4 Luxury Trends Real Estate Agents Should Pay Attention To

The past year provided the perfect opportunity for homeowners to reflect on what they would change in their home – and many, it would seem, are choosing to upgrade.

The luxury market is booming because of that, according to Anne Miller, RE/MAX Vice President of Luxury.

“Buyers are looking to go larger and find a home with beautiful outdoor features, and everything they need to entertain their family at home,” Miller said.

In a fireside chat as part of the Brand Innovators Women in Marketing Event, Miller discussed four important trends that have recently emerged in the luxury market.

1. Urbanites are upgrading over relocating

“For city dwellers, it’s more of a thought of ‘I want to buy up’ than ‘I want to get out of this city,'” Miller said.

Rather than move to the suburbs (though some certainly are), many urban homeowners are instead buying properties with amenities such as a pool or gym that they may not have been able to access during 2020 shutdowns. Others are looking to purchase condos or townhomes that can be remodeled to create more space for staying home.

“City dwellers will always be city dwellers,” Miller said. “They have a passion for live theater or music, and the restaurant and shopping scenes. They love walkability and connecting with other people, and want to stay in an urban environment, if not their current home.”

2. An increased demand for outdoor amenities

For the past year many consumers have been relying on grocery delivery and online shopping, but Miller doesn’t see traditional retail going away.

“[Luxury clients] still want to have easy accessibility to the grocery store or shopping,” she said, though she adds that she sees an eventual move to outdoor shopping areas. “It’s similar to what you see in a small resort town, where everyone walks outside on Mainstreet to the ‘mom and pop’ shops.”

Miller adds that she will be “curious” to see what happens to indoor malls, suggesting they may turn into more affordable housing options.

3. Purchasing land with plans for the future

For luxury customers who are looking to relocate, a large portion of land can be a selling point.

“In California there has been an exodus due to the high taxes for years. Now many are tired of everything being so close together, and they want to branch out a bit,” Miller said.

Utah and Idaho have become hot spots when it comes to making a big land purchase.

“Buyers are looking for a place where they can get out and enjoy the land but also have the space to build and grow if they want to expand their homes in the future,” Miller said.

4. Adjusting marketing for rising expectations and dropping inventory

According to Miller, long-term marketing plans – those created for 30 to 180 days after the listing posts – don’t always make sense for a market where homes are often under contract in a week or less. 

“You used to go to an open house and there would be glossy brochures, but right now nobody is touching them,” Miller said. “Digital marketing is an important component in luxury real estate – usually the customer is seeing something online before touring the home.”

That’s where the new Luxury Launchpad, offered exclusively by The RE/MAX Collection, comes in. The marketing dashboard makes it easy for agents to create digital ads, edit videos, hire drone photographers and more. Agents can deliver a quality promotional package that meets the high expectations of clients at a pace that matches the fast-moving market.

“An agent can input all of the information and quickly generate a beautiful showcase for a property,” Miller said. “They’re able to deploy a marketing plan very quickly and keep pace with how fast the market is changing.”

During the pandemic, Miller said buyers and sellers became more comfortable with real estate technology seemingly overnight. Offering the latest in tech, including virtual staging, 3D tours, and drone photography, will help agents keep their edge.

“[RE/MAX is] continuously adding resources and tools to the Luxury Launchpad to give our agents a competitive advantage,” Miller said. “There’s an expectation of high quality in luxury, and our goal is provide our agents everything they need to exceed those expectations.”

Get RE/MAX News delivered to your inbox! Sign up for News Alerts in the footer below.