Luxury real estate refers to the most desirable properties, the top 5-10% of listings in any given market. While each housing market has its own set of standards, these estates generally sell for upwards of $4 million. Luxury real estate auctions are the new wave of selling properties at this level. The process connects the upper echelon of buyers with rare properties set against breathtaking backdrops.
In a mansion auction, potential buyers set out to outbid the competition and close on a property in 30 days or less. The allure of luxury property auctions is the seamless, fast, and frustration-free experience. With no time-consuming contingencies that plague traditional real estate dealings, buyers can find their next investment or summer home and move in a matter of weeks.
The dedicated firms that auction luxury residences come backed by decades of experience selling one-of-a-kind properties. The insight luxury auction firms hold is most clear when examining their marketing strategies, and innovating advertising efforts to reflect buyer values and emerging trends. While traditional real estate firms offer advertising, luxury property auction firms offer marketing on another level.
How The Luxury Real Estate Market Influences Sale Trends
The state of the real estate market plays a significant role in sales and marketing trends. The market has cooled slightly, luxury properties have maintained their allure as they are only marketed to the luxury set. This group is less susceptible to the ebbs and flows of the financial or job market and, therefore, more able to buy. To combat the slowdown in the real estate market, promotional efforts have become laser-focused only on the most affluent potential buyers.
Professional Real Estate Photography Is No Longer Enough
The latest emerging trend for luxury real estate auction sales is professional artists who create a variety of marketing content. The days of average real estate photography are over, as buyers are now flooded with gorgeous images every day.
Now, professional photographers work alongside videographers and graphic designers to create show stopping marketing materials that can satisfy the pool of potential buyers. It is clear that when advertising luxury estates, the shift toward elite videography with professional editing and inviting sound design is a trend that is here to stay.
A Picture Is Worth a Thousand Words, But A Virtual Experience Is Priceless
During the pandemic, people were asked to stay inside, which pushed the population further into their smartphones and deepened their trust in virtual technology. Now potential buyers have become accustomed to touring properties virtually, even with in-person options.
This is particularly true of the luxury set, as this select group of individuals with busy lives and demanding careers. By offering virtual tours as a form of marketing, potential bidders get access to the property, even when they cannot fly to visit it in real life. This is further cemented as a major trend as global buyers are back, and international transactions are growing rapidly, both for Americans abroad and foreigners in the U.S.
Digital Marketing & Social Media Campaigns Are a Must
While email marketing has also long been a pillar of real estate sales, the level at which it is produced has increased exceptionally. The new trend for digital marketing is a team of advertising specialists and professional writers working together to craft email marketing campaigns that speak directly to the audience.
As people now spend a large part of their daily life on their phones, reaching them has become about going viral. Some luxury property owners want total anonymity, while others have no issue sharing pictures and videos of their estate if it means catching the eye of a potential bidder. In the past social media, influencers were seen as déclassé, but now brand partnerships are being formed for the younger generation who are becoming potential buyers. Digital advertising and social media campaigns allow affluent buyers to engage with properties, and marketing teams are optimization strategies at every turn.
The Connection Between Trends In Marketing & The A New Way Of Life
Outside of the sales technique trends, there are significant changes in what aspects of luxury homes are presented within the advertising efforts. As a mansion auction is only as successful as the bidders it attracts, marketing must stay centered on the buyers’ priorities.
While in previous years, marketing showcased the size of the home to allow for homeschooling, smaller luxury estates are now selling at a faster rate. As multigenerational living has become commonplace with the luxury set, marketing the additional spaces and private entries has proved fruitful. Luxury property auction firms are advertising estates by putting smart technology, eco-conscious design, and wellness features front and center.
The pool of potential bidders has shifted their focus to health and wellness, and marketing teams have taken note. Whether it’s eco-friendly design, sustainable building materials, or energy-saving appliances, the trend of conscious consumerism is clear. Studies show that 77% of people reported that the Covid-19 pandemic led them to be more cognizant of their health. Buyers across all markets, particularly in the luxury real estate market, value properties that include wellness features, and these are much more impressive than a state-of-the-art home gym. The trend in sales and marketing efforts is showcasing meditation rooms, outdoor yoga spaces, garden rooftops, and any space that can be used for indoor-outdoor living.
Platinum Luxury Auctions | Predicting Future Trends
Platinum Luxury Auctions was the first provider of luxury real estate auctions, innovating how multimillion-dollar real estate is sold. Platinum Luxury Auctions has always had the ability to see beyond the current status quo, predicting future trends for luxury property sales. Dedicated and proven-effective marketing is why we are the most trusted choice for affluent sellers. The Platinum Luxury Auctions platform encompasses a real estate brokerage, expert advertising, elite marketing, and public relations teams, and an auction house, providing unbeatable value for sellers.
If you are interested in selling your estate, reach out to our team to discuss how we auction luxury homes, and stay current with ever-evolving trends in marketing and beyond.