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The 3 tiers of luxury homebuyers: How well do you know your client?

Luxury Portfolio International and research partner, YouGov, dig deep into the psyche of the luxury buyer
  • According to new research from Luxury Portfolio International and YouGov, not all affluent buyers are the same.
  • Their report, "The Affluent Homebuyer: A Quest For Meaning," separates millionaire buyers into three tiers, each with different motivations and requirements.
  • The lowest tier, the Practical Explorers who are looking in the $1 to $2 million price range, were seen as needing the most help from their real estate agent.

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If you think you know your luxury buyer, think again. New findings by Luxury Portfolio International, the luxury division of Leading Real Estate Companies of the World (LeadingRE) and its research partner, YouGov, separated luxury buyers into three tiers in the report, The Affluent Homebuyer: A Quest For Meaning. And it showed that each group differed in their approach to the real estate purchase and in the support they needed from their agent. “For today’s real estate agent, it’s critical to understand the mindset of the affluent consumer,” said Paul Boomsma, president of Luxury Portfolio International. "The research shows it’s clear that not all consumers are the same, and part of speaking their language is understanding their deepest motivations." 1. The Practical Explorers The first tier, the largest group, they named the Practical Explorers, buyers in the $1 million to $2 million range who also had an average of $4.2 million in assets. These clients are l...