3 Trends Affecting the Luxury Client Relationship
Our 2016 Luxury Client research gave us some insight into the trends affecting the builder-client relationship! We don’t need to tell you that for today's client isn't as easy to work with as the clients a decade or more ago! But do you know why? In our ever-changing technological and economic climate, the luxury client is ever-changing, and if you can learn to adapt with them, you'll be heads above the completion.
Based on our research, here are the 3 most essential trends affecting your relationship with the luxury client. And if if you need tips for overcoming these relationship challenges download the builder tip sheet at the end of this article!
#1 - Luxury clients are younger than ever before
In 2004, the average age of vacation home buyers was 55. Today, it has dropped to 43! Largely these younger buyers have more happening and more stress than the previous generation. They are called the Sandwich Generation, often with young children and aging parents. Because of excessive stress, luxury clients today have expectations that are sky high; those expectations include nothing but the best service from you - they require it.
In addition to being younger, the current generation of property buyers are enthusiastic and tech savvy. Rather than be completely dependent on their builder, designer, or architect they’ll carry out thorough research before taking the plunge – and that isn't always a good thing.
#2 - Luxury clients are crunched for time
The present generation of luxury home buyers is always in a hurry – they want the best and they want it now. They are the most time crunched of any generation, many of them being plugged into work 13 hours a day. This is why 80% of your customers are ready to pay 13% more for better customer service!
It is not just about getting the best, your customers also expect it to be easy – something they are entitled to. From fashion to luxury automobiles, every other industry has made consuming effortless for them, and they expect construction to be no exception.
#3 - Women today have more say
Women control about 80% of buying decisions. This is why most marketing campaigns are targeted at women today.
While construction surely is masculine process, the selection and detailing process is feminine. Thus, an important part of decision making is understanding how women’s minds work and how to best help them make the decisions. With the advent of Pinterest and Houzz you'd think it's any easy DIY solution, but decision making is harder than ever before.Yes, you read that right. Luckily, we've trained our team to help clients make decisions easier for them (and the rest of the team!).
Want the tips for overcoming these relationship challenges? Download our free Luxury Client Relationship Tip Sheet for three real-life tips on how to make the process of working with them much simpler – for everyone.
Liv like you mean it,