Luxury Portfolio International™ has released a White Paper entitled “How Today’s Highly Affluent U.S. Consumer Selects Luxury Real Estate Associates and Brokerages.” The paper focuses on affluent American consumer’s wants and needs in today’s economic environment. Findings specifically show that performance and reputation are more critical than ever to earning the trust of the consumer.

In late 2010 we engaged the Harrison Group (the research company that authors the Survey of Affluence and Wealth in America) to conduct primary research on behalf of Luxury Portfolio with affluent US consumers. The purpose was to gauge their priorities, likes and dislikes related to the selection of an agent to buy or sell a $1M plus home.

Some key conclusions:  
• Reputation remains paramount
• Elegant websites are important, but equally important is 1) that websites popularity, 2) the number of luxury properties represented, and 3) a proven online presence and tracking statistics
• A top priority for today’s luxury consumers when selecting an agent is market knowledge and experience (no surprise) but also, global reach
• While the Internet is paramount, printed material is still vital for advertising purposes and must be elegant
• Magazine advertising is still considered appropriate, where the affluent and wealthy expect to find real estate tips and home design trends

The paper also identifies changes brought about by the recession and how consumers have become more fiscally responsible, but expectations have risen. For luxury real estate, this means consumers are seeking fair-priced homes that still provide superb quality of amenities and features that fit the needs and lifestyle for a family setting. They are more focused than ever on “bargains.” Luxury Portfolio continues to tap into the minds of the luxury real estate consumer and market trends through studies and reporting on the luxury market. Read the entire White Paper here.

Regardless of our selling situation and the market conditions, once the decision to sell is made, we all have the same goal – a quick sale at the highest price possible. Market conditions are out of our control, but the other factors that play into the fast sale/best price goal are 1) condition and 2) presentation – and those we can control.

The condition factor is easily controlled through cleaning and repairing, fairly objective goals. The presentation factor is more subjective, and this is where staging comes in – evoking the emotions of home to help potential buyers imagine their life in your house – from how their furnishings will fit to how their lifestyle will fit. Staging is the finishing touch that, as its name implies, allows your property to take center stage when buyers start looking – creating a neutral décor and adding accessories to bridge the gap between property statistics and dreams. Check out this insightful home staging video showcasing the transformative effect staging can have.

To disregard the presentation factor and expect buyers to “look through” your furnishings and decorating style is leaving much to chance. Most buyers think that what they see is what they get – everything from furnishings to décor colors. When buyers are either looking on the Internet or standing in your living room, they are usually eliminating before they begin evaluating. There are simply so many properties on the market at such fabulous price points that it can become overwhelming; eliminating is the default process to get the number of options down to a more manageable decision. Staging is the single most important activity to insure that your house isn’t eliminated without buyers truly evaluating its potential relevance to their goals and lifestyle.

A recent study by the Harrison Group revealed that since the recession began luxury home buyers have narrowed the purchase time of a second home property from approximately two years to three months. They are doing the research on the Internet; think of it as pre-selling themselves. This places the importance of staging at an all time high – regardless of price and location, with so many purchase opportunities, it is easier to click on to the next property if doesn’t “feel” like home.

Through staging you can increase your chances of surviving the Internet elimination process and move your house into the evaluating stage more quickly.

Contributing Author: Martha Webb can be reached at marthawebb.com

*Photos Credit: Edina Realty

In the world of luxury real estate, the process from listing to closing in just 63 days is unusual, especially with a beachfront property that closed for $6.25 million. Luxury Portfolio member Watson Realty Corp. just guided such a transaction.

The quick sale of the spectacular home overlooking the ocean in Ponte Vedra Beach, Florida was the result of the exclusive marketing campaign of Watson’s Ponte Vedra Beach Luxury Team. Using tools and membership benefits through Luxury Portfolio International and Leading Real Estate Companies of the World, the team was able to showcase the property quickly to thousands of potential buyers on a global scale. They also highlighted the property with an exclusive cocktail party for top power agents servicing Northeast Florida and their customers. In fact, the marketing was so successful, two offers were negotiated.

Congratulations to Watson and their top office on this remarkable sale!

Luxury Portfolio member Lila Delman Real Estate just announced a contest where the lucky winner will enjoy a two night stay in Newport during the J Class Regatta on June 17 and 18.

For the contest, which runs from May 2 – 22, 2011, entrants who answer all questions correctly on a quiz will be entered into a drawing for the weekend prize. There will be one quiz each week, allowing for a total of three possible entries. Be sure to enter and see more details on the Lila Delman Facebook page. Good luck!

Beginning today, Luxury Portfolio member Kahala Associates will be featured each Tuesday in a segment called “Beyond Homes” on Wake Up 2day - Hawaii’s leading morning news program on KHON Channel 2.

The goal of the segments is to inform, in an interesting and fun way, on subjects relating to Hawaii real estate, the process of buying and selling and building wealth. Topics will include the 2011 outlook for Oahu real estate, real estate investment, curb appeal and home staging tips and much more.

Take a look at a promo below and if you’re local be sure to tune in each Tuesday!

Luxury Portfolio member Ebby Halliday Realtors is in the midst of their 65th Anniversary Year celebration, with several events and promotions marking the occasion.

In a very creative an interesting move to honor the anniversary, each Ebby Halliday sales office was provided with a Flip Video camera and asked to put their creativity to the test by producing videos showing their company spirit. The finished products are terrific and really showcase tremendous company pride, while also providing some great laughs. You can view the videos and vote for your favorite through November 5th, before the “Ebby Home Bowl Cheer Champion” is named.

What a great idea may the best video win!

As more and more people browse the web on their smartphone rather than desktop or laptop, it is becoming more and more important to provide mobile-friendly content that is clear and convenient. Luxury Portfolio member Inmobiliaria Rimontgo recognizes this and recently introduced mobile versions of their company blogs: Reality Sense (English) De Mar a Villa (Spanish), Sinnvolle Realität (German) and Sens du Réel (French). This is smart way to ensure they are reaching the largest possible audience with their informative content. Read more on the launch.

You can also check out the mobile version of Luxury Portfolio at LuxuryPortfolio.com/mobile.

Luxury Portfolio member Michael Saunders & Company, with several amazing luxury listings along Florida’s Gulf Coast, recently premiered a new web site. The upgraded site is consumer-friendly with a simple search function and large property photos, along with local market data and neighborhood pages. Read the full release.

The fantastic new site is easy to use and contains a wealth of useful information - take a look.

Luxury Portfolio member Diana Morales Properties, located in Marbella, Spain, recently created a Property Styling Department in an effort to help homeowners bring out the full potential of their residences.

An in-house stylist identifies the best features to enhance or areas to renovate/accessorize, and the homeowner is advised on the scope of work needed to make the best impression on a potential buyer. Of course we all know what a big impression styling and design can have, and a department devoted to that effort can only be beneficial. Read more.

As part of their centennial celebration, Luxury Portfolio member Frank Howard Allen Realtors recently launched a social media campaign called “100 Reasons Why We Love Where We Live.” Each day this summer (June 21 to September 22), they will publish at least one reason Marin and Sonoma, California are special places to live on their blog sites.

The blog posts will also be shared on Facebook, Twitter and the Frank Howard Allen website homepage. This is a great way to share information about their community and give an opportunity for others to provide their personal thoughts and experiences. See the posts on GuideMeHome2Marin.com and GuideMeHome2Sonoma.com.