Case study on the buying habits of the elite real estate clientele
The real estate market in L.A. is highly competitive. Be it the sunset boulevard that stretches across the Pacific Coast Highway or Beverly Hills popular with A-list celebrities, the industry is a highly profitable one. Fortunebuilders.com claims that the median value of a home in L.A. in 2022 is $928,320. Naturally, the target audience for real estate in L.A. are high worth individuals. A fairly nascent real estate agency in L.A. wanted to dive deep into the preferences and buying habits of this elite clientele. Because they were new to the business, they need to understand their clients to gain a competitive advantage.
We carefully targeted high net worth individuals through various social media channels. We made sure to select those who were interested in buying homes in L.A. Our target respondents also included those who crossed a certain income threshold, according to the specifications of our client. We completed the project, surveying 200N respondents over a period of 7 days.
Our qualitative insights enabled our client to gain a deep understanding of buyer preferences, habits and requirements when searching for a new home in L.A. Through the data, our client was able to categorize different kinds of potential buyers. They also created buyer personas and marketing strategies customized to these personas. Within a matter of a few days, they were able to gain a strong footing in the real estate industry.