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Luxury Real Estate Marketing: Are You in the Know or a Know-it-All?

October 5, 2010

Library of Congress, Washington DC

We recently interviewed a potential personal branding client who is determined to specialize in luxury real estate marketing and focus exclusively on the upper-tier of the price range in her marketplace rather than all price points. It was refreshing to hear how passionate she is about her pursuit of market leadership. She is bound and determined to compete on the basis of being more “in the know” about her marketplace than her top competitors.

She explained how she had researched the most expensive home in her market. Several agents had listed the home but none had sold it. Through her research she discovered some clues about the property that were undoubtedly overlooked by the previous listing agents.

She was convinced that the property was not being exposed to the right pool of potential buyers. She was certain that she could sell it if only he had the opportunity to market the home in a completely different manner that specifically targeted foreign buyers. The fact that the previous agent’s company had a large international reach did not mean that this particular property was given maximum exposure beyond their closed international network. This got her motivated to dive into the field and become the expert in her area at marketing luxury real estate internationally.

It is often the case that the incumbent market leaders get complacent; sometimes they do not take the time to thoroughly do their homework prior to putting each of their listings on the market. They are expected to be the “know-it-all” in their marketplace. But, this is not always the case.

Incumbents often “sit on their laurels” and are not always tech-savvy. As a result, market leadership is up for grabs in most marketplaces because free information and internet marketing tools create a level playing field for all competitors. Getting in the know by gaining superior market knowledge plus becoming more tech-savvy than the “know-it-all” incumbents can empower you to overtake the current market leader in your area.

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Luxury Real Estate Marketing: Share Your Delectable Finds

September 1, 2010

Cork bark from a Cork Tree

As a luxury real estate marketing professional, staying in touch with your sphere of influence is of paramount importance. One way to stay in touch is to share your newest and best discoveries as you live your life and explore the ins and outs of your marketplace.

This evening we went out to our local wine bar and bistro, Corktree Cellars. It is located in downtown Carpinteria on our "Main Street," Linden Avenue. We love going there because the menu is fun, innovative and puts a smile on your face as you read it. The food is great. The wine list is varied and well thought out, reflecting the bounty of our local wine country known as the California Central Coast.

This evening we shared a char broiled romaine hearts salad with blue cheese crumbles, apples and sherry pommery (mustard) dressing. We followed that with a Kobe burger which comes with several choices of French fries. Anne, our knowledgeable server, suggested the parmesan truffle fries. We followed her advice, and were delighted with the taste. This was accompanied by a wonderful glass of local Syrah.

For dessert, we had macaroons. dipped in chocolate The dessert menu assures you that the offerings are fat free and have zero calories*. As you read on the * reveals, that this is a totally false statement. You have to chuckle!

So, share your discoveries with everyone you know. Your blog will be noticed. Foks will rush to read the latest and greatest food finds discovered by someone who has actually experienced it.

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Personal Branding: Think Iconic-Achieve Top-of-Mind Status

August 10, 2010

Madonna

Eva Perón

Personal branding for luxury real estate marketing professionals is much more than getting a new “look”. In the realm of market leadership it involves achieving top-of-mind status not only with potential clients but with anyone who could be a potential referral source for you. To understand the territory of the mind where brands reside it is helpful to consider the concept of “icons”.

An icon is an object of uncritical devotion by admirers. When you think of the word iconic which entertainers, politicians or companies come to mind?

In the music industry you may think of Frank Sinatra, Elvis Presley, the Beatles, the Stones and Madonna. In politics, John F. Kennedy may come to mind. In business, Disney and Apple are certainly iconic companies.

In real estate, certain buildings have become iconic such as the Chrysler Building in New York. The Taj Mahal in India, a mausoleum, is an icon for the entire country.

When Madonna performed Like a Virgin on the MTV Video Music Awards TV show it was considered an iconic performance in MTV history. Much controversy ensued but Madonna could do no wrong among her devoted fans. It was no wonder that she wanted desperately to play the role of Eva Perón in the film version of Evita. When the Beatles performed on the Ed Sullivan show in the 60’s it was iconic moment that signaled the “British Invasion” in pop music.

If market leadership is your quest, it is not necessary to become a local iconi or a living legend. But, understanding the concept of achieving top-of-mind status is essential to this pursuit.

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Luxury Real Estate Branding: Express Yourself!

July 6, 2010

You have certainly heard the expression, “beauty is in the eye of the beholder”. As a luxury real estate marketing professional it is important to tune into the tastes and preferences of your client when selecting properties to show them, properties that they may like. Some homes may not appeal to you personally from an aesthetic standpoint. And, that is why you need to put aside your own standards to be of maximum help to your clients.

However, when it comes to personal branding, that is the time to get personal and express yourself. Your personal brand, from an aesthetic perspective must reflect your own tastes, your core values and your own personality. Yet, you must take into consideration your target market. That is, who you intend to attract as ideal clients.

Who are your ideal clients? As it turns out, when you really think about it, your ideal clients are people who share your values. For example, if you value a lighthearted sense of humor, your ideal clients would definitely not be curmudgeon s, killjoys or wet blankets.

In our strategic branding consulting practice our job is to help luxury real estate agents and companies dial into their unique DNA (different, not alike) and also dial into their target market. Then, we find a brand signal that can be expressed as a fusion of the two.

Too many luxury real estate marketing professionals are so busy trying to please others that they disregard their own very important personal perspective. As a result they attract clients who are less than ideal. Others go to the opposite extreme and disregard their target market altogether. For example, their chosen brand identity is too formal for a relaxed vacation destination where second home buyers want to leave the formality of the city behind them.

What is amazing about this process of personal branding is that there is always a way to articulate your personal brand signal so that is harmonious with your target market without compromising your DNA or your integrity. The key is to express yourself fully and have fun in the process. Your ideal clients will have a much easier time finding you that way.

If you want to have a really fun time practicing the art of self expression go to: http://artpad.art.com/artpad/painter . We created the image above on the fly for free at this site and it was a blast. It may not be art to you. But, for us art is having fun at whatever you are doing.

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Luxury Real Estate Marketing: Less is More Tip #1

June 21, 2010

Children at the Louvre Museum in Paris

Marketing ideas with zero or low cost are easier to conceive when you follow your passion. Anyone can develop business in their luxury real estate marketing practice with money. But, some of best results can be achieved without spending a dime. Here is an example of a low cost promotional idea that cost an agent very little but yielded big results.

A very successful luxury real estate marketing professional in Chicago was on the board of directors for the local museum. Her passion was engaging kids in the world of art. When the museum created a special interactive event for kids she sent out event invitations to all of her past clients and her entire sphere of influence offering to cover the admission cost for their kids. At $10 per child she spent only $500 for the 50 that showed up WITH THEIR PARENTS!

The positive response was unanimous. The kids had a blast, learned new things and made new friends. The adults appreciated the opportunity to meet new community members. Several of the parents joined the museum because of the quality of the children’s program. She generated a tremendous amount of good will not only from those who attended, but also from those who were impressed with the invitation and could not make it.

She also received several referrals shortly thereafter which converted to significant commissions that made the $500 investment a drop in the ocean. What contributed most to the success of this marketing idea was her passion for getting kids excited about the arts. This is part of what her personal brand stands for. When you tap into your passion and tie it into your work everything aligns to this core principle that makes marketing a joy.

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Luxury Real Estate Marketing: Tap Into the High Net Worth Mindset

June 15, 2010

It is important for luxury real estate marketing professionals to follow the luxury trends outside of real estate. The more you tap into the mindset of potential high net worth clients the greater your chances are to gain their trust and their business.

For example, researchers specializing in the world of cosmetics are finding that the luxury beauty product industry has grown at an annual rate of 6% since 2004. Trade publication, Global Cosmetics Industry, cites that beauty products generate approximately $230 billion in global sales. An emerging trend among consumers is that they are growing more knowledgeable about ingredients and are favoring natural-based products. The women in emerging luxury markets in Asia, the Middle East, and Russia are now sold on skin care and makeup, and have become savvy, eager consumers.

The house of Guerlain, a premium perfume and beauty brand had embarked on developing a new brand of skin care to meet the needs of an aging population. By researching orchid plants, that take an inordinately long time to fade after they bloom, they came up with a proven anti-aging formula. To facilitate their research they built an “orchidarium” (a French term) to study 30,000 species of orchids.

Guerlain’s marketing message is targeted specifically to highly informed consumers:

After “Ten years of research within the Guerlain orchidarium, three new orchids selected among 30,000, revealed the secret of extraordinary longevity”.

According to their research, Guerlain’s new orchid extract has the power to turn back “cellular” time. The initial tests by a reputed dermatologist, showed a 54+% in skin improvement in two months based on rigorous standards, and the research continues.

Following trends in other luxury industries, such as the luxury cosmetic industry, can not only yield insights into the mindset of high net worth consumers, but also offer you social currency to engage in meaningful conversation. Holding your own in social situations in this way builds trust and your bottom line.

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Luxury Real Estate Marketing: Think Like a Journalist!

June 14, 2010

Many luxury real estate marketing professionals believe that the primary purpose of blogging is to increase their website traffic. It is true that a great blog can actually account for more traffic to your website than traffic generated when search engines, like Google, display your website/blogsite at the top of their search results pages (and users click through). However, more traffic is actually a by-product of your blog not the purpose. The real purpose of your blog is to build an ever-expanding local, national and international sphere of influence, a stronger referral base, and an audience of raving fans who recognize you as an expert in your field.

When your blog is follow-worthy, buzz-worthy and comment-worthy you actually emerge as a journalist on par with those who write for major news publications and magazines. As a journalist you become a reporter, a columnist, a commentator, an entertainer, and a correspondent. Your opinion becomes sought after by traditional media. The more you aim to achieve this level of professionalism as a blogger, the more your sphere of influence will grow.

Just as e-book readers are changing the book industry, smart phones and tablet computers, like the iPad, are changing the magazine industry. With digitization, the cost of printing and delivery/distribution (over the internet) is virtually zero. That is now freeing up resources that can be deployed to making each magazine edition truly interactive. With videos,, 3-D effects, links to archived editions and related stories, search, social interaction, polling, and more extensive photography, magazines can provide an vastly more satisfying user experience than a print issue.

The new magazines will be available everywhere, on any device which can expand its circulation. And, readers will spend more time interacting with each edition, more time than a one hour TV show that may cost the same price, for example. Besides this rich user experience, readers can count on the fact that the magazine articles will be well researched and well edited which is a “value add” that most blogs cannot match. Think of the depth of sports coverage in Sports Illustrated when this magazine is published on the iPad.

If you are currently blogging or are contemplating becoming a luxury real estate blogger, keep in mind that the competition for attention is going to get even fiercer as print magazines go digital and become truly interactive. Now is the time to step up the level of professionalism on your blog. Start thinking like a journalist!

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Luxury Real Estate Marketing: Become an "Investigative Reporter"

June 2, 2010

Have you heard the term “investigative reporting”? That is one of the great roles of a journalist and should be one of the roles you assume as a luxury real estate marketing professional when you decide to blog. There are so many fascinating local stories to cover if you just look for them. Find one that you can be passionate about and tell the story from your own unique voice. Your personal slant on the facts is what makes your “column” worth following.

One of the stories that we find most interesting, from a strategic branding standpoint, is the new competition between Google and Apple especially in the realm of smart phones and other mobile devices such as tablet computers (iPads). What is at stake? There are billions of dollars in advertising revenue at stake on mobile devices, plus applications, media subscriptions, e-books, video and more. The drama that is now unfolding, on the world stage, between these big brands sheds light on the dynamics between rival agents seeking market leadership in any luxury real estate marketplace.

Apple has just surpassed Microsoft in valuation; a feat that Steve Jobs describes as “surreal”. Can you remember when Microsoft surpassed General Motors in valuation?

Mr. Jobs is a charismatic leader with tremendous vision. He is bold in his move to dismiss Adobe Flash as a technology whose days are numbered. Apple iPhone, iPod Touch and iPad only support HTML-5 a new video technology that Jobs considers to be superior to Flash. He is not afraid of controversy, Many of his critics, including Google, say that he has made a serious error in judgment, that he is not “open and inclusive” regarding these two major video platforms (Google supports both Flash and HTML-5). They say the consumers will be the ultimate judge.

Mr. Jobs agrees with his critics on this point. One iPad is now selling every three seconds!

In our next segment on Apple vs. Google we will cover the impact that this device is having in Japan where the iPad is emerging as a luxury brand on par with Louis Vuitton.

Find a story that you can sink your teeth into and extract meaning, your interpretation of the facts, for your readers. That is the role of “investigative reporting”. Locally, this practice allows you to meet many people who are likely to become loyal referral sources.

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Luxury Real Estate Personal Branding: Capture Mindshare

May 31, 2010

In luxury real estate marketing, market share is typically measured in two ways: total number of transactions and total dollar volume. In most marketplaces (or niches within marketplaces) there are two to three agents who dominate the market and account for the lion’s share of business. This pattern appears in most categories of products and services. What is important to note, however, is that market share is actually the manifestation of mind share. Capturing "top-of-mind" status as a personal or company brand is imperative if market leadership is your quest.

Here is an example of how this plays out in the beer industry in the United States.

Anheuser-Busch (brands include the world’s largest selling beers, Bud Light and Budweiser) and MillerCoors, control about 79% of the U.S. beer market, according to Beer Marketers Insights, Inc. Anheuser-Bush, the market leader, enjoys 49% and Miller-Coors commands a 30% market share. The next closest competitors are Crown Imports (Corona & St, Pauli Girl) with 5.3%, Heineken USA with 4.2% and Pabst with 2.7%. All others share the crumbs.

What is interesting about Pabst is that they operate a 100% virtual brewery. In addition to Pabst Blue Ribbon, they own brand names of products that include such time-worn labels as Schlitz, Old Style, Lone Star and Colt 45. But, all of their beers are brewed under contract with beer giant MillerCoors. The company was recently purchased for about $250 million by investor C. Dean Metropoulos, who made a fortune building well-known consumer brands including Bumble Bee Tuna and Vlasic Pickles.

Mr. Metropoulos did not purchase brewing plants he purchased brand names with substantial value. These names have been “branded” in the minds of a significant percentage of beer drinking consumers who consider Pabst, Schlitz,etc, their beer brand of choice.

Mind share translates to market share when your personal or company brand name comes to mind first. If you are predominantly a listing agent who wants to dominate your marketplace, your primary aim must be to capture top-of-mind status in "X" number of top-tier households (the number of households that comprise your marketplace). Luxury real estate marketing is more a mind game than anything else. That is why it is imperative to learn the rules of the game called brand strategy to attain market leadership.

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Personal and Company Branding: Don’t Fall Into the “Chameleon Trap”

May 26, 2010

In certain cultures it is frowned upon to stand out from the crowd. However, if market leadership is your quest as a luxury real estate marketing professional, blending in like a chameleon does to camouflage itself is simply not an option. At a time when competition for attention is escalating, especially online, developing a highly distinguishable, consistent personal or company brand is now an imperative.

Changing your colors to please others, to blend in or to avoid the pursuit of your competition is the antithesis of establishing your brand position and sticking with it steadfastly. Many agents and companies fall into the “chameleon trap” because they simply do not want to make waves. But, if you have the heart of a champion, the heart of an achiever, making waves and creating news is what you live for.

In defense of the chameleon and chameleon-like behavior it is important to note that there is more to the color changing story. Recent research asserts that social signaling, such as attracting a mate, was the major driving force behind the evolution of color change. Blending in for camouflage developed as a secondary survival skill.

Therefore, changing your colors to attract more of your ideal clients in the process of luxury real estate marketing can be a good thing. The key is to display your authentic colors decisively and consistently.

The chameleon trap that we warn you to avoid is really the people pleaser trap. Change is good providing you please yourself in the process.

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Luxury Real Estate Marketing: The Power & Luxury of Laughter

April 28, 2010

Having a sense of humor and being able to laugh easily is a must for a luxury real estate marketing professional. Given the nature of the business which often involves a life changing decision and the myriad of emotions that accompany this decision it is important to sometimes bring relief to a tense situation by introducing a lighter side. The importance of laughter cannot be underestimated.

When something is both rare and desirable it becomes a luxury. Laughter is a luxury regardless of economic conditions. Being joyful is the state of abundance. That is why we love the idea of emphasizing LOL (a.k.a. laugh out loud) as the abbreviated version of the Language of Luxury.

“Your sense of humor is one of the most powerful tools you have to make certain that your daily mood and emotional state support good health.” ~ Paul E. McGhee, Ph.D.

Laughter also creates bonds in teams. Teams who share a familiar joke (“you had to be there, to appreciate how funny it was!”) perform better in stressful situations. Emotional laughter releases beneficial hormones which help you maintain a positive attitude.

“Against the assault of laughter nothing can stand.” Mark Twain

As grownups, we tend to be serious, and even those who feel they have a great sense of humor are not laughing enough. A recent study revealed a startling fact. Children up to pre-school age laugh about 300 times a day. Adults on the average laugh about 15 times a day.

An Indian physician from Mumbai, Dr. Madan Kataria launched Laughter Yoga as an exercise routine,(combining Yoga breath, Pranayama and laughter) because of its benefits both physiological and psychological. Since its launch in 1995, the Laughter Club has grown to 6000 chapters in 65countries.

World laughter day is May 2, achieving peace through laughter. We wish you a week full of laughter!

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Luxury Real Estate Personal Branding:: Maintain Your Visibility-Part 1

April 9, 2010

It has only been a few months since the 2010 Winter Olympics. An American won the gold medal for figure skating. Can you remember his name? Can you picture his face? Achieving top of mind status is quite an accomplishment. Staying top of mind is a whole other matter in our attention-deficient world. Studying how celebrities maintain visibility can reveal personal branding secrets that can give you a competitive edge as a luxury real estate marketing professional.

You might remember Evan Lysacek’s stellar skating performance in Vancouver, BC. But, just in case you forgot his face or name you can find Evan appearing on TV in Dancing with the Stars. Is it a coincidence that he is a featured dancer on the show just after his Olympic triumph? Chances are he has hired a talent agent to keep his name and face in front of your face.

Why is visibility so important and what is at stake? Product endorsements and skating show gigs are some of the ways that Evan can cash in on his celebrity. For luxury real estate agents, being visible and achieving top of mind status in your marketplace means more referrals. The higher your recognition and appeal factors are, the more likely you are to secure the lion’s share of the market.

In media, marketing, advertising and public relations the measurement of your familiarity and appeal is known as your Q Score. The Q stands for quotient, as in recognition quotient (amount, share or percentage) within your target market.

An example of a luxury real estate professional who has achieved a very high Q score is Barbara Corcoran in New York. She certainly stands out as a celebrity real estate expert whose opinion is continuously sought out by the media.

With the advent of social media and self publishing through multiple media channels, the opportunity to build a personal brand and achieve celebrity status in your marketplace has never been better. If market leadership is your quest, seize the opportunity to gain and sustain visibility.

Authoring a follow- worthy blog that is buzz-worthy is one way to get you there. See part two of this series for more details.

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Real Estate Agent Personal Branding: Gleaning Wisdom From Your Site Traffic Stats

April 6, 2010

Once you have amassed a body of blog posts, it is very important to check your site traffic through tools such as Google Analytics, to determine which posts draw the most traffic. There is much wisdom to be gleaned by doing this. After authoring over 300 blog posts on luxury real estate marketing and branding we are excited to share with you the all time winner for most popular post on LOL so far.

This feedback confirms our intention in writing the LOL blog, which is to uplift, inform, empower, and, also to entertain. We hope you enjoy it!

HUMOROUS SLOGANS

As a luxury real estate marketing professional do you have an engaging slogan? We have mentioned in a previous post, using slogans as a personal branding marketing strategy for real estate agents is an excellent way to differentiate you from the competition. The entire purpose of using a slogan is to engage your target market and get them talking about you. A humorous slogan is one way to accomplish this.

Here is a good definition of what a slogan is: In his book, Creative Advertising, Charles L. Whittier says a slogan:

“A slogan .should be a statement of such merit about a product or service that it is worthy of continuous repetition in advertising, is worthwhile for the public to remember, and is phrased in such a way that the public is likely to remember it."

For some agents a humorous slogan can be an excellent personal branding strategy. It is not for everyone. But, if you have a good sense of humor you can engage your target market in this manner and really stand out from the pack.

A very successful lender in Santa Rosa, California built a strong personal brand by placing a fresh ad in a popular local magazine each month, usually wearing a funny costume that evoked a movie star role or other pop culture icon. A humorous tagline that tied in the lending theme always was included. It seems like everyone you talked to in her marketplace knew her and looked forward to seeing the next installment.

One brand that exemplifies this approach is Altoids who has successfully sustained visibility over time by repeatedly coming up with new slogans and taglines. Their original slogan was "The Original Celebrated Curiously Strong Mints". To differentiate itself from its competitors in the breath mint category, Altoids has relied extensively on very funny puns. Here is an example:

The latest TV commercial from Altoids introduces their small mints. A nervous woman in an elevator talks about an upcoming “big day, a big opportunity.” To calm herself she stretches, takes deep breaths and consumes an Altoid. The slogan appears, “Are You in Mint Condition?"

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Luxury Real Estate Marketing: Begin the Cycle of Networking by Giving

March 30, 2010

If you are like most luxury real estate marketing professionals you are probably tired of hearing the hype about online social and professional networking and are looking for the ROI, already. However, if you are not adept at the fundamentals of networking in the first place, all of the new tools will not help your cause. You most likely will get frustrated and miss the true value of the tools.

Social and professional networking has been around as long as human beings have transacted business together. Networking is at the heart of building a business based on referrals. The new tools of networking can simply speed up the process and exponentially open up new possibilities of connecting with potential referral sources even beyond your immediate marketplace.

To clearly differentiate the importance of networking skills from the new tools, we strongly recommend that you read some books on the art of networking that were written BEFORE online social networking existed. Brush up on your fundamentals then take a fresh look at the online tools. Once you fully understand the fundamentals, the tools will seem almost magical. Serendipitous moments will start to become the norm, but no less astonishing.

Begin the Cycle of Networking by Giving

Here is an example of the kind of coincidence that can happen when a key networking principle is applied very well. That principle is to begin the cycle of networking by giving. We were trying to find out the name of a specific group on Linked In that we were unable to find. We posted our question on the “Answers” section of the site. Several people answered, but no one had the right one. Two weeks after the question was automatically closed, we were approached by someone who happened to see the question and indeed had the right answer. This gentleman owns a professional video editing school in Hollywood. I called him and, after a bit of brainstorming, we discovered that we can also do some video business together.

Reciprocity is a natural phenomenon that results when someone begins the networking cycle by giving. It is a good practice to explore ways that you can reciprocate when you are given to first.

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It Takes Passion to Be a Consistent Blogger: Part 2

March 23, 2010

Passion Flower

MISCONCEPTION #2: I CAN COMPETE WITH PASSIONLESS AND SELF PROMOTING POSTS

As luxury real estate marketing professional who blogs, it is your passion about your subject that engages and uplifts your audience. When you are truly passionate about your subject YOU are an original because no one else possesses your particular viewpoint on your subject. That is why finding your own “voice” is the first step in becoming a blogger. You must first identify what you are most passionate about and eager to write about.

Do not blog until you discover your passion! Otherwise, you are just adding to the white noise that is comprised of boring blogs.

It takes passion to consistently tap your resources for new material. It takes passion to be persistent in producing posts on a regular basis. If your content is uninspired or purely self-promoting your results will not inspire you, let alone your audience. And, like many luxury real estate marketing professionals, you will soon abandon your blog.

It is the “subscribe” button and the “share” button on blogs that makes the blog such an amazing marketing tool. These features make it easy for your audience to follow you, to participate in your journalistic journey and also tell their friends about you, which can lead to increased business.

Subscriptions build your audience. Think of subscribing to a magazine. Your subscribers are telling you that they like your brand of content. That is why it is so important for you to have a consistent authentic voice.

Building an audience is what makes your blog a media. There is fierce competition for attention out there. Your audience expects a certain brand, your brand of content, each and every time you publish a post. By staying consistent on your brand signal when you blog, and delivering on your unique promise of value, each and every time, your blog can help you achieve top of mind within your marketplace, especially if it is focused on a particular niche.

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