Money is money, right? Not when it comes to homebuyers at the top of the luxury market. New-money buyers, many who have made their fortunes in tech, approach real estate differently than their old-money counterparts.
During Luxury Connect, top luxury agents discussed how the newest crop of millionaires is changing the real estate market, and what it takes to work with them successfully.
For starters, they’re not finding agents through their attorneys or wealth managers. They look to what they know: the internet. Mark Choey, co-founder of Climb Real Estate, says clients are finding agents through Yelp, Zillow or even personal blogs.
Another factor that has changed the landscape is that new-money buyers don’t have the same perceptions about what constitutes a “good” neighborhood. “New-money buyers don’t care as much about the prestigious neighborhoods,” says Ruth Krishnan, an agent with Compass in San Francisco. “Tech money has created a new ‘billionaires row’ in Dolores Heights and Liberty Hill. It feels a little bit more low key to them.”
Watch the full video above on Inman Select to learn more about working with new-money buyers.
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