How Bess Freedman Predicts the Future of Luxury Real Estate in 2024

Introduction

Bess Freedman is not your average real estate executive. She is the first-ever CEO of Brown Harris Stevens, the oldest and most prestigious private real estate company in the United States. She is also a former lawyer, a humanitarian, and a trailblazer in the industry. With over 18 years of experience in the real estate business, she has witnessed and shaped the evolution of the luxury market, from the boom of the early 2000s to the slowdown of the pandemic era. She has also led her company through several transformations, including expanding its presence in new markets, launching innovative technology platforms, and fostering a culture of diversity and inclusion.

In this article, Freedman shares her outlook and strategy for the luxury real estate market in 2024, a year that promises to be both challenging and exciting for the sector. She reveals how she anticipates the changing needs and preferences of high-end buyers and sellers, how she adapts to the shifting market dynamics and regulations, and how she leverages her expertise and network to deliver exceptional results for her clients. She also offers some practical advice and tips for aspiring and established luxury agents who want to succeed in this competitive and rewarding field.

What is Luxury Real Estate in 2024?

According to Freedman, luxury real estate in 2024 is not defined by a single price point or a specific type of property. Rather, it is a combination of factors that create a unique and personalized experience for the buyer or seller. Some of these factors include:

• Location: Location is still a key determinant of luxury, but it is not limited to the traditional hotspots like New York, Los Angeles, or Miami. Freedman predicts that secondary and tertiary markets, such as Austin, Nashville, or Denver, will continue to attract affluent buyers who seek more space, privacy, and lifestyle options. She also expects that international markets, especially in Europe and Asia, will regain their appeal as travel restrictions ease and global mobility resumes.
• Architecture: Architecture is another essential element of luxury, as it reflects the style, taste, and vision of the owner. Freedman says that in 2024, luxury buyers will favor properties that showcase glamorous, innovative, and sustainable design, blending aesthetics and functionality. She cites examples of architectural marvels, such as the One Thousand Museum in Miami, designed by the late Zaha Hadid, or the 53 West 53 in New York, designed by Jean Nouvel, as properties that epitomize luxury in 2024.
• Technology: Technology is a crucial component of luxury in 2024, as it enhances the comfort, convenience, and security of the property. Freedman says that luxury buyers will expect properties that are equipped with smart features, such as voice and facial recognition, remote control, and energy efficiency. She also says that technology will play a vital role in the marketing and transaction of luxury properties, as agents will use tools like artificial intelligence, augmented reality, and virtual reality to provide data-driven insights, virtual tours, and enhanced visualization.
• Culture: Culture is a defining factor of luxury in 2024, as it reflects the identity, values, and passions of the owner. Freedman says that luxury buyers will seek properties that incorporate elements of art, history, and heritage, creating a sense of connection and belonging. She also says that culture will influence the lifestyle and community of luxury properties, as owners will enjoy access to exclusive amenities, events, and networks that cater to their interests and aspirations.

How Does Bess Freedman Navigate the Luxury Real Estate Market in 2024?

Freedman acknowledges that the luxury real estate market in 2024 is not without its challenges and uncertainties. She cites some of the factors that may affect the sector, such as:

• Interest rates: Interest rates are expected to decrease in 2024, which may stimulate the demand and supply of luxury properties. However, Freedman cautions that lower interest rates may also create inflationary pressures, which may erode the purchasing power and confidence of luxury buyers and sellers.
• Regulations: Regulations are likely to increase in 2024, as governments and authorities seek to address the social and environmental issues related to the real estate industry. Freedman says that regulations may impact the taxation, disclosure, and compliance of luxury transactions, creating additional costs and complexities for the parties involved.
• Competition: Competition is inevitable in 2024, as the luxury real estate sector attracts more players and participants, from new entrants to established players. Freedman says that competition may intensify the pricing, marketing, and negotiation of luxury properties, requiring agents to differentiate themselves and their services.

Despite these challenges, Freedman is optimistic and confident about the future of the luxury real estate market in 2024. She shares some of the strategies and tactics that she employs to navigate the sector, such as:

• Research: Research is the foundation of Freedman’s strategy, as it enables her to stay updated and informed on the latest trends, developments, and opportunities in the luxury market. She says that she conducts extensive research on the properties, markets, and clients that she deals with, using a variety of sources, such as data analytics, media reports, and industry experts.
• Relationships: Relationships are the core of Freedman’s strategy, as they enable her to build trust and rapport with her clients, colleagues, and partners. She says that she cultivates and maintains long-term relationships with her clients, understanding their needs, preferences, and goals, and providing them with personalized and professional service. She also says that she leverages and expands her network of contacts, referrals, and alliances, both locally and globally, to access and offer the best opportunities and resources for her clients.
• Results: Results are the ultimate goal of Freedman’s strategy, as they demonstrate her value and reputation in the luxury market. She says that she delivers exceptional results for her clients, achieving their desired outcomes, whether it is selling, buying, or investing in luxury properties. She also says that she measures and showcases her results, using metrics, testimonials, and awards, to highlight her achievements and successes.

What Advice Does Bess Freedman Have for Luxury Real Estate Agents in 2024?

Freedman is not only a leader in the luxury real estate market, but also a mentor and a role model for many agents who aspire to enter or excel in this exclusive sector. She shares some of the advice and tips that she has for luxury agents in 2024, such as:

• Education: Education is the key to becoming a successful luxury agent, as it equips one with the knowledge and skills necessary to handle the complexities and nuances of the luxury market. Freedman advises agents to pursue formal and informal education, such as certifications, courses, seminars, and books, that cover topics such as luxury marketing, sales, negotiation, and etiquette.
• Experience: Experience is the best way to learn and grow as a luxury agent, as it exposes one to the realities and challenges of the luxury market. Freedman suggests agents to seek and seize opportunities to gain experience, such as working with a mentor, joining a team, or volunteering for a project, that involve dealing with luxury properties, clients, and transactions.
• Excellence: Excellence is the standard to uphold as a luxury agent, as it reflects one’s professionalism and credibility in the luxury market. Freedman recommends agents to strive for excellence in everything they do, from their appearance and communication to their service and performance, ensuring that they meet and exceed the expectations of their clients and peers.

Conclusion

Bess Freedman is a visionary and a strategist in the luxury real estate market, who has a clear and compelling perspective on the future of the sector in 2024. She anticipates the changing definition and demand of luxury, adapts to the shifting market conditions and regulations, and leverages her expertise and network to achieve outstanding results for her clients. She also shares her insights and advice with aspiring and established luxury agents, who can benefit from her experience and wisdom. Freedman is not only a leader in the luxury real estate market, but also a champion of social change, philanthropy, and building a culture-first brokerage for agents, staff, and clients.