Why is it essential to implement tailored marketing strategies in the realm of ultra-luxury real estate, and how do we build relationships with elite clients?
There’s no doubt about it: in the world of real estate, ultra-luxury homes are a unique category. Unlike the typical market, this sector is mostly driven by high-net-worth individuals (HNWI) seeking a very specific set of features.
The ultra-luxury real estate segment attracts people with specific buying patterns looking for an unparalleled experience, exclusivity, and investment opportunities in stable places like Dubai.
HNWIs from around the world, especially from China, are drawn to Dubai’s high-end apartments, emphasising the city’s strong appeal amid global uncertainties. Dubai’s focus is now on billionaire buyers, with 176 homes sold at $845 million in the first half of 2023, according to a Knight Frank study.
These elite buyers seek properties that boast world-class amenities, advanced security, privacy, spectacular views and a thriving surrounding community.
To effectively market to this audience, a complex approach focused on details is essential.
Here’s how to nurture that relationship:
Understanding the elite buyer
Before even embarking on promotional tactics, understanding the customer is paramount. This involves comprehending their aspirations, lifestyles, and preferences.
Highlighting unique experiences is key to appealing to the estimated 129,557 UHNWIs under 40 who have independently amassed their wealth, representing about 20 per cent of the global population.
Older wealthy buyers might value tradition and exclusivity. For international clients, cultural nuances or market openness should also be considered.
Establishing a comprehensive consumer profile will be crucial in tailoring strategies effectively.
Bespoke property websites
The affluent clientele needs personalisation. By setting up a website exclusively dedicated to a single luxury property, realtors can offer a tailored and immersive experience.
This should ideally showcase high-quality images, videos, virtual tours, and aerial views, painting a holistic picture of the property.
Additionally, the website must be SEO-friendly with texts that strategically integrate the right keywords. This tactic and consistent SEO support will help your platforms rank higher in Google searches and be easily discovered by the specific, even niche target audience.
Planning advertising & marketing campaigns
This involves identifying and analysing the target market, and understanding the demographics and psychographics of potential customers.
When targeting a niche audience, such as HNWIs, mass campaigns won’t be suitable. High-end real estate is advertised across multiple channels to build reputation and awareness.
Specific locations for offline advertising to reach the ultra-luxury clientele would include airport private lounges, country clubs, premium hotels & resorts, travel magazines, etc.
Online advertisements such as personalised email campaigns, luxury property portals, top-tier digital media and more also work. A balanced integration of print, broadcast, and digital platforms will ensure a unified and impactful delivery of the message to the intended audience.
A well-placed advertisement in the print media signals class and catches the eye of HNWIs who prefer traditional reading methods. Online and on social media, high-end video marketing, drone photography and even the power of augmented reality for virtual tours are essential to showcase the property at its full glory.
Marketing investment insights
When investors look into purchasing high-end properties, their approach is both qualitative and quantitative. They seek diverse insights, including market analysis and projections on future property value.
A property’s location and its exclusivity remain paramount, as does its historical price appreciation within its area. The architectural significance further accentuates a property’s allure.
Factors such as the use of high-quality materials, fine craftsmanship, and designs by renowned architects can greatly amplify its value.
Meanwhile, investors also weigh the tax implications tied to a property, accounting for property taxes, potential rental income taxes, and taxes on capital gains.
The liquidity of the property in the market, its potential for diversifying an investment portfolio, and any upcoming infrastructural or community developments in the vicinity further influence their decision-making process.
Collaborations with luxury brands
Partner with other luxury brands to provide an enhanced marketing experience. This could be in the form of joint events with luxury car brands, art galleries, yacht companies, or high-end fashion brands.
Collaborating with brands that resonate with the ultra-luxury clientele not only broadens the marketing reach but also solidifies the property’s position at the pinnacle of luxury living.
The ultra-luxury real estate market, especially in hubs like Dubai, requires an intricate, tailored strategy. As HNWIs globally seek exclusivity, cultural significance, and one-of-a-kind amenities, real estate professionals must combine detailed understanding, personalized digital outreach, strategic campaigns, and unique collaborations.
A nuanced approach is the key to nurturing these elite customer relationships in the evolving luxury landscape.
By Diana Nilipovscaia, CEO of MERED
