In our second installment of the Going Local webinar series, our VP of Growth, Pierre Calzadilla, sat down with experts from Sotheby’s International Realty Canada to discuss how affluent consumers use online resources to look for real estate. Joe Loeppky, Director of Marketing Technology, and Tahan Martins, National Creative Director shared a behind-the-curtain look at the methods Sotheby’s is using to gain insights about luxury consumer behavior.
The luxury market is currently being reshaped by the largest intergenerational transfer of wealth. This new group of younger wealthy consumers requires a distinctly nuanced strategy to cater to their evolving needs. Labeled “the New Affluent,” Sotheby’s finds that these emerging are more concerned with experiences rather than product. While previous generations of consumers in the luxury residential real estate market were focused on the size of properties, the younger generation is looking for a home in a location that will enable a specific lifestyle. Millennials are also far more likely to share opinions, provide feedback, respond to widespread trends, and engage in dialogue with brands to collaboratively craft their vision for a real estate purchase.
Data’s impact on Design
To account for this demographic shift, Sotheby’s has adapted their tools. Sotheby’s showcases their properties to the New Affluent on their redesigned properties details page. The properties details page allows Sotheby’s to present photos and videos of houses while including conversion principles that connect consumers with realtors. This redesign provides even more data than before, enabling younger consumers to conduct their own market research. The property details page includes information such as room metrics, flooring type, and location data via Local Logic.
Since location has become increasingly important to the New Affluent, all Sotheby’s listings now feature a live map integrated with Local Logic’s solutions. Many members of the New Affluent are interested in finding homes near quality education. Local Logic’s technology gives these consumers the opportunity to learn more about properties in particular school catchments. In addition to the map view, Sotheby’s offers a table view for consumers who want to easily compare listings and make final decisions.
Future Vision for Sotheby’s International Realty Canada
New research has shown that 76% of all buyers found their home on a mobile device. In response to this, Sotheby’s introduced a mobile application called Curate that uses augmented reality to furnish properties and envision what a home may look like. Real estate agents benefit from Curate as well, using the application to cheaply stage homes. All furniture used in Curate is also available for purchase directly on the app.
For more information about the Sotheby’s International Realty Canada strategy to cater to younger luxury consumers, watch the webinar on-demand.