What are luxury real estate customers looking for in their real estate agents and what can agents expect from their luxury clients?

Thanks to several agents with Sotheby’s International Realty Affiliates for their insights and suggestions:

Andrew Ernemann, past president and REALTOR of the year with the Aspen Board of REALTORS, offered his thoughts. “As the world becomes more data-driven, the luxury customers will become even savvier and more demanding. They want the most up-to-date, most accurate information at their fingertips. At the same time, they want real insight and services and something only people, not computers or apps, can provide.”

Becky Gray, Senior Global Real Estate Advisor Realogics Sotheby’s International Realty, said, “Our luxury customers, more than ever before, have an expanding inventory, including never-before-seen legacy estates that are pushing the upper reaches of the luxury market…the maturing millennial customer will be able to utilize their buying power to create a lasting impression on the market.”

Jeremy V. Stein, Senior Global Real Estate Advisor, Co-founder of the Stein Team, Sotheby’s International Realty, offered his point of view. “In down markets, luxury buyers, rightfully, become less willing to compromise on everything from price to location…luxury consumers will be more and more focused on tangible and durable value-add offerings such as protected views, top-tier service, ceiling height, and (will be) less likely to fall for gimmicks attached to property sales…location, location, location will be on the top of luxury consumers’ minds.

David Gemme, owner of the GemmeGroup Inc. of Sierra Sotheby’s International Real Estate, said he believes luxury consumers “will be more ready” than ever to find their dream property. “Expect them to be scrupulous and discerning about finding the right location and patient when it comes to selecting the perfect property for their needs. As the market shifts this year, I expect that we’ll see properties that meet those expectations go quickly.

“Sellers that think they can stretch their price will most likely be sold-around for better and more aggressive pricing within the market. Luxury sellers shouldn’t reach for the moon in terms of pricing in this market, and should seek to sell at fair market value, within a pricing strategy of 60 days.’

So there you have it from Sotheby’s luxury-tier agents:

  • More savvy, more demanding consumers looking for top-of-the-line, accurate data information coupled with agents who provide top-of-the-line services and insights.
  • Expanding inventory opportunities that uncover previously unseen legacy estates.
  • Expect the maturing millennial behemoth to be in full force in 2019’s housing market.
  • Luxury consumers more focused on tangible, durable value-added offerings.
  • Location, location, location is the name of the game.
  • Patient, discerning discoveries for dream houses.
  • The end of aspirational pricing from luxury sellers…realism is back.