Effective Marketing to an Affluent Audience Seeking Luxury Leasing

SALES & MARKETING CONSULTING

June 15, 2022

For developers pursuing affluent Empty Nesters & others “rightsizing” from their large homes, it takes patience and know-how to draw this audience to your developments. However, if you can provide resources to help them, it will make it easier for them to say “yes.” As mentioned in previous blogs, this affluent audience can generate more revenue for your developments than other types of residents, which leads to more profitable projects.

Make it easy for residents to say “Yes” – if you can engage them early, you can “pre-lease” and lease-up faster, and increase NOI

One of the most common barriers to entry is the ingrained perception that home ownership is the only way to proceed when “rightsizing” to another residence. If you can show them the financial advantage of leasing vs buying a home, it should bring about an awareness of the true numbers. See Generational Designs Calculator – “Home Ownership vs Leasing / Harvesting Home Equity” and previous blog – “Debunking the Myth that you MUST buy a Home.”

Calculator - Home Ownership VS Leasing / Harvesting Home Equity | Generational Designs
Click Here to Lease This Calculator for Your Own Use

Connect Residents with Resources for Design Assistance, Decluttering, Packing, Moving and Selling a Home

Too much stuff!! Let’s face it, the older we get, the more stuff we tend to accumulate and scaling back the size of your home is a challenge. 

Professional organizers who specialize in helping people “right size” methodically sift through possessions to declutter and organize into piles – what to keep, what to donate, and what to throw away. They should be awarded a gold star in using effective psychology and diplomacy, to go through decades and piles of “stuff!” If they plan to keep all of that “stuff,” their heirs will inherit a project that can take years to tackle; and we have heard many of these scary stories!  

Interior designers can assist with placement of furniture for the new space and advise on what to keep, what to donate and coordinate finishes for the new space. If these residents choose to upgrade appliances, closet systems, etc., designers can also assist with this process and make it easier for the residents to make decisions with guided advice by a professional. 

Some of these residents have lived in their home for years, and it can be traumatic to go through the stages of decluttering, organizing, and designing a new space. Generational Designs can assist with referrals for companies who are best in class for selling homes, packing, moving, unpacking, etc. to give these residents peace of mind that everything will be accomplished as expected.

Marketing Focused on Emotion

One of the questions asked on the market research survey was “If you had more time from running a home, what would you aspire to do with the extra time?” This information is very helpful in knowing how to connect with this audience; people make decisions based upon intellect AND emotion. The responses in order of importance were as follows:  

  1. Travel (lock and leave) 
  2. Spend more time with family and friends 
  3. Take up a hobby 
  4. Focus on a healthy lifestyle 
  5. Rewire NOT Retire
Effective Marketing to an Affluent Audience Seeking Luxury Leasing
Effective Marketing to an Affluent Audience Seeking Luxury Leasing
Effective Marketing to an Affluent Audience Seeking Luxury Leasing
Effective Marketing to an Affluent Audience Seeking Luxury Leasing

We understand that this affluent market is higher maintenance than other types of residents, but in the end, they are worth the extra effort. Once they successfully make the transition to your development, they will share this with friends and family, which will build marketing momentum and contribute profits to your bottom line. 

Generational Designs offers marketing consulting to attract this market, which includes referrals to the resources mentioned above. Book a complimentary initial consultation to find out more on how to reach this audience.

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Ready to explore a new audience for your multifamily development? Let’s discuss your goals.