The Luxury & Collection Market

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As humans, we have five senses. Arguably, these five senses are also the five steps we take when purchasing a home.

Step 1: Sight

Whether you start your home search online, in a newspaper, or you pass a sign on your drive home from work, your sense of sight is the first thing that attracts you to a home. You look at pictures, and research the space, and in doing so, you can’t help but imagine yourself and your family in that space. Without even stepping foot through the front door, you imagine the memories made, dreams achieved, and challenges overcome in the house you hope to make a home. You picture the décor changes and improvements that could be made if you had the opportunity to call it yours, and with the use of only one of your senses, you are able to create an emotional connection that is uniquely yours.

Step 2: Smell

You have probably heard the research surrounding fresh baked cookies at an open house. While it is not necessarily proven that the complex scent of home baked goods is enough to entice a potential buyer to purchase a home, it does show that scent is an important part of the process. Smelling something familiar can bring you back to a positive time in your life and evoke emotions you relate to the feeling of home.

Step 3: Touch

Now that you’re physically in the home, you have the ability to touch various items. You can judge things based on quality, comfort, and feel and you can use the judgments you make to help in your final decision. You touch items that will remind you of things, and touch things that will bring you forward in time to how these items will be used in your future. You think about your future guests, and what they will feel when they touch the items in your home and in the other sense of the word, you dream about how this space will touch your family in the coming years.

Step 4: Hear

Now that you have used your other three senses to get a good feel of the home, it’s time to listen. Are there other people involved in the buying process? If so, you need to listen to their thoughts and opinions and hear what they have to say. You must also listen to real estate agent to learn about the home buying process, and what is necessary for you to obtain this home. While purchasing a home may seem like a walk in the park on television, there is a lot behind the process you need to be aware of.

Step 5: Taste

Have you heard the saying “it’s so close you can taste it”. This is the last and final step. You found the perfect place to call home and went through the process to get it. Now, just before the keys are handed to you, you are able to taste the joy, happiness, and exciting times your future holds in the coming years behind the door you are about to walk through.

When it comes to purchasing a luxury home, all of these senses are heightened. Because of that, luxury listings must be marketed in a different way to appeal to the senses of a luxury collection buyer. Fortunately, there is the RE/MAX Collection Program and we were fortunate enough to hear more about this unique program at RE/MAX Kick Start 2014. Whether you are working the luxury market now, or looking to break into this niche, this session introduced the audience to the tools available through the RE/MAX Collection program. We heard from agents successfully working high-end neighbourhoods, and learned about marketing strategies, how to manage client expectations, and the importance of proper branding. Were you unable to attend the session? If so, don’t worry! We have the whole session available for you to watch below so you can get caught up on anything you missed, or get a quick refresher in case you were able to attend and forgot some of the key points.