COVID19’s Impact on Luxury Brands
Many high-end companies have shifted their production to manufacture hand-sanitizers and masks, seen with leading luxury fashion brands and perfume companies. Mark D. Evernden believes luxury products and services should offer alternatives that still reflect the brand quality and craftsmanship.
Shifting Gears on Luxury Real Estate
Mark D. Evernden believes the focus of luxury real estate should be focused on the experience, rather than the ownership. Functional and eco-friendly homes are paramount in these times. Now that more people are working from home, office needs should be meditated. Relaxation and spa ensuites are equally as important for these stressful times.
Going Virtual with Clients
Realtors must realign their mindsets and means of communication. In-person showings have trumped other forms of communication, but some clients might be leery for a showing. Therefore, agents must be willing to oscillate between virtual and physical meetups during the pandemic.
Mark D. Evernden also stresses the need for better digital marketing, especially for luxury portfolios. Luxury properties already get a lot of hype online, especially on Instagram, therefore it’s a great way to increase your reach organically without the need for ads. Once again, the focus should be on quality and user experience/engagement.
Q/A Session with Mark D. Evernden:
Q: What’s the biggest trend you’ve seen in luxury real estate so far, in light of the pandemic?
A: There’s certainly been a pivot from ownership to experience. Luxury real estate isn’t just about large homes. We’re seeing more importance placed on what a home can offer in terms of functionality. For example, home offices are highly sought-after due to the lockdown. I always say that luxury is an experience, not a price point.
There’s also been a huge focus on health and wellness. Since we’re all housebound, greater importance is placed on living spaces where we can find rest and relaxation. Another focus is sustainability. Buyers want comfortable outdoor living spaces and spa ensuites with a biophilic design where they can experience the calming effects of being in nature.
Q: What do you expect the market to look like post-pandemic?
A: I think we’ll definitely see a return to focus on classic design, craftsmanship, and heritage as opposed to bling. I’m certain we’ll see a boom in luxury property demand post-pandemic, since buyers and sellers are holding off on real estate transactions due to the uncertainty. It’s important for buyers and sellers to reach out to an advisor they trust who specializes in luxury products when they’re ready.
Q: What’s your best advice for luxury brands and agents right now?
A: There are ways to weather this crisis. My recommendation is to use digital to ramp up personalization in your marketing. Using two-way social media channels is an effective way to anticipate changes in consumer behavior and psychology. If your business growth has slowed down, now’s the time to create an online community and show that you’ll be there for your clients even during tough times.