Today’s real estate consumers believe that their life is just as important in their communities as the design of their homes. Understanding this shift is vital for real estate professionals. Here’s why.
I found it interesting that people are staying in their homes longer these days – anywhere near eight to 13 years! That has increased significantly since the early 2000s, when people moved about every five years.
We know that many factors affect the tenure of home ownership – mortgage rates, the economy, inventory. However, I’ve found that lifestyle also plays a role. Not only do I think lifestyle helps people stay in their homes longer, but I also believe that a focus on lifestyle is transforming the home buying process. Let me explain.
We don’t just sell a product. We sell a lifestyle
Most property searches use filters that relate to specific features of the home, such as: B. the number of bedrooms and bathrooms or the total area. In this case, the house is a product with certain characteristics. But what more and more consumers are looking for today reflects how they would like to live in the home, in the community and in the surrounding area – the lifestyle they will lead there.
We first saw this approach in the luxury real estate space in the 80s and 90s with Robin Leach’s iconic television program Lifestyles of the Rich and Famous. Each week we were transported to new perspectives on luxury living – an ambitious viewing experience in which we vicariously lived through these wealthy homeowners and dreamed of living the way they did.
Nowadays, the idea of aspirational living is not limited to the wealthy. Homeowners of all incomes have begun to proactively curate their desired lifestyle by carefully choosing their home – a place they will want to stay for a while. Understanding this shift is important for real estate professionals as it requires customization to suit the consumer.
Location, location, location, lifestyle
Adapting to the consumer means it is time to add a fourth “L” to our basic properties as a reminder to bring up the lifestyle elements of a home. For example: Potential homeowners can imagine exploring European cooking classes in the open kitchen plan, staring outdoors in the living room with their children, walking on the bike paths after work or strolling through the galleries in the city center.
Each description reminds not only of a place, but also of how the homeowner can live in that place. This is the first way to get in touch with the new lifestyle-oriented real estate client. Once you’ve drawn them in with your words, it’s imperative to demonstrate this lifestyle as you travel around the home and neighborhood with your client.
Remember that there are many different styles of life that can be presented to potential buyers from country life to city life and from outdoor life to family life.
Listen to the consumer
While some buyers know exactly what they want, all the way down to a particular block in a neighborhood, others still don’t know what to look for when buying a home.
I always like to start with questions. What are your hobbies? What do your weekends usually look like? How close do you want to be to your workplace? The answers to these questions will help you find a place that best complements your client’s life.
Focus on the future
When buying a home, buyers look to their future – both immediate and long-term. They want a property where they can build a life in and around them while they feel they belong.
With one of the biggest purchases of their lives, today’s real estate consumers believe that living in their community is just as important as the design of the home. With this in mind, buyers are less likely to settle down and focus more on finding a forever home that suits their desired lifestyle.
These are changes that will continue to have an impact on our customers and will gain momentum in the years to come. I encourage you to adapt to these changes. A focus on selling lifestyle will undoubtedly ensure the long-term satisfaction of your customers while supporting your future success in our ever-changing industry.
Scott Beaudry is a Henderson, Nevada based real estate agent and owner of Better Homes and Gardens Real Estate Universal, east of Las Vegas. Connect with him on Facebook or follow him on Instagram.