Luxury Real Estate Personal and Company Branding: Is it Time to Refresh Your Brand? Part 2

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This is Part 2 of our series: Is It Time to Refresh Your Brand?

Here are five questions that will help you evaluate if it is time to refresh your brand as a luxury real estate marketing professional. If you answer yes to any of these questions the time to refresh your brand is now!

1. Is your Promise of Value Extraordinary? Do you blend in or stand out from your competition? Can those who know you well tell their friends, or even people they meet for the first time, how you are distinct from your competition in a few sentences, ideally, in one or two words? Here is how this plays out: AT&T or Verizon? Verizon has fewer dropped calls! Stated in two words: Verizon = “reliability & coverage”.

2. Does Your Visual Image Communicate Your Distinct Value Proposition? Can you conjure in your mind Verizon’s red image of the US map that shows its superior coverage to AT&T?

3. Is Your Branding Consistent Throughout All of Your Online and Print Marketing Materials? Think Tiffany: Blue box, blue shopping bag, and blue website. Check out their newly refreshed website.

4. Is Your Website Content Current, Relevant and Pithy? Pithy means clear concise and to the point.

5. Have You Reviewed Your Marketing Strategies Lately? If market leadership is your quest you must become a triple threat to your competition, offline, online and through superlative relationship management everywhere. Offline strategies apply to one aim: achieving “top-of-mind” status among potential home sellers and referral sources. Online strategies apply to attracting more buyers than your competition. Relationship management strategies can make; weak strategies or none at all can break you.

When brand refreshment is done right it gives those who already know you a compelling reason to talk about you. As a company it can revitalize your team’s spirit. Is now the time to refresh your brand?

Luxury Real Estate Marketing: How Do You Define Quality?

February 8, 2011

Superlative luxury real estate marketing requires an understanding of what constitutes quality not only n home construction, architecture, design and furnishings, but also the finer things in life in general.

We have been looking for a definition of quality that applies both to objects and to service. Here is the best definition we have found so far on the subject of quality.

Quality is never an accident: it is always the result of high intention, sincere effort, intelligent direction and skillful execution; it represents the wise choice of many alternatives.”

John Ruskin (1819 –1900) was an English art critic, social thinker, poet and artist.

What is your definition of quality? Let us know.

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Luxury Real Estate Marketing: What Is the Secret Ingredient?

February 7, 2011

Recently, we received this email from an agent: " What would you say is the secret ingredient to succeeding in the luxury real estate arena?"

Here is our answer:

The secret ingredient is impeccable communication skills, and manners. Communications and manners are two sides of the same coin. We all are taught manners and communication skills as a child and learn more as we encounter situations in life and work, so what is the big deal? The big deal is "impeccable". Webster's defines it as, "(of behavior, performance, or appearance) In accordance with the highest standards of propriety; faultless."

Impeccable communication and manners inspire trust and confidence. Any newbie with impeccable communication can outsell a seasoned grouchy veteran. We saw it happen in a luxury car dealership, where a newbie (just hired. first time in car sales) outsold everyone on the floor in her first week on the job, even though she knew just enough about the cars she was selling.

We have a friend in Napa who worked for one of the prestigious vineyards as a host and manager of their events. He is communication virtuoso. At an event a dignitary from another country noticed his skills and asked him if he would be willing to become the head butler in their embassy in Washington. He was delighted and accepted. He enrolled into butler school. Now he runs the embassy's social events and is the liaison to the other embassies.

You can be a virtuoso. Webster's definition is: "one who excels in the technique of an art; especially : a highly skilled musical performer (as on the violin)of excellent communication."

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Luxury Real Estate Web Design: 3 Ways to Create a “Sticky” Website

February 2, 2011

Rodeo Drive, Beverly Hills

Q: We are often asked," In luxury real estate web design, how do you create a "sticky" website?

A: Think of your website as a fine luxury goods retail store on Rodeo Drive in Beverly Hills, where millions of dollars are spent on a storefront alone, to lure customers in the door. The interiors are designed to help keep them in the store and encourage them to buy. The longer they stay the more likely they will buy. The store owners want customer to "stick around" and also look forward to coming back. That is what is meant by "sticky". Not all luxury real estate markets have this high profile. Most are much more low key, especially in vacation destination areas. But, keep these three key guidelines in mind to create a sticky website for marketing luxury real estate:

1. “Simplicity is the ultimate form of sophistication”—Leonardo Da Vinci. A website needs to be easy to navigate for visitors as well as your current clients. The faster a visitor is able to reach what they came into “your store” to find the more satisfied they will be and the more likely they will return.

2. The Pajama Rule: However, handsome or gorgeous you may be, we don’t advise that you have your picture on your home page. How do you feel when you walk into a store and you are accosted by one sales person after another, over-eager to “serve” you? The best web sites today are self-service stores that encourage the visitor to reach out to you for help, when they are ready. One of our clients decided to do a survey with her loyal clients. She asked them about her picture being omnipresent on her website. One of her best clients said, “I love working with you. However, I do not want to see your picture, when I am searching for properties on your website in my pajamas. It feels like you are looking over my shoulder.”

3. Keep your home page clutter-free. Attract, don’t distract. Motion graphic links to schools, the weather report, the chamber of commerce, the ski report, the fishing report, the local news feed, sellers’ reports, buyers’ reports, and market reports, all of these items tend to distract the person who is interested in seeing properties. Links are wonderful if organized properly; otherwise they distract and cause people to forget why they came into your store to begin with.

Imagine you are your own customer and you just walked out of your store. Conduct your own “exit poll”. Ask yourself these two questions: Did you get what you came for? Was it a rich and satisfying experience?

Luxury Real Estate Marketing: How to Create Buzz, If the Shoe Fits…

January 28, 2011

Competing for the attention of your target market is today’s biggest advertising challenge when marketing luxury real estate. Sparking word-of-mouth advertising or buzz marketing is the ultimate answer. Here is one of the world’s greatest examples of how to create marketing buzz.

The Italian company of Tod’s luxury leather goods and shoes recently announced that they will pay $34 million dollars to restore the Coliseum in Rome. As Diego Della Valle (aka Italy’s shoe king) said, “A monument that represents Italy in the world must be restored, and a company that represents “made in Italy” stepped forward to say, “If you need us, we are here.”

Even though no scaffolding bearing the Tod name will be allowed on the restoration project, this marketing coup is a brilliant way of connecting the brand to its Italian heritage with the glory of the Roman Empire.

Tod’s marketing plan includes other Italian cultural and historical symbols. Recently, Mr. Della Valle commissioned, An Italian Dream, a ballet to interpret the artistry and the craftsmanship that goes into making a pair of Tod’s driving shoes. The video can be seen at Tods.com. In addition, the La Scala ballet company performed An Italian Dream in Beijing accompanied by the Beijing orchestra. Mr. Della Valle also pledged $2 million dollars toward future productions and upkeep of La Scala’s sets.

By restoring Italy’s most well know icon, the Coliseum, Tod’s has created an international news story that is sure to tap into the soul of everyone who loves Italy and trigger word –of-mouth advertising with global reach. How can you apply this to your local luxury real estate market?

The #1 Secret for Selling Luxury Real Estate: Know Your Buyer’s World View About Luxury

January 26, 2011

We are going to let the cat out of the bag with this post. If you want to stay on the leading edge as a luxury real estate marketing professional do not let your competition read this article! It turns out that the Language of Luxury has two “dialects” depending on the world view of the luxury buyer. If you can speak both dialects fluently and use the right one with the right buyer, you will have a tremendous competitive advantage and close more sales.

What if you could instantly assess which of two types of luxury buyers you are dealing with and could speak to them in their “native tongue”? Your lead conversion would increase and so would your sales!

The two types of luxury buyers are: Type 1- Inner Referred and Type 2- Outer Referred. Neither one is better than the other, just different. Type 1 refers to their own gut instincts when making buying decisions and Type 2 refers to the opinions of others and the approval of others when they make their decisions.

Oddly enough, both types of buyers may be interested in buying the same home. But, the way you describe the home and the words you use to communicate how the home will satisfy their needs and values must be spoken in their own dialect. They both view the same physical components of the home but the meaning of the physicality to each buyer type is worlds apart.

Type 1 buyers see the home as a means-unto-itself, a possession that will give them personal pleasure without regard to what others think. Talk to them about the distinctiveness of the architecture for example. Include the skill and expertise of the craftsmen who built the cabinets and did the tile work. If there is a flattering story behind the house or its heritage tell it to Type 1 buyers. Explain to Type 1 buyers how the home can represent the buyer’s personal achievement, that is their priority value .

Type 2 buyers see the same home as a means-to-an-end, a possession that will give them acceptance into a social group that they admire. Purchasing the home may also be a way to attract the approval of friends or family. When you speak to Type 2 buyers the operative word is prestige, which is their priority value. Explain how the home can enhance their social standing, their status in the community. Let them know how it can give them social currency by virtue of living in the same neighborhood where celebrities or titans of business dwell.

Type 2 buyers are often criticized as being pretentious. Put these judgments aside. Prestige and personal achievements are just the two dialects of the Language of Luxury. Both types of buyers can contribute mightily to your own personal economy. Understand that each type of buyer is satisfying their needs and values according to their own world view. That is the #1 secret for selling luxury real estate.

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Marketing Luxury Real Estate: Building a Brand Community - Part 1

January 25, 2011

Harley-Davidson Museum © Wisconsinart

What does your brand stand for? This is a very important branding question if you are going to build a “brand community” around your luxury real estate marketing practice. Developing a brand community is a way of harnessing the power of word-of-mouth advertising among your most enthusiastic and loyal fans.

Harley-Davidson revived a once dying brand by building a strong brand community. They created activities, meet-ups and the Harley-Davidson Museum as a way to get their customers to “join” their brand. This galvanized a fiercely loyal core group of raving fans who rally around the battle cry of “freedom, individuality, and rebelliousness”, which is what the brand stands for in the minds of consumers worldwide. Licensing the Harley-Davidson logo alone accounts for 5% of their net profit

Apple has brilliantly created “brand hubs” in most major marketplaces with their stores. When you purchase an Apple product you are joining their brand and becoming a member of a community who share the same values. Offline, the club house is the store where you can always find like-minded “members”.

In luxury real estate marketing, unlocking the full potential of a brand community means creating a following of fans by adding extraordinary value beyond what is expected from a typical agent or agency. Today, you must first earn their attention outside the context of listing their home with you or buying a property with your assistance.

The battle for market share is actually the battle of mind share. Whoever comes to mind first wins! Therefore, marketing strategy is actually all about achieving top-of-mind status.

We will be exploring the best practices for building brand communities in luxury real estate marketing. If you have been successful in building a brand community or know of others who have done so we would appreciate your sharing this with us and the Language of Luxury community.

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Luxury Real Estate Marketing Tip: Find Opportunities Right Under Your Nose

January 24, 2011

In marketing luxury real estate there are many ways to find a niche in your marketplace that you can dominate. One way is to discover an uncontested segment or aspect of the market where there simply is no competition. These segments usually are not obvious so it may take a keen eye to identify them. But, sometimes the best opportunities for niche marketing are right under your nose.

Does it bother you when you see someone who is just mediocre dominating a particular market niche that you are certain could be better served by you? If so, has it ever occurred to you that those who are being poorly served would welcome you with open arms if you just give them a better alternative and a compelling reason to switch agents?

In this case it may not even be necessary to offer an extraordinary promise of value. Someone like you who simply practices the fundamentals consistently can immediately stand out as extraordinary. You can often catch the incumbent market leader in a given niche off-guard simply because they have become complacent.

When we started our commercial real estate practice in Beverly Hills we often were able to secure new clients just by practicing the most basis fundaments. This idea became crystal clear when we heard many clients thank us for showing up on time for appointments, or for promptly answering phone calls, or for following through on the simplest of tasks. These are attributes that competent agents often take for granted.

Sometimes the reason that you do not take on the incumbent in a particular market niche is because you undervalue yourself. Give yourself more credit. Then look right under your nose. You may find an opportunity to dominate a market niche that is staring you right in the face!

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Luxury Real Estate Marketing: Put the Drip in Deep Freeze!

January 18, 2011

We now live an in over-communicated world. Have you noticed that the amount of email in your inbox is burgeoning? With this in mind, what is your take on real estate email “drip” campaigns that kick in automatically when you capture a lead on your website? Does this make good sense anymore for marketing luxury real estate? Have drip campaigns become archaic with the advent of social media? We say, "Put the Drip in Deep Freeze!"

These questions and more came up recently when speaking with a vendor who was touting the virtues of email drip campaigns not only as a way to automatically stay in touch with agent’s registered web visitors (who may eventually buy or sell a home), but also with one’s sphere of influence in general. He said that studies show that you should generate no less than 33 “touches” (in the form of email) per year for each of your contacts.

With a little practice, it is easy to stay in touch with your contacts via social media three times per month. However, many real estate professionals are using the stupendous new tools of social media to spew information that is completely uninteresting to their target market. This is a tremendous missed opportunity! In a sense, they are using social media as a form of drip campaigns. These agents’ posts are targeted more for Google’s robots to help them improve their search engine ranking than reaching out to relate to human beings. How does it feel to you to be dripped upon?

The challenge now is to communicate artfully, in a way that is meaningful to your friends and your target market. Take the time to generate original, not canned communication. This is one very important way to set yourself apart from your competition going forward in 2011 and beyond.

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Luxury Real Estate Marketing: 7 Ways to Get a Bigger Piece of the Pie

January 17, 2011

Here is an email from one of our clients:

I have sold quite a few luxury homes in my market place. I have two competitors who get the lion’s share of the business, and I want to know how to compete with them. Competitor A is from a well known wealthy family rooted in this city. This person went to all the right schools, gets invited to the right events, and generally lists properties based on contacts alone. Competitor B also has numerous contacts as the spouse is a partner in a prestigious corporate law firm headquartered in town. The firm sends all their residential real estate referrals to this person. How do I get a bigger piece of the pie? How can I unseat with theses entrenched incumbents?

And, here was our response:

Dear Luxury Realtor:

It is important to understand that the luxury pie is much bigger than you think. There is more pie than meets the eye for you. You just need to be the one who sets the rules of how the pie gets sliced. Here is what you need to do:

Find the uncontested, underserved market niche within your marketplace. These incumbents cannot be all things to all people. Create your own rules for sectioning the pie, (why settle for crumbs of your competitors’ pie as they slice it?) Give your competitors’ clients a compelling reason to switch brands.
Determine what you can do better than anyone else in your marketplace, with passion
Define your ideal client. Study the psychographics (the mindset) of your previous luxury buyers and sellers. There is a wealth of information in reviewing this data, as it tells you the type of people who like working with you. These people are looking for you as much as you are looking for them.
Define your brand with laser sharp clarity; articulate what makes you distinct from A or B. Make it extremely easy for those who would prefer working with someone like you to recognize that you are the one for them. Make it obvious in an instant!
Distill your marketing message into a sound bite or two so that it is extremely easy for your fans to spread the word about you to their friends.
Step up your marketing and promote your inimitable brand of doing business. Give the marketplace an undeniable choice.
Enjoy your piece of the pie!

Through our extensive discovery process, our client was able to identify the underserved market niche that she could dominate and her competition could not: The world of “hip luxury”. This niche is comprised of younger high net worth entrepreneurs, the entertainment and high tech industries, plus, those interested in food and modern art which were areas of expertise of our client.

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Iconoclasts: Katharine Hepburn- Suitable to Any Occasion.

January 12, 2011

An iconoclast is a person who challenges conventional wisdom and traditional beliefs, and often shatters the very foundations upon which traditional, institutions rest. Katharine Hepburn was no stranger to iconoclastic thinking and is, to this day, an inspiration to women who seek market leadership in their luxury real estate marketing practice.

When a flower variety is associated with a celebrity, that celebrity is most likely an iconoclast. Katharine Hepburn “owns” an association with calla lilies due to her famous lines about these flowers in an Academy Award nominated movie, Stage Door.

“The calla lilies are in bloom again-- such a strange flower, suitable to any occasion. I carried them on my wedding day and now I place them here in memory of something that has died. “

Katharine Hepburn was, indeed, an iconoclast. She danced to the beat of her own drum, with her refusal to bow to the Hollywood or the social conventions of her time. She spoke her mind, wore pantsuits and usually wore no makeup.

When her popularity waned with the studios, she was undeterred. Phillip Barry wrote a play expressly for her, The Philadelphia Story. The play got rave reviews. Hepburn secured the rights to the movie and picked her own director. When Clark Gable and Spencer Tracy were unavailable she chose Cary Grant and Jimmy Stewart as her leading men. She won the Oscar for playing the role of Tracie, a spoiled socialite.

All in all Katharine Hepburn was nominated for the best actress award twelve times. She won the award four times including the Oscar for her role in The Lion in the Winter in 1968, the year she tied with another iconoclast Barbara Streisand in Funny Girl.

Katharine Hepburn always seemed “comfortable in her own skin”. Like a calla lilies, she was suitable to any occasion.

If you like brownies, checkout our post on Ms. Hepburn’s fabulous brownie recipe. There is a great luxury real estate marketing tip in this post, too!

Marketing Luxury Real Estate: Discovering the Non-Obvious Market Niche

January 11, 2011

The advantages of niche marketing are numerous. Concentrating your attention and passionately focusing your unique talents on an uncontested or underserved market niche can yield outstanding results when marketing luxury real estate. Here is an example of local niche marketing that exemplifies this extremely important marketing principle.

Marketing Luxury Real Estate: Be Consistent-Just Say "Cheesecake"!

January 10, 2011

If you choose just one New Year’s resolution in 2011 for your luxury real estate marketing practice, the one that would have the biggest impact on improving your bottom line, what would that be? We would recommend making one single adjustment: Let 2011 be the year of consistency! Consistency does not require more work. It requires more focus.

Anyone who has mastered a skill knows that the secret of mastery is in practicing the fundamentals, the winning formula, repeatedly and consistently. For inspiration in mastering your own luxury real estate marketing skills, look for evidence of consistency in the most successful businesses you know. Take the Cheesecake Factory, for example.

The Cheesecake Factory is a nationwide chain of upscale coffee shops. They offers a very extensive menu that is conducive to casual business meetings and is also perfect for informal family gatherings. You can dine at any Cheesecake Factory around the country and have the identical experience. What is most remarkable about the Cheesecake Factory (in addition to very good food) is the consistency they have achieved in hiring upbeat, cheerful, courteous, attentive people to wait tables. They have all been trained to respond to customers’ requests for modifications to their menu with a “no problem” attitude.

At the Cheesecake Factory you never have to wait longer than 11 minutes to be served after you order. This is accomplished with brilliant systems and precision teamwork between the kitchen and the wait staff. It is like an ensemble of musicians who are all playing harmoniously, in key, with esprit de corps. When you leave the restaurant you usually feel uplifted.

Look over the various components of your winning formula. Focus on those things that you have done over the years that have brought you the most business. Then, be diligent about being consistent in executing those actions. The next time you feel tempted to be inconsistent, just say "Cheese"; think of the Cheesecake Factory.

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Marketing Luxury Real Estate: The New Economy of “Free”- Part 3

January 5, 2011

Shakespeare in Central Park, New York Photo by AHodges7

This is Part 3 of our blog series about the New Economy of “Free. Here is a link to Part 1, and a link to Part 2

The Buzz Caper

This is Part 3 of the series, entitled, The New Economy of “Free“which is causing a major economic shift that will not go away even after we recover from the financial crisis. Buzz marketing involving a win-win scenario between enterprises and local governments is becoming an important trend in today’s marketing. Here is one of the latest buzz campaigns.

NBC is producing a new drama series, called The Cape. In order to promote this show, they have partnered with the New York City department of Parks and Recreation and have dressed the statues of the historic heroes with a cape. Besides adorning the statues with capes, they have added plaques near each statue that detail the achievements of each hero, while pointing out the similarity of traits that the character in the TV series share in common.

“This sponsorship will benefit the preservation of New York’s collection of public art in the parks while drawing new audiences to them,” said Vickie Karp, Director of Public Information for New York City Parks & Recreation. “The new NBC series is a novel way to remind even the most jaded New Yorker that heroes are all around us.”

From Europe a different twist on marketing buzz has emerged under a “Random Act of Kindness” philosophy. The English company, Interflora.UK (flower delivery service), monitors Twitter followers and look for those who could use a bright spot in their day. These individuals are contacted by via a tweet that says, for example, “Sorry to hear you’ve had a horrible journey into work, Hannah! Would you like us to send you some flowers to cheer you up?” Now, if you lived in England and heard about one of these random acts of kindness, who would come to mind first when you want flowers sent to someone?

We all know that buzz marketing is the “free-way” to success. Word-of-mouth advertising is not only free it is better than traditional advertising because people will more readily take the advice of trusted friends. In case you missed this in Part 2, here again are four low-cost tips to spark your creativity and help you expand your luxury real estate marketing practice.

Buzz Marketing Tip #3 Buzz Marketing Tip #4

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Marketing Luxury Real Estate: The New Economy of “Free”- Part 2

January 4, 2011

This is Part 2 of our blog series about the New Economy of “Free. Here is a link to Part 1

The new economy of “Free” is causing a major economic shift that will not go away even after we recover from the financial crisis. Here is an example of two high-end (expensive) Steak House chains and how they are adopting (or not adopting) to the new economy of “free”.

Steak House #1 created a new “happy hour” menu in which they offer upscale wines by the glass for $6 per glass and fabulous $6 appetizers that are the identical portions as the same item on their regular menu. Their seared Ahi tuna appetizer is $6. Their prime beef cheese burger including onion rings is $6. Every day the bar area is packed! As they break even in the bar, they have a three hour waiting list for their main dining room where the prices are extremely high.

Steak House #1 leveraged buzz marketing to “pack the house”. Customers may go to happy hour three times to every one time they go to the main dining room, but they will bring friends and tell everyone they know about it. Steak House #1 has capitalized on the new economy of “Free”. Even during the recession they are thriving.

Steak House #2 attempted to match #1 but with cheap wine, mini-burgers and a $12 steak sandwich. The main dining room with a similarly priced menu and food that is of equal quality to Steak House #1 is nearly empty most of the week. They complain about the recession, but they are missing the new economic story of “free”. Will you?

We all know that buzz marketing is the “free-way” to success. Word-of-mouth advertising is not only free it is better than traditional advertising because people will more readily take the advice of trusted friends. Here are four tips to leverage buzz marketing for a nominal cost in your luxury real estate marketing practice.

Buzz Marketing Tip #3 Buzz Marketing Tip #4

Embrace the new economy of “Free”. Let us know how these tips works for you!

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Marketing Luxury Real Estate: How to Profit from the New Economy of “Free”- Part 1

January 3, 2011

A WEALTH OF FREE APPS! Courtesy of Apple

Pundits are still sorting out the underlying causes of the Great Recession triggered by the 2007 housing bubble burst that led to a high rate of defaults on subprime mortgages. But, there is a less obvious economic megatrend that has been brewing for years now that can significantly impact your luxury real estate marketing practice. The new economy of “Free” is causing a major economic shift that will not go away even after we recover from the financial crisis. Riding this wave of change, rather than resisting it, can empower you to take over the market leadership position in your marketplace.

Today, consumers not only expect discounts, they are increasingly expecting to get things for “free”, such as free shipping, or free video phone calls via Skype. With free apps for your smart phone or your tablet computer do you really need to buy a separate hand-held GPS device or a dictation device? With free word processing, spreadsheets and collaboration software available in the “cloud” (hosted by a remote servers) that perform the most commonly used functions do you really need to buy the more elaborate software that resides on your computer?

If you were in the market to buy an iPad during the Holidays you may have been enticed to purchase it at Walmart vs. Verizon or our local Apple store because they offered a $50 gift certificate for other Walmart items with your iPad purchase. If you were waiting in the checkout line you may have scanned the bar code of an item in your shopping cart with your smart phone and found that it was in stock at another store nearby for considerably less.

To fully get the impact of this major economic shift watch how Google fares in its competition with Apple and others as it gives away the Android operating system (to manufacturers of tablet computers and smart phones) for free! Google has a bigger picture in mind and that is more market share for its core business, advertising, as they expand into mobile ads. It now makes good economic sense to give things away for free to capture a bigger piece of the pie.

Do not mistake this for the old story about fending off discounted real estate commissions by your competition or even feeling like you have to outspend your competition in marketing dollars to win luxury home listings. For luxury real estate marketing professionals, this is about mastering the use of social media (which is a free form of advertising if it is done right) and social networking both on the web and in your local community, for example. It is also about "thinking big"and providing extraordinary value for your clients, way beyond that which your competition provides. It requires a mindset of abundance not scarcity.

The merchants and service providers who understand and master the new economy of “Free” will be the big winners of 2011 and beyond. Will you be one of them? In Part 2 we will show you specific ways to profit from the new economy of “Free"in your luxury real estate marketing practice.

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Luxury Real Estate Marketing: The Luxury of Working with Ideal Clients

December 29, 2010

Each year around this time we reflect back over the past twelve months and single out a song that captures the essence of the year. Last year it was Forever Young by Bob Dylan and sung exquisitely by Joan Baez. This year our choice is Seasons of Love from the Broadway musical, Rent with lyrics by Jonathan D. Larson. The Stevie Wonder’s version of this song is particularly inspired. (See the lyrics below)

When we coach our clients in our strategic branding and marketing practice we encourage them to describe who their ideal client is and to strive to work only with ideal clients. Imagine the concept of waking up in the morning and actually being excited about everyone with whom you are working. We truly have a “love – fest “ with our clients because we share the same core values, and we want to enjoy our 525,600 minutes of the next year in our life.

We understand that this is challenging. to achieve. However, the rewards are immeasurable when you love your work and those with whom you invest your valuable time. It allows you to measure a year in your life in seasons of love.

We wish you a very prosperous 2011, a year that is also filled with an abundance of love!

Cheers, and All the best!

Ron & Alexandra Seigel

Seasons of Love (partial lyrics)

Five hundred twenty-five thousand
Six hundred minutes,
Five hundred twenty-five thousand
Moments so dear

Five hundred twenty-five thousand
Six hundred minutes
How do you measure, measure a year?

In daylights, in sunsets, in midnights
In cups of coffee
In inches, in miles, in laughter, in strife

In five hundred twenty-five thousand
Six hundred minutes
How do you measure a year in the life?

How about love? How about love?
How about love? Measure in love

Seasons of love

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Three Luxury Real Estate Marketing Trends for 2011

December 28, 2010

Three emerging marketing trends are worth considering when you develop your 2011 luxury real estate marketing plan. They are 1) The return to snail mail vs. email or social media; 2) The direct approach of using the telephone to connect with prospective clients/customers, and; 3) Consumers are seeking intrinsic value vs. status symbols when purchasing luxury goods. Collectively they represent a larger trend in consumer behavior: Contrarian and independent thinking!

The Return to Snail Mail

24-35 year olds are increasing choosing to connect with their peers, family and business prospects through fine greeting cards and other upscale stationery products. The stationery goods market is a $37.4 billion dollar industry that is not going away any time soon as we move increasingly to digital communication. In an over-communicated world a personal note still shows you care and is a good way to differentiate yourself from your competition. This is contrarian thinking.

The Direct Telephone Call

Over 81 million smart phones sold world-wide in the third quarter of 2010, according to the analysts at Gartner. That is almost twice as many as a year earlier. You would think that more people would use them to make more smart phone calls.

Surprisingly, Google, of all companies, understands the importance of the direct telephone call. They now have a huge sales force that reaches out to local small to mid-size businesses directly by telephone. According to BIA /Kelsey, local businesses will spend about $20 billion online this year in advertising. That number could increase to $35 billion by 2014.

An alarming number of luxury real estate agents do not respond to email in a timely manner, let alone return their phone calls consistently. How can you differentiate yourself from your competition by being more responsive with your telephone calls?

Intrinsic Value vs. Status Symbols in Luxury Goods

High net worth consumers are recovering from frugal fatigue and they are now out spending more. But, they are looking for intrinsic value. No longer can luxury brands get away with hyping the symbol of their brand a means of satisfying the consumer’s need of self-expression to impress others. The goods have to have the goods. Hype no longer sells to luxury consumers who are thinking more independently.

Are you spending your valuable time and money marketing luxury real estate properties that are based on their intrinsic value? Or, are you allowing sellers to dictate unrealistic inflated prices? Luxury consumers are much savvier now, due to the overwhelming amount of information at their finger tips online. Let your competitors work with sellers who are not in tune with the new luxury real estate buyer.

Be a contrarian and think independently! That is what your luxury real estate clients are responding to now.

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Marketing Luxury Real Estate: Chart a Steady Course When Targeting High Net Worth Buyers

December 27, 2010

This is a reposting of an article we wrote in January 2009. It seems that the luxury buyers are still alive and well. Here is a capsule of the spending habits of high net worth individuals that still hold true today. Luxury real estate marketing professionals take heed!

Exclusivity. The desire to have something better and less known to the mass audience remains strong. New niche labels can prosper in these circumstances, such as limited editions or homes with extraordinary architectural features.

Quality, Dependability and Authenticity. The consumer will want to know the provenance of the goods they are buying. They will want the manufacturer to stand by the product and take care of it, if something goes wrong. Social and environmental responsibility is an important key in the purchase making decision. If it’s “green”, they will part with their green bucks. In the days of “shop till you drop”, consumers were fascinated by novelty. Now they want the “real”, the authentic. They are no longer interested in high end reproductions or anything with “faux” in front of it. Along with authenticity is transparency. How someone does business, their ethics, has become an important part of the process.

Translating this to luxury real estate marketing is simple.

Refresh your brand. Make sure your website and all your materials have the look and feel of luxury, and do not look like everyone else’s site. Remember they are looking for the exclusive feel.
Make sure you demonstrate your transparency in terms of your customer relationship management. Your word MUST BE your bond. Go out of your way to provide excellent service. This makes you easy to refer via word-of-mouth advertising.
Describe your listings by emphasizing the quality and the durability of the home’s appliances and finishes. Make sure that those finishes are the “real” thing. If they aren’t, point it out. If you are not sure, find out. This furthers your authenticity and your transparency.

In the long run remember. “A calm sea does not produce a skilled sailor. We cannot direct the wind, but we can adjust the sails. Anyone can hold the helm when the sea is calm.” Tom Culve

Luxury real estate marketing professionals: Happy Sailing and Selling in 2011!

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Marketing Luxury Real Estate: Shoe Biz Buzz Marketing Lessons

December 21, 2010

Mark Parker, Nike president & CEO and Kobe Bryant

Important lessons can be learned about marketing luxury real estate by studying what works and what does not work in the marketing of major TV sports events. Because the games are live the likelihood that viewers mute the commercials (or not watch them at all in the case of digital video recorders) is considerably less. But, the surest way to reach viewers who have a hot hand on their remote control is “product placement”.

The best form of product placement in TV and movies triggers “buzz” or word-of-mouth advertising. And, buzz marketing is a skill set that should be a top priority for you in 2011.

If the media hype for LeBron James has not been enough for you this year, brace yourself for the basketball game of the year on Christmas Day when the Miami Heat take on the 2009-2010 World Champion Lakers in Los Angeles. Los Angeles is one of the biggest media markets in the United States for television advertising. Watch how Nike, the masters of product placement, will be “killing it” this year. Both Kobe and LeBron are Nike “spokesmen”.

The day after Christmas, Nike is coming out with a new Kobe basketball shoe named after Kobe’s “alter-ego” the black mamba snake, one of Africa’s most dangerous and feared snakes. The shoes are black and grey. But, for the Christmas Day game they made them in green. The LeBron Nike shoe will be in red for the game. Not only will Kobe be wearing the shoe in green but all of those LA ticket holders with courtside seats will get a pair of green Kobe Nike shoes. To afford those seats these people typically have huge spheres of influence (Jack Nicholson for example).

One of the best opportunities of social media is the ability to create buzz through contests. The prize does not necessarily have to cost you anything if you can find a co-marketing product or service provider who is also interested in reaching the same target market as you. For example, this season, one of our luxury real estate strategic branding clients will be raffling off two Super Bowl tickets which is certain to create a buzz.

What are some ways that you can become well known as a luxury real estate marketing professional through buzz marketing in 2011?

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