The Language of Luxury: luxury Real Estate Marketing Tips: Understanding the Mindset of Your High Net Worth Clients

Psychographics is the study of personality, values, attitudes, interests and lifestyle. Understanding each of these components is key to building your luxury real estate marketing practice.

It is very important, as a professional, not to be critical about your clients’ attitudes in regards to abundance or scarcity. Get beyond these judgments and grasp what is at their root.

Some of the wealthiest and most kindhearted people are those who “count their blessings” every day. Others are petrified that they can loose it all overnight. Some are so busy comparing their net worth to others that they miss opportunities that are right under their noses. It all comes down to a mindset of abundance or scarcity, which is not dependent on their net worth so much as their sense of self.

What is most amazing is that you can have an abundant mindset regardless of your demographic profile. Conversely, you can have a scarcity mindset with millions in the bank!

At the core of the abundant/scarcity mindset, is either personal insecurity, or a sense of being OK with ones self. Much of the pretentiousness that is often associated with the wealthy really comes from personal insecurity. Generosity, when it is genuine, comes from a strong sense of self. Neither is right or wrong. And, that is the perspective that will help you earn more commissions.

Have you heard the lyrics of the song “ Got the Sun In the Morning and the Moon at Night” from the 1946 Irving Berlin Broadway musical, Annie Get Your Guns?

Got no diamond, got no pearl,

Still I think I'm a lucky girl.

I've got the sun in the morning

And the moon at night.

Got no mansion, got no yacht,

Still I'm happy with what I got.

I've got the sun in the morning

And the moon at night

Sunshine gives me a lovely day,

Moonlight gives me the Milky Way.

Got no checkbooks, got no banks,

Still, I'd like to express my thanks.

I've got the sun in the morning

And the moon at night.

And with the sun in the morning

And the moon in the evening

I'm alright.

Got no butler, got no maid.

Still I think I've been overpaid,

I've got the sun in the morning

And the moon at night.

Got no silver, got no gold,

What you've got can't be bought or sold.

I've got the sun in the morning

And the moon at night.

Sunshine gives me a lovely day,

Moonlight gives me the Milky Way.

Got no heirlooms for my kin,

Made no will but when I cash in

I'll leave the sun in the morning

And the moon at night.

And with the sun in the morning

And the moon in the evening

I'm alright.

As a luxury real estate marketing professional it is extremely important to understand the difference between the abundant and scarcity mindset of wealthy consumers. This explains why you must take into consideration both the demographic and psychographic profile of your clients. Most important, you must suspend your judgment of pretentiousness when you encounter a scarcity mindset. Get beyond judgment and into a deeper understanding of what is at its source. If you do you will win more business and referrals.

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