This week, I will be sharing who to market a 4 million dollar home to, which is my average listing price right now.
Buyers Are Hiding in Plain Sight
Interestingly enough – and this is a big secret here – the higher you go in price, the more likely that the buyer is hiding in plain sight. It doesn’t matter if you’re in Atlanta, Las Vegas, or Cape Cod, it is very rare for a luxury buyer to parachute into a location and just buy a house. Most of the time, they have a connection in the area, such as a friend, relative, or associate.
In my speaking engagements, I showcase a slide that illustrates a two mile segment of my market. It will show you where the buyers came from in that particular 1 year time span of a 2 mile segment of the market. The farthest away that a buyer came was 38 miles. Most of them came from half a mile, three-quarters of a mile, and a mile and a half.
The marketing I execute – the national and international marketing – could indeed generate a buyer. However, more importantly, the close proximity puts the local affiliated buyer under a greater sense of competition and urgency. People in the high end really need that in order to act.
The Wealthy Like to Associate With Like-Minded People
Wealthy people like to be around people who have similar goals, aspirations, and levels of achievement. Click To TweetThat means they know someone who’s already there. Thus, your best marketing is to people who are already there. In my market, they’re the neighbors, golfers, boaters, or just business people.
Until next time, make it a great week.