Money is money, right? Not when it comes to homebuyers at the top of the luxury market. New-money buyers, many who have made their fortunes in tech, approach real estate differently than their old-money counterparts.
For starters, they’re not finding agents through their attorneys or wealth managers. They look to what they know: the internet. Mark Choey, co-founder of Climb Real Estate, says clients are finding agents through Yelp, Zillow or even personal blogs.
Another factor that has changed the landscape is that new-money buyers don’t have the same perceptions about what constitutes a “good” neighborhood. “New-money buyers don’t care as much about the prestigious neighborhoods,” says Ruth Krishnan, an agent with Compass in San Francisco. “Tech money has created a new ‘billionaires row’ in Dolores Heights and Liberty Hill. It feels a little bit more low key to them.”
Watch the full video above on Inman Select to learn more about working with new-money buyers.
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