MIAMI Association of REALTORS




Keeping Up with Consumer Trends: Status Seekers

by | Apr 16, 2014

Consumer-Trends_homes.comBeing aware of current consumer trends in the real estate industry plays a big part in creating a marketing strategy that is effective, and thus, helps grow your business. But before you can spot these trends in the housing market, you must first understand the social movements that cause them. With that said, we're highlighting a consumer trend that many of you are already familiar with – one that is starting to influence many of your clients when looking for a home - status seekers.

According to a recent report, status seekers are those who want to be recognized for their possessions and that strive to be at the top of the proverbial "social hierarchy." They have always focused on purchasing unique, expensive and trendy products to set themselves apart from the rest of society.

Although they still seek these types of products, many are now looking for guilt-free status symbols that will allow them to clear their conscience of the damage done by their consumption (toward the planet, society, or themselves) and still deliver a status boost.

Real estate professionals need to be aware of social trends like this because they usually affect every aspect of a person's life, especially their home. Whatever the most current style might be, status seekers will want their home to complement it. Millennials are the new face of the housing market and are also the most likely to conform to these ever-changing trends, so there will always be something cutting edge that they look for in a home.

A growing percentage of homebuyers and almost all millennials are looking for a house that's been equipped with the most up-to-date technology.Further, millennial status seekers also value eco-friendly technology like flex fuel cars or solar panel technology and are willing to pay a much higher price to get it.

Things such as biodegradable building materials, solar power generators, and smart appliances will all make status seekers feel like they are doing their part in protecting the environment by reducing their impact at home. Keep this in mind when deciding which features to highlight, as it can make a property much more appealing to status seeking clients who value these amenities.

Another key thing to remember when marketing to status seekers is that they want to be associated with people who share the same values. Does the community have special recycling programs? Are there community activities to clean up the neighborhoods?

Being eco-friendly has become a way of life and status seekers are looking for ways to align themselves with this lifestyle. Whether it's through video,blogs, or social media, be sure that you are highlighting parts of the community that support this lifestyle.

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