Is Luxury Real Estate Entirely a Different Concept?
Luxury Real Estate simply means a bigger house with many high-grade amenities at an extremely high rate located in certain places. Apart from price and current market conditions, another factor that makes luxury real estate luxurious is the location of its premise. Certain locations have that quality where houses in it are much pricier than the rest. These places could be highly commercially developed, at the heart of a city, a location with beautiful views or very close to important places.
Luxury home need not necessarily mean just big bungalows and palatial buildings. Villas, penthouses, condos, apartments can be classified under luxury real estate as well.
The buyers of luxury houses are a different breed and much smaller in number. These individuals come from a lot of high-profile families, wealth, highly-educated, very specific about everything and are demanding in nature. This group of buyers do not necessarily buy directly but will hire an assistant or an expert to do all the formalities necessary and only show up when they want or when they are needed to show up. When celebrities or people with a high post in society who are famous in the public eye may even do the transaction through a company they own or another just to keep it under wraps and have a select few know about the buy. They do this for several reasons, mainly due to security reasons.
Even advertising and marketing for this kind of real estate is nowhere close to how usual real estate market works. Elaborate measures are taken to campaign the buildings like huge boards on top of big buildings, glamourous ads in high-end magazines, videos and audios of the same through media, etc. Luxury real estate agents have their own tactics and will not disclose every detail through these commercials. This is because when dealing with big buyers, a more sophisticated and complex process is used which only they can master.
Sale tactics and closing deals with the rich and powerful too has its own version. Considering you are selling high-end properties to very elite customers, there are a few practices followed that helps build a lasting rapport and good business for you in the future. When a house is sold, it comes with a lot of complimentary gifts and privileges only for the vastly rich. This can include club/ gym membership, actual presents like gadgets or even house furnishings too.
So, as you can see a luxury real estate is far from the usual real estate that normal civilians are exposed too. Right from the building stage of a home to its marketing and its final closing, the entire process is completed on a much different and higher scale with a lot of experience.