Last month, many of our luxury real estate professionals affiliated with the Coldwell Banker Global Luxury® program had the pleasure of attending the 2019 Asian Real Estate Association of America’s Global & Luxury Summit in Beverly Hills. It’s always a thrill to connect with the top luxury real estate stars at this premier annual event and, of course, to learn about new real estate trends potentially impacting our clients.
This year, we had five key speakers representing the Coldwell Banker® brand, myself included — Jamie Duran, Christophe Choo, Lucio Bernal and Janice Lee — plus Laurent and Vanda Demeure came all the way from Paris to attend. Janice spoke on a panel called “FIRE, HENRY and DINKY… OH MY!” — and it perfectly illustrated the reason why we participate in events like the Global & Luxury Summit. One thing we know from being in this business for over eight decades is that the luxury real estate world is constantly evolving. Today’s luxury homebuyers are increasingly diverse, making a one-size-fits-all marketing strategy all but a recipe for failure.
The group of panelists discussed several different acronyms categorizing consumers that are widely used in the financial planning and investment community. In my day, we had YUPPIES (young urban professionals), but now we have FIREs (financially independent retire early), HENRYs (high earning not rich yet), DINKs (double income no kids) or DINKYs (double income no kids yet). Data on each of these sub-groups is rich and growing by the minute. As marketers, we now know when, where and how to reach each of these categories. If they’re on Instagram, we’re on Instagram. If they’re most likely to be found in first-class airport lounges, we’ll go there, too. The point is, we meet them where they are. This is a major change in the way we market. The more we know about these individuals, their spending habits and where they actually are on their journey of wealth, the more we can tailor our marketing, presentations and client conversations to speak directly to them. After all, the No. 1 rule of marketing is “Know your audience.” As Global Luxury Ambassador and Beverly Hills real estate icon Jade Mills likes to say: “You need to know clients, what they like and what is luxury to them.”
Craig Hogan is the vice president of luxury for Coldwell Banker Real Estate LLC and a 20-year real estate veteran. When he is not traveling or offering his insights on high-end real estate trends, he spends time in Chicago, where he enjoys walking his rescue dog Cooper along the lakefront, collecting wine and satisfying his real estate “addiction” with a luxe open house tour or two.