest technologies and products before they become publicly widespread. In the wellness world, you can count cryotherapy and hyperbaric oxygen therapy among these. Many of today’s top-tier clients are looking to bring these new and evolving approaches into their homes to improve their health and increase their longevity. They’re especially popular with athletes, runners, and fitness enthusiasts, these high-tech amenities are known to increase blood flow and improve energy.

WHAT DO YOUR BUYERS WANT?

Knowing what the buyers are currently looking for in your local market—whether that is health and wellness or the latest interior decor trend—is critically important in today’s market, which is predominantly controlled by the purchaser. It can help understand the value of your property and determine whether or not adjustments, renovations or changes need to be made in order to achieve your desired goals, or more importantly help you stand out from your competition!


Want to learn more about what today’s luxe buyers and sellers are looking for? Consider working with Princess Pan, Certified Luxury Home Marketing Specialist, who offer a deep understanding of this niche market.

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