Technology has created a space where advertising can truly thrive. Companies can easily make and post ads for themselves wherever they please, and share it to nearly every platform in existence. However, with all that accessibility comes an influx of different companies all doing the same type of business, using the same type of ads, all on the same platforms. It creates a monotonous and repetitive cycle that becomes overwhelming for potential customers, so much so that they most likely will end up ignoring the ads. This predicament is especially true in the real estate market, agents are finding it harder and harder to reach an intended demographic with content that will engage them and make them want to buy. This is especially true for luxury properties, all of which are beginning to contain the same advancements and extravagant qualities, making potential buyers more overwhelmed and distant. 

Luxury real estate agents recognize that there’s a disconnect when it comes to advertisement and buyer outreach, so they’re changing the way that they promote their business. The first and potentially most important step one must do before creating a successful advertisement is researching and understanding the demographic. For real estate agents, the National Association of Realtors online reports hold all sorts of useful facts and statistics about America’s yearly real estate market which helps agents all throughout the country better learn the specifications they need to further build their own real estate businesses.  

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According to the 2017 NAR report, “The average age of today’s luxury real estate buyer is 46 years old with average assets around $8.75 million, and $2.6 million in average real estate holdings. In addition home buyers between the ages of 37 and 51 reportedly have the highest household incomes.” 

For the real estate market, obviously customers are more likely to be engaged when they’re actually looking to buy or sell. According to a study conducted by Forbes Magazine, when customers are in the position of becoming buyers or sellers they spend more time online than any other generation, and spend the same amount of time online as millennials, excluding email and social media. Buying or selling property is a very important and large move in an individual’s life, so it’s important that they do their research and understand what they’re looking for specifically, hence the large amount of time spent online. Knowing where to look online, is the next step. 

Obviously, different generations are going to have different preferences when it comes to their media consumption. According to the same Forbes Magazine study, Millennials prefer social media, mainly Instagram and Twitter, and online streaming services, since cable TV is becoming more obsolete. Gen X-ers mostly prefer social media like Facebook, because it allows them to connect directly to any social circle, business, job, etc. that they want. Baby boomers still enjoy watching TV and reading, although when they do use the internet it’s more for research, maybe for some luxury real estate. 

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This generational information is important to know when it comes to advertising and what kind of advertising will reach the widest variety audience. While the average luxury real estate buyer is in their 40’s, appealing to millennials can also appeal to their baby boomer parents or grandparents. This is why it would be smart to advertise commercially on streaming services, as many American households most likely use either Netflix, Hulu, Prime Video, or all of the above. Advertising on these services is pretty much a guarantee that you will reach any and all demographics for potential buyers and sellers.

If your agency is looking to specifically target the older baby boomer generation, as they’re the ones most likely looking to buy/sell luxury, then you most likely would want to stick to traditional methods. Print advertisements are a simple and much cheaper way to spread your message, and if you’re looking to appeal to older generations, you’re definitely in the right place. It’s also important that you’re strategic about the content and message of your ads, and if it’s generic enough to resonate with a larger audience. Creativity and humor are universally well received methods across all generations, and are also the most effective methods to show off your brands personality.

“Effectively marketing luxury properties today requires a comprehensive and targeted media strategy that includes varying media. The affluent spend a great deal of time engaging with screens. However, they also report that when shopping for anything related to their lifestyle, traditional media like magazines are most effective for advertising,” says Stephanie Anton, a Council Member with Forbes Magazine.

Essentially, the most important tip is diversity in media outreach. Don’t just tend to one specific type of ad, such as print or Instagram stories, but instead tend to all of the media channels you possibly can. Even if your intended demographic is a luxury home buyer in her 60’s who’s most likely not on Twitter, their grandchild might see the ad and remember that Grandma is in the market for a new brownstone in Brooklyn and boom, you have a new client. Be creative, be bold, and be diverse.