A shifting luxury landscape spotlights how agents are needed more than ever to guide consumers home
MADISON, N.J., Nov. 10, 2022 /PRNewswire/ — A recent survey released by Coldwell Banker Real Estate LLC, an AnywhereSM (NYSE: HOUS) brand, and the Coldwell Banker Global Luxury® program, indicates that buyers are looking for much more than a transactional relationship when it comes to choosing and staying with their agent. Real estate agents are now financial, wealth and lifestyle ambassadors, and consumers are finding more value in working with a real estate agent than ever before, especially as they face a transitioning market.
The survey data conducted by Censuswide, as highlighted in the 2022 Trend Report, showcases the luxury real estate market sentiments of over 2,000 U.S.-based high-net-worth consumers, insight from Coldwell Banker Global Luxury property specialists and data collected by the Institute for Luxury Home Marketing and Wealth-X. Paired with the top trends currently driving the luxury market, the report provides an inside look at how consumers are working with agents and their plans to use a trusted advisor again for their next home purchase.
Real estate agents are crucial to any luxury transaction
Luxury property specialists are seen as a trusted resource to a community and all that it offers. As that connection point, they are expected to go beyond just sharing market knowledge to providing insights on other factors luxury buyers consider when purchasing a property, like connections to desired schools, introductions to social groups and philanthropy efforts, and much more. The white glove service and world-class expertise of a top agent provides immeasurable value, as evidenced by the survey.
- Four in five (86%) respondents with a household income of $5 million or more have used a real estate agent to assist them in the purchase of their home and find value in their expertise.
The U.S. luxury consumer would use a trusted agent again
The advice and service of a luxury real estate agent when buying or selling a home does not go unnoticed, as many affluent consumers would use an agent again for a future home purchase, especially among younger millionaires.
- 83% of respondents who have used a real estate agent to assist in purchasing a home in the past will use a real estate agent for their next home purchase.
- Younger respondents, those aged 25-34 (86%) and 35-44 (86%), who have used a real estate agent to assist in purchasing a home in the past, will use an agent in the future.
- More mature respondents, aged 45-54 (75%) and 55+ (80%), say they will use a real estate agent for their next home purchase.
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Four in five U.S. luxury consumers find value in using a luxury agent, says @ColdwellBanker survey. Read more via #CBGlobalLuxury’s The Trend Report: https://blog.coldwellbankerluxury.com/the-trend-report-2022/
Younger millionaires value the advice and service of a luxury agent, says @ColdwellBanker survey. Read more via #CBGlobalLuxury’s The Trend Report
"Coldwell Banker Global Luxury property specialists are more than just real estate agents. They are lifestyle ambassadors. Younger millionaires in particular value the advice and service of a luxury real estate agent. Our luxury property specialists pride themselves on being equipped with the expertise and deep connections to deliver incomparable service for their clients, showcasing the incredible value they bring to the luxury consumer on a daily basis."
– Liz Gehringer, president of Coldwell Banker Affiliate Business and chief operating officer, Coldwell Banker Real Estate LLC
"More than ever, it is necessary for agents to have deep market insight and connections to help their clients navigate in today’s environment and set themselves apart from everyone else. Keeping regular touchpoints with clients – past and present – is so essential to our business. By sending little notes on life events or updates on community gatherings, it really shines a light on the value we bring as agents, and the importance of enhancing and deepening those client bonds to keep them coming back."
– Jade Mills, president, Jade Mills Estates and international ambassador of Coldwell Banker Global Luxury
The Coldwell Banker Global Luxury® program collaborated with Censuswide, the Institute for Luxury Home Marketing and Wealth-X to provide insights into wealth creation, real estate, property investment, luxury spending preferences and emerging trends. Research conducted by Censuswide took place between August 2, 2022 and August 15, 2022. The survey reached 2,001 U.S. consumers aged 18+ with a household income of $1M+ and who have bought a home in the U.S. worth $1M+, with quotas of a minimum of 100 per the regions targeted. Censuswide abides by and employs members of the Market Research Society which is based on ESOMAR guidelines and principles. The Institute for Luxury Home Marketing analyzed data for the top 10% of 120 U.S. markets. Data contained is from January 1, 2019 to August 31, 2022, and has been computed by the Institute for Luxury Home Marketing’s data research partner and shared with Coldwell Banker Global Luxury program and based on information attained both privately and publicly. The Top 10% is defined as homes (or in terms of inventory or list prices), matching or exceeding the 90th percentile sold price for homes sold from January 1, 2019 to August 31, 2022. For more information on how data was collected and defined, please refer to the full methodology on page 4 of The Trend Report.
About Coldwell Banker Global Luxury Program
The Coldwell Banker Global Luxury® program legacy traces its roots to 1933 and has been a world leader in luxury real estate since. Coldwell Banker Global Luxury property specialists are an exclusive group within the Coldwell Banker® system, making up under ten percent of independent sales associates affiliated with the brand worldwide. Coldwell Banker affiliated agents conducted 50,355 transactions of homes priced at $1 million or more in 2021. This equates to $267 million in luxury sales every day (+59% from 2020) with an average sales price of $1.9 million in this category. Coldwell Banker, the Coldwell Banker logo Coldwell Banker Global Luxury and the Coldwell Banker Global Luxury logo are registered marks owned by Coldwell Banker Real Estate LLC. Each franchise is independently owned and operated.
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