In the ever-changing world of luxury real estate, the most successful agents are the ones who stay a step ahead of new opportunities. If you’re looking to grow your presence in the high-end market, you should be aware of the HENRYs.

HENRYs – an acronym that stands for ‘High Earners, Not Rich Yet’ – are typically individuals or households that are in the upper-middle to high income brackets but have not yet   accumulated enough wealth to be considered affluent.

In general, HENRYs tend to be an average age of 43 years old with an annual income of $100,000 and investable assets of less than $1 million.

They are of interest to luxury market real estate professionals because a report by Deloitte identifies them as a viable new market for high-end homes – typically Millennials or part of the Gen Z demographic who are positioned to become some of the most affluent members of society. Many are already be looking for high-end homes.

But you may want to use different marketing strategies with HENRYs than you do with the traditionally affluent. From the Institute for Luxury Home Marketing, here are some tips for maximizing your value to this demographic:

• Know what matters to them – HENRYs value the luxury lifestyle and are not apt to compromise on a property that doesn’t align with their aspirations. Listen closely to their wish list and do the research to find them the perfect home.
• Focus on value and ROI – While HENRYs have relatively high incomes, they are conscious of financial investments and want to make smart decisions that will pay off in the long run. Highlighting the value and potential return on investment can make all the difference to these buyers.
• Take location seriously – These buyers prioritize location and convenience. They are looking for properties that not only check off their must-haves but are near their workplace and social venues.
• Use the right marketing channels – HENRYs typically follow social media influencers and take lifestyle trends seriously. Capture their attention incorporating influencer marketing into a property you’ve listed.
• Hold an exclusive event – Draw in potential HENRY buyers by focusing on the exclusivity of a property. Rather than host a traditional open house, consider an exclusive event with a limited number of invited guests.

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This material is meant for general illustration and/or informational purposes only. Although the information has been gathered from sources believed to be reliable, no representation is made as to its accuracy. This material is not intended to be construed as legal, tax or investment advice. You are encouraged to consult your legal, tax or investment professional for specific advice.

About Bobbi Pronin

Bobbi Pronin is an award-winning writer based in Orange County, CA. A former news editor with more than 30 years of experience in journalism and corporate communications, she has specialized in real estate topics for over a decade.

Bobbi is not an employee of Anywhere Integrated Services or affiliated with its title companies.