The luxury real estate market is constantly changing, and the most successful real estate professionals are those who can stay one step ahead of new developments. If you’re looking to expand your sphere of influence in the luxury market, you should look to the emerging class of buyers known as Henrys. Understanding this group and how to properly market to them will help you generate more sales and a larger customer base.
What exactly is Henry?
In the world of real estate, henry means “high-income earner, not yet wealthy.” This is especially true for people who usually belong to upper-middle to high-income groups; do not have Have accumulated enough wealth or assets to still be considered wealthy.
In general, Henry tends to be: average age 43 If your income is $100,000 and your investable assets are less than $1 million.
Why Henley is important in luxury real estate
Until now, the luxury real estate market has been dominated by the wealthy. however, 2019 Report by Deloitte identified Henley as an entirely new market for luxury real estate. Primarily a millennial and a member of his Generation Z, Henry stands to become the wealthiest member of society in the future and has already entered the market for luxury homes.
Selling to Henry: Tips for Success
If you are a luxury real estate professional looking to cash in on this new opportunity, there are a few things you need to keep in mind when starting a deal with HENRY Buyers. You can’t expect to use the same techniques and strategies that you use with more “traditional” audiences. wealthy and affluent people.
Understand your audience and what’s important to them
First and foremost, take the time to understand your HENRY buyer’s lifestyle aspirations and values. These are buyers who value a luxury lifestyle and expect their real estate to match their aspirations. They aren’t willing to compromise and usually won’t make an offer unless they find the “perfect” property. With this in mind, luxury real estate professionals should be prepared to do a lot of research to find properties that suit their clients’ needs.
Focus on value and ROI
Additionally, real estate professionals must be prepared to focus on the value and return on investment (ROI) of luxury real estate. Although Henry has a relatively high income, he is still very conscious of his financial investments and wants to make smart decisions that will pay off in the long run. Here, taking the time to emphasize the long-term value and profitability of luxury real estate investing can make a big difference in swaying Henry’s purchasing decision.
seriously consider location
Another important factor to consider when selling to a HENRY buyer is location. More than ever, this group of buyers prioritizes location and convenience above everything else. This means they’re looking for a property that not only ticks all the boxes on their must-have list, but also is centrally located close to work, social activities, and favorite amenities.
Leverage the right marketing channels and strategies
Social proof and influencer marketing also go a long way in marketing to the HENRY audience. These buyers, who are millennials and members of her Generation Z, often follow influencers on social media and take luxury lifestyle trends seriously. If you can incorporate influencer marketing into your listed properties, you can capture the attention of this unique market in a way that is not possible any other way.
Host a special event at your facility
Last but not least, consider hosting a special event to attract potential HENRY buyers. This may mean organizing special events or private property tours to create a special feeling. Rather than hosting a traditional open house, you can also send out invitations to a limited number of events. If these events are done right, Henry will be able to experience and see first-hand the luxury lifestyle that the property offers..
Looking for more industry insights?
It is inevitable that we will continue to see more luxury homes purchased by Henley buyers in this emerging market in the coming years. Don’t miss this growing market!take time now To learn more about this new buyer group. Build relationships with them and provide them with the personalized level of service they need to find the perfect luxury property. In doing so, you will be establishing a reputation for yourself while establishing your brand for future success and growth.
Staying up to date with the latest industry news isn’t always easy, but it’s critical to staying competitive in the luxury market.by Joined the Institute of Luxury Home Marketing (ILHM)gives you access to the latest industry insights and news from trusted and experienced experts. Contact our team Click here to learn more about what our membership has to offer!