Understanding the Mindset of Your High Net Worth Clients - Part 1
As a luxury real estate marketing professional, the more you know about the mindset of high net worth individuals the more able you will be to meet their needs. Understanding their affluent mindset will also help you attract more wealthy clients.
Never assume that knowing your client’s demographics, i.e. gender, home ownership status, employment status, location, etc. is sufficient. Demographics may help you qualify potential clients. But, demographics alone does not give you adequate insight into the decision making process of high net worth individual, which is the key to winning listings and successfully selling expensive homes.
There is an important term to grasp when marketing luxury real estate, and that is psychographics, the study of personality, values, attitudes, interests and lifestyles. We use psychographics interchangeably with mindset. You must have a command of both demographics and psychographics if you want to command the lion’s share of your marketplace.
The television series, “Lifestyles of the Rich and Famous” focused on the extravagant lifestyles of wealthy entertainers, athletes and business moguls. While "champagne wishes and caviar dreams" may represent the mindset of a certain segment this demographic it certainly is not the mindset of all high net worth individuals.
Actually, the majority of people in this demographic do not care to flaunt their financial status. Instead, they live modest, unassuming lifestyles. They are the “millionaires next door” who drive practical cars, live in modest homes and do not take exotic vacations. Warren Buffet, one of the wealthiest men in the world, still lives modestly in Nebraska. Sam Walton drove a beat-up truck long after Wall Mart became a household name.
To better serve and attract more affluent clients, follow our series on psychograhics: The Advantages of Understanding the Mindset of Your High Net Worth Clients.
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