Compared to first-time home buyers, purchasers of high-priced homes tend to be more educated about the market, know exactly what they want, and demand high quality service, a group of luxury real estate executives panelists said at a Real Estate Connect conference last week, Inman News reports.
"The rich guy generally is a lot easier to sell to,” says Frederick Peters, president of Warburg Realty in Manhattan, which sells properties priced $3 million and up. “He's focused, he's concerned, but the level of anxiety is way lower.”
The luxury agents say that often times the clientele know what’s coming to the market before it does, which means you have to stay on your toes, Mauricio Umansky, The Agency co-founder and CEO in Beverly Hills, Calif. The clients often already have a property in mind when they come to a real estate agent.
"They are coming having been on their iPad, and they say, 'I want to see this,'" says Diane Ramirez, president of Halstead Property, with offices in New York, Connecticut, and New Jersey. "And sometimes they buy what they've already found. They're not starting off saying, 'What do you have?'"
Additionally, privacy tends to be very important to luxury clients. They don’t want a spotlight put on their real estate deals.