Luxury Real Estate Marketing : The Element of Surprise

Ritz Carlton Hotel (residences) in Vail, CO with Autumn Colors On the Mountain

In luxury real estate marketing we refer to quality cues, those small things that communicate volumes about exemplary service.  Surprises, those unexpected gestures of warmth and hospitality can easily win over clients and generate buzz. Here is an example of a quality cue that was a complete surprise.

This week we attended the Who’s Who in Luxury Real Estate conference in Vail, Colorado where we were guest speakers.  This wonderful conference was held at the Ritz Carlton hotel in Bachelor Gulch, which was elegantly designed in the tradition of a mountain chalet in Europe.  What was remarkable about the hotel, in addition to the sumptuous amenities in our room, was the truly outstanding service.

Daniela, the BaristaEach morning, we visited the coffee bar where scrumptious breakfast pastries were served. The croissants, baked in the hotel early that morning were particularly tasty. They were crispy and flaky on the outside and supple on the inside, in the authentic Parisian style. Daniela, the barista, was from Slovakia. She was warm and extremely hospitable.  She brewed fresh organic coffee, provided by Wolfgang Puck that was rich and aromatic.  Daniela was eager to engage in conversation while the coffee was brewing, and wanted to make sure we were enjoying our stay.

The service at the event itself was excellent, as well.  Sylvia D’Amico from Poland, was a standout.   We told Sylvia about our delightful experience at the coffee bar with Daniela and raved about the coffee.  Sylvia and Daniela turned out to be close friends.   The next evening we were totally surprised when three packages of Wolfgang Puck’s coffee and a box of croissants were delivered to our room as a gift, compliments of Sylvia.

Quality cues are important before, during and after you provide service. Surprises can sometimes be the best quality cues.    How can you surprise and delight your prospects and your existing clients?

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Luxury Real Estate Marketing Essentials: There is No Place Like Home!

After attending and speaking at two international real estate conferences in Colorado, we arrived home, late in the evening, at our tiny local airport in Santa Barbara, California.  The moment we disembarked on the tarmac (too small for jet bridges), the sweet ocean air filled our lungs.  We were back in our cozy home town. We realized that there was a powerfully obvious message that we wanted to impart to luxury real estate marketing professionals.

Today’s jets are like time machines or modern versions of Dorothy’s red shoes in the Wizard of Oz, whisking us away to new locales in no time.  With only carry-on luggage, we were on the freeway in just a few minutes heading home. 

It was delightful to be greeted by our cats as we walked in.  Although, we had stayed in wonderful hotels, there is no bed quite as comfortable as our own.  We slept soundly.

A home can have a deep emotional connection to our hearts, a feeling that is unique to each individual.  One of our friends in Los Angeles loves her home because the architecture is reminiscent of Cape Cod where she grew up. The backyard, with its tropical vegetation and pool, is her late husband’s favorite area because it pays homage to the Southern California lifestyle.  Another friend in Santa Barbara loves her view of the ocean from her second story bedroom and the fact she is a block and a half away from the beach where she walks every morning.  

Coming home, we realized just how important it is, as a luxury real estate agent,  to understand what  “home” means to  each of your clients, personally.  Although, they often speak in terms of the number of bedrooms, bathrooms, fixtures, etc., what they really want is an emotional connection with the place they are buying.   Whether it is the admiration of others or a profound inner sense of peace, reach for a clear understanding of your client’s personal meaning of home. Listening for that intangible desire of comfort or ego-gratification can make your job easier. In fact, it can make you a hero in your clients’ eye when you satisfy their emotional need by finding them the right home. 

It is also important to understand the emotional attachment (or lack thereof) that the sellers have to their home.  By discovering what moving on will mean to them personally, you may just find that you have won the listing because your competition overlooked this crucial piece of the puzzle.

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Speak to Me in My Language! Part 2

As a luxury real estate marketing professional, crafting the right message on your website is crucial to converting web leads into phone calls or email inquiries. You must “speaks the language” of your target market if you want to generate an abundance of leads. Being congruent with your message when you actually deliver your service is what converts web leads into converts –raving fans.

 In part one of Speak to Me in My Language! We showed how the right message, communicated in a way that meets the personal needs of your target market, brings about  converted web leads.  Ron was looking for a high end hair salon to get a great cut, which is easy to find in a big city but more challenging to find a smaller town like Santa Barbara. He found a salon that spoke his language on the website and made an appointment.  The web lead was converted.  But, did Ron become a convert of River Blue Salon?

 Yes! The extraordinary service blew him away! It began with an extensive scalp massage, then a neck and shoulder massage while Suni washed his hair.  The level of her expertise in cutting his hair was indeed on par with the best salons of Los Angeles.  The complementary hand massage by the masseuse from the mini-spa at the salon, during the cut, was the WOW! factor, on top of an outstanding cut. 

 Furthermore, Suni told Ron that she and her husband (and business partner) train each of their employees to deliver the same consistent service, both in technique and in providing a quality experience.  She said that in the event she or her husband was not available at the salon, any of the other stylists could duplicate the service.  This was another big WOW!

 Being congruent in term of your website messaging, the quality of your service and your business systems is absolutely mission-critical if market leadership is your quest. Always be on the lookout for ways to bring into sync the entire experience, from first glance at your website to staying in touch after you deliver your service.

 Also, see Spinning a Good Yarn as an example of what happens if your website is not congruent with your level of service.

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Luxury Real Estate Marketing: Speak to Me in My Language! Part 1

One of the most important aspects of personal and company branding for luxury real estate marketing professionals is messaging. That is, how you tell the story of your brand of doing business.  The key is to be authentic, be genuine and speak to your target market in their language.

The clearer you are about your ideal client’s psychographics, i.e., what makes them “tick”, the easier it is to connect with them in a way that is personally meaningful to them.  Your potential clients are saying “please speak to me, to my personal needs, in my language, and I will give you my business”. 

Recently, Ron was looking for a new hair salon in Santa Barbara to get a great cut and found exactly what he was looking online, because the hair salon spoke his language on their website.  Having lived and worked in Los Angeles for most of his life he was used to the “cutting edge” in haircuts, a standard that is demanded by the entertainment industry in L.A. and many big city dwellers in general. 

 In big cities the competition in most services sectors is fierce, which is a good thing for consumers because choices are plentiful.  Here, innovation is the norm in order to stay ahead of the game.  Outside of the metropolitan areas there is plenty of talent but less of a demand for what is ‘current’.  Finding this “big city” level of service can be more challenging in smaller towns.

 River Blue in Montecito (Santa Barbara) used the magic words on their website to describe their salon: “Before coming to Santa Barbara, Tuan and Suni (husband and wife salon owners) were stylists in San Francisco.   River Blue Salon is a full-service, high end, boutique salon.  With its exposed brick walls, chic decor, and full lines of Bumble and Bumble, Yon-ka, and Youngblood products, River Blue Salon feels like the best of San Francisco or New York right in Montecito”.

 Think of River Blue when you craft your luxury real estate marketing message. The messaging on the website got Ron in the door with an appointment. The web lead was converted. But, did Ron become a convert—a raving  fan,  once he experienced the actual service?   Watch for Part 2 of:  Speak to ME in my language! What followed in his appointment exemplified another extremely important principle in marketing: Be Congruent!

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Luxury Real Estate Marketing Essentials: Spinning a Good Yarn

As a luxury real estate marketing professional, one of the most important, yet overlooked ingredients in building a successful practice is being congruent in your actions, your business systems your marketing message, in your website design (and content) and in your collateral material.  Your entire story must be consistent.

It is essential that you “spin a good yarn” by telling a compelling story that invites people to select you over your competition. Even if you come up first on Google you are not assured new business if consumers are dissatisfied when they arrive at your “store”. Before you spend money optimizing your website, be sure that your entire story is congruent and your store is in order. 

Alexandra was searching for a local yarn online so she could knit an afghan as a baby gift.   The website that came up first in the Google search was aesthetically pleasing.  The company’s slogan was appealing. Their messaging was right on Alexandra’s wavelength which prompted her to take action and visit the brick and mortar store.   They described the luxurious fibers of Alpaca, Angora, Bamboo, Organic Cotton and Wool that were sold in the store, which was exactly what Alexandra was seeking. 

When Alexandra arrived at the store it was in disarray, it was dirty, and uninviting.  That was just her first glance through the window.   On top of that the store was closed during business hours.  There were too many incongruent signals for Alexandra to return to the store and shop there. 

There may be a logical explanation for the disarray. However, time restraints prevent most consumers from giving service professionals the benefit of the doubt.  That is why you only have a nano second to make a good first impression.  There is no excuse for disarray on your home page of your website.  But, the entire website must be congruent.  Your superlative service must follow suit.

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Luxury Real Estate Marketing: Citizen Journalism, Part 2

This is Part 2 of our blog series on Citizen Journalism. Part 1 was about a dishwashing liquid called Bright Green, a great Safeway product with a serious container design flaw. We contacted Safeway and sent them a copy of our blog post.  But, we did not get a response. Today, I called again and left a message.  The key to success in social today is two-way communication with customers. Let’s see how Carl’s Jr. responds when we send them this post.

You may have heard the catchy slogan for Taco Bell, “Think outside the bun”.  The company is persuading fast food customers to choose a different category of fast food besides burgers and then choose Taco Bell as their preferred taqueria. This is reminiscent of 7Up’s classic slogan—“The Uncola”--that persuasively suggests that cola drinkers switch to their lemon-lime beverage.

But, how do you chip away market share from a market leader such as McDonalds if you are Carl’s Jr.?  Carl’s Jr. has come up with a sensational answer in their latest commercial about Big Carl which is a direct assault on the Big Mac. They are really “thinking inside the bun!

In just 30 seconds Carl’s Jr. compares the two products, feature by feature, in a very convincing way.  The Big Carl has double the meat, double the cheese for less money.  There also is no third layer of bread in the Big Carl. For those who prefer lower carbohydrates this is quite compelling. The message was so clear that we understood it with the mute button pressed.

After seeing the Big Carl commercial we are convinced that, given a choice between McDonald’s and Carl’s Jr., Big Carl would win hands down. How many other non-fast food customers are convinced by this commercial to at least try the Big Carl? This may be a side benefit of the ad campaign that was not even anticipated.

The Big Mac is a thoroughly branded product. It even has a jingle that describes all of the ingredients that comprise the burger. Carl’s junior fully exploits the fact that McDonalds cannot change their product (to match Big Carl) without changing the very identity of their branded burger.

A very good sign that Carl’s Jr. understands social media is the fact that we were able to find this relatively new commercial on You Tube. (See below) We will let you know if they respond to us when we send them this blog post.

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Luxury Real Estate Marketing: The Black Sheep Factor of Excellence

Dedication to excellence has almost become cliché.  Many companies and professionals tout these words, but few set standards of excellence that far exceed the expectation of their target market. Luxury real estate marketing professionals can gain currency with their clients by becoming familiar with some of the best luxury brands of the world and studying their anecdotal stories that truly exemplify excellence.   One such company is Loro Piana, a purveyor of the finest wool and cashmere. Here is one of their stories.

The majority of sheep herders breed white sheep.  Black sheep occur as a result of recessive gene combinations. They were not traditionally used for wool because their wool could not be dyed in the rainbow of colors demanded by the wool industry.  This led to the idiomatic expression used to brand someone as a “black sheep” of the family, or one who is in disfavor with a group.

Now, Loro Piana has given the black sheep a place of honor. They have even trade marked the Italian words for black sheep-- Pecora Neri®.  Black sheep are considered a treasure by this company and their loyal customers. 

Loro Piana’s commitment to excellent quality is legendary.  They have established satellite offices in the far reaches of Mongolia in remote mountain villages where paved roads do not exist. They monitor the natural fibers grown for them: the cashmere goats, the vicuna, and the llama. This insures that only the finest selection is imported to Italy.  

Today, the black merino sheep is intentionally bred by some sheepherders in New Zealand.  They produce lustrous wools that range in colors from brown to black, and create interesting natural patterns when woven into fabric. The beauty of the wool produced by these sheep caught the imagination of the Loro Piana family who are now their exclusive buyers. The result is evidenced in the rich dark fabrics that comprise the family’s distinct fashion collection.   They call their collection “The Excellences”.

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Luxury Real Estate Marketing Tip: Stand Out With Citizen Journalism

Today, if you want to be on the leading edge, luxury real estate marketing professionals need to morph into citizen journalists via blogging, video blogging, podcasting, and article distribution. Why? You need to reach people where they now hang out—on the internet and in social networks.

If customer loyalty is the goal (for referrals and word-of-mouth advertising especially) every successful professional and company in the world today needs to morph themselves into two-way communicators. To stay competitive you must engage your customers and clients in a dialogue instead of a monologue of promotion.

Brand loyalty is up for grabs in every segment of our economy. The companies who embrace social media as a means of facilitating two-way communication will be the big winners. Two-way communication means LISTENING not just talking at customers and clients. By listening to your clients, particularly your loyal fans, you can gain a tremendous competitive edge (while the competition is being complacent).

Most luxury real estate agents are flummoxed about what to write about in their blogs. The key is to pick topics that are, what we call, “follow-worthy”. This post is intended to demonstrate an example of citizen journalism. Follow us as we pursue a fun story!

Alexandra is a great cook. I am the merely the sous chef in the family. But, to reciprocate I am the chief dishwasher. My favorite dish washing liquid is Bright Green. I really like the natural citrus scent. The product is clear (no phony rainbow colors) as is its container, and it is biodegradable. The Bright Green brand stands for home products that are “safe, highly effective and soft on the environment”. It makes me feel good to contribute to the environment when I wash dishes.

But the container has a MAJOR design flaw. It is next to impossible to grip with wet hands. I feel that this product is so far superior to the competition that I was willing to transfer the liquid into a better plastic squeeze bottle. Now, how many other customers are having the same experience?

I went to the internet to find the company website and discovered that Bright Green is a Safeway sub-brand. If you were Safeway or Vons (our neighborhood market) and were selling millions of these bottles, would you be interested in my feedback? Think of the public relations story you could tell your customers: SAFEWAY (Vons) LISTENS! And, think of the competitive edge this would provide!

I could not find a website for Bright Green nor was there a place to offer my feedback on the Safeway site. So, I am going to call them. Stay tuned for the rest of the story!

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Luxury Real Estate MarketingTip: Dominate Your Brand Category

To better understand branding in the realm of luxury real estate marketing, it is important to understand brand categories. If market leadership is your quest, as a luxury real estate marketing professional, the key is to select a brand category or sub-category in your marketplace that you can dominate.

To illustrate the concept of brand categories, let us take tomatoes as an example, as a category of fruit. The last few Saturdays at the Farmer’s Market in Santa Barbara have been a feast for the eyes and senses.. The most breathtaking sight, however, is the heirloom tomatoes.

In August, the heirloom or heritage tomatoes are at their peak displacing their cousins, Early Girl, Beefsteak, Better Boy, and Celebrity. Think of heirlooms as the luxury category of real estate marketing. These aristocratic tomatoes are more expensive. They come in many colors many variations of striped patterns. In each of these sub-categories of luxury tomatoes there is an opportunity to become the market leader, the best seller, the break-away brand.

The differences in the DNA makeup of these categories are minor, but the characteristics in terms of shape, color and flavor are distinctive. The heirloom tomato’s target market many be tomato lovers in general, but each customer has preferences. The key to branding is to clearly amplify the difference so that the customer looking for sweet, low acidic tomatoes, for instance, can quickly be matched with the right brand. Branding therefore, accelerates the selection process in a sea of choices.

CHEROKEE PURPLE

Selecting the right brand name can speed the selection process up even further.  Many of the heirlooms have intriguing names such as Brandywine, Green Zebra, Mr. Stripey, Pineapple, and Jubilee. But, the stand-out brands have a story that helps create a faster emotional connection, an immediate bond with their target market. The Cherokee Purple, for example, is named for the Cherokee Indians who cultivated them. Mortgage Lifter, with its big pink fruit, helped its farmer, Charles Byles, pay off his $6000 mortgage in 6 years in the 1930’s.

As a luxury real estate marketing professional, the fastest way to market leadership is to select an uncontested market category or sub-category and dominate that niche by providing an extraordinary, unparalleled promise of value. Then, tell a compelling story about your brand that is indelible.

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Luxury Real Estate Web Design: Is Your Online Presence Distinctive?

We often talk about the imperative of personal branding, in the highly competitive world of luxury real estate marketing. Now, with social media leveling the playing field your website is accessible more than ever before, and the need to stand out is mission critical. Having the best “packaging” is often the determining factor in selecting an agent online because consumers are pressed for time and they have the power to quickly move on to check out your competitors in a single click.

Today, we were in the book store. Alexandra was looking for a book and I snapped this picture of the “Women’s Interests” section in the magazine racks. The layout of the covers on just about every magazine in this category looked almost identical. With the exception of one magazine, every cover has a picture of a model surrounded by words intended to hook buyers. Doesn’t this remind you of the plethora of agent websites with head shots that look so much alike? Even the content is the same.

Statistics show that most books and magazines are selected solely based on the cover, the graphic imagery and the messaging. It is the same online. Think of your personal brand as your book cover or your magazine cover. Certainly, there is much more to your brand than this. But, if you are looked over because you blend in like the majority of magazines in any given category your shelf life is going to be limited and you will not have a chance to deliver your valuable service as often as you would like.  

It is important to understand that in blending in and looking like everyone else in the luxury arena you are not demonstrating your marketing savvy. More than ever the luxury seller is looking for the individual who understands the importance of standing out in an ocean of me too.

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Luxury Real Estate Agent Personal Branding : Promote the Community & the Lifestyle More than You

Visit www.LivingInWineCountry.com

Personal branding for luxury real estate marketing professionals should center around the promotion of the community and the lifestyle of your marketplace more than you. If you are passionate about your marketplace you will sell yourself in the process. Here is a video that we produced with our partner, The Institute of Luxury Home Marketing that conveys this concept.

Check out the benefits of earning the prestigious CLHMS designation offered by The Insttute for Luxury Home Marketing. Recognized as the mark of accomplishment in luxury markets around the world, the Certified Luxury Home Marketing Specialist designation assures affluent buyers and sellers that the agents who have earned it have the knowledge, experience, competence, and confidence they require.

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Luxury Real Estate Web Design: Accentuate the Lifestyle in Your Marketplace

WALKING IN THE WOODS ON A FALL AFTERNOON

As a luxury real estate marketing professional it is important to accentuate the lifestyle of your marketplace in your marketing materials. Think about the forms of recreation in your area and what people wear when they engage in these activities. This can be the inspiration to set the tone or the mood of your website design.

For example, when people from big cities fantasize about buying a second home in the wine country they seek to relax, unwind and indulge in culinary adventures. If they have a mountain retreat in mind it may be isolation that they crave or physical fitness from skiing or hiking.  Alternatively, those thinking of purchasing a pied-a- terre in a bustling metropolis are looking for excitement, entertainment, the arts and shopping.

Setting the right mood on your website by accentuating the lifestyle invites visitors to stay longer because you have engaged their senses and their emotional needs. Choosing the right colors therefore, plays a more important role in web design than most realize.

There is an entire psychology of color that must be taken into consideration when designing your brand. Are you trying to sooth your visitors or pump their adrenalin? High-energy demands bright colors. Some colors can reduce your blood pressure other can agitate.

If people associate your marketplace with the nightlife, dressing up more than occasionally, you should seek a more formal feel. If people tend to dress down in your marketplace, then a more casual mood needs to be set. Expressing the transition from informal to formal can also be important. An example would be a golf and tennis community where it is more casual during the day, but more formal at night, at suppertime.

All these elements of lifestyle should be accentuated in your web design because in luxury real estate you are not just selling homes. You are selling experiences.

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7 Reasons to Go Out of Your Way to Promote Luxury Real Estate Marketing Professionals

ROCK SUGAR

As a luxury real estate marketing professional, what would it mean to your bottom line if more of your friends and clients went out of their way to refer business to you? Just about everyone in business knows that word-of-mouth advertising is the sweet spot of marketing. But, few know what it takes to get that to happen, consistently. The answer is simple: be remarkable, deliver remarkable service, and get a remarkable website.

Recently, we were asked to recommend a good online computer back-up service. Our answer, hands down, was SugarSync. We had tried several systems. And, SugarSync was by far the best for several reasons:

• The price is right at $4.99 per month for 30 GBs of storage.
• It enables us to share files between computers, like an intranet so we can co-edit documents in real time
• It allow us to send large files to clients
• All files are available 24/7 remotely via computer and even via iPhone if need be
• It quickly backs up all documents, photos etc., which means complete peace of mind

SugarSync did not need to give us any incentive, whatsoever, to toot their horn. We are that satisfied by their service. But, this friend noticed that the company would give us an additional 500MB of extra storage when she signed up using our referral link. And, she got the same amount of extra storage.

People love to promote if you give them compelling reasons to do so. Here are 7reasons we would go out of our way to refer a luxury real estate marketing professional:

1. Rapid response communication to email and telephone calls
2. Kindness and courtesy
3. Optimistic attitude and fun to be with
4. Bridging communication during the transaction for assurance that details are being taken care of or if some expectation changes
5. Staying in touch after closing escrow
6. Superior marketing savvy
7. An informative website that has compelling reasons to revisit before, during and after close of escrow—a remarkable site that is worthy of promoting

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Luxury Real Estate Web Design: Does Your Website Have Curb Appeal?

Wake Up Call!

It is time for a wake-up call! According to a 2009 NAR report 60% of agents have a website that is 5 years old or more. According to Vinton Cerf, one of the founding fathers of the internet, the internet changes and grows in “dog years” not human years. That means that most agents’ websites are over 35 years old. How old is your site?

Think of your top three closest competitors. Take a close look at their websites. Are they up to date or obsolete as well?  Does yours stand out? Or, do all of your sites look similar?

When you acquire a new listing, you take a fresh look at the home from the buyer’s perspective, and advise your clients about maximizing its appeal. This may involve re-arranging the furniture and staging to reduce clutter. Sometimes the best advice is a new paint job and making some minor repairs. Statistics back the fact that a home’s superior curb appeal can translate into thousands of dollars of added value at the close of escrow.

One of our market-leading clients has an interior design background. She and her partners took a listing of a couple who relocated to Asia with the condition that they were given a budget to re-landscape, re-paint and make repairs. Our client completely orchestrated the improvements on behalf of her absentee owners. When it came on the market, the home was sold in one day.

As a luxury real estate marketing professional, think of your website as a luxury home and visitors are driving by. Does your website have curb appeal?

Or, think of your website as a luxury store. Do your display windows beckon visitors to enter? How can you expect to capture leads if you cannot get visitors through the door?

This is a wake-up call. Take a good look at your website. Take the plunge and reinvent yourself before your competitors do. Think curb appeal and consider what is at stake!

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Is Innovative Interactivity the Wave of the Future for Luxury Real Estate Marketing?

Recently, a 3D floor plan company was called to our attention that takes virtual tours to a new level. As former commercial real estate brokers we appreciate the need to help clients visualize how their office space will lay out. Space planners offer renderings with elevations to accompany floor plans that help the visualization process, marginally. For major tenants they build 3D models which work much better. However, they are expensive to produce. So, 3D web graphics may be just the ticket. But, will this work when marketing luxury real estate?

Perhaps, if a buyer of a luxury condo needs to compare floor plans this would be helpful. Or, possibly a second home buyer from outside of the market place could save a trip by being able to better visualize the views from certain rooms. Or, maybe it would helpful to see the potential of remodeling, and the advantages of removing certain walls to rework the flow of rooms.

The old bottom line questions that luxury real estate professionals need to ask about the new wave of innovative interactivity still apply:

•  Will this new technology help me get more listings and sell more homes?
• Will investing in this technology give me a genuine competitive advantage?
• Is this the next fad, or is 3D here to stay?

To help answer these questions, take a look at The Watch Avenue which is supposedly an answer to the glut of luxury watch brands and their ubiquitous imitators that sell for pennies on the dollars. It is intended to be a 3D interactive shopping experience set in Paris.

In addition to entering and stopping in boutiques such as Hublot, Corum, Vacheron Constantin, Chanel, here are some of the other features of The Watch Avenue:

1. An attractive woman appears as your shopping guide who talks to you and follows you as you explore the watch boutiques and “stroll” down First and Second Avenue.
2. You can stop into the theatre and watch a movie about a watch
3. You can go to the bookstore and read books about watches
4. You can go to the kiosk and see recent magazines about watches.
5. You can go to a museum hosted by TAG Heuer
6. You can visit a general information center
7. There is even a watch making school to appreciate the art of making fine timepieces

In your estimation is this the future of shopping? Is this the future of luxury real estate marketing?

Ironically, there is a billboard on The Watch Avenue that states,”Fake watches are for fake people—buy real”. Isn’t this entire site virtual reality?

Please share your thoughts about this experience.

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Luxury Real Estate Marketing Essentials: A New Definition of Wealth-- Super-Connectivity

Have you heard that about 60% of those who sign up for a Twitter account abandon their account within 60 days? Could it be that they just do not understand the value of this media? Many luxury real estate marketing professionals are scratching their heads trying to see where the ROI (Return on Investment) is in social networking. Many conclude that it is a colossal waste of time.

We could not disagree more. For those who are either skeptical or fed up with the entire idea of social networking we offer this advice: Look beyond the mechanics of the media to understand the message: Going forward, your net worth, your wealth will be determined by the richness of your relationships. The more high-trust relationship you can establish and maintain with friends, colleagues, neighbors, clients or customers the more social capital you have and the wealthier you are. The key is to understand that wealth in this context does not just apply only to your bank account; it is all about your wealth of experience.

The mechanics serve only to facilitate communication and enable you to create and maintain more relationships than ever before. Networking is as old as the human experience. What is new is the opportunity for “super-connectivity”. Amplify the effect of making friends or business connections at an intimate dinner party by a thousand-fold or more. Super-connectivity is a new definition of wealth.

This week we went to lunch at one of our favorite (and world famous) Santa Barbara restaurants which happens to be a taqueria where you order at the counter then dine in their patio on picnic tables. While waiting in line (yes, the line can sometimes be around the block) we met a fabulous family and struck up a conversation. By the time it was ready to order we were invited to be the guests of our new friends and “break tortillas” together.

We did not stop talking and sharing common interests the entire time we sat together. It was exhilarating to connect in such a meaning way, with intelligent, yet light-hearted conversations on many, many subjects. By the time we were ready to leave we were fast friends. Although, we live a good hour and a half drive from each other, there is no doubt that we will continue our friendship.

We have had similar experiences of deep connection while meeting and conversing with luxury real estate professionals over the internet from all corners of the world, people we will soon meet in person at a conference in Vail, Colorado. We all cannot wait to meet each other after enjoying the pleasure of many, many thought-provoking blog conversations in which we not only discovered similar business philosophies, but also common interests about which we are all passionate.

How extraordinary this experience of super-connectivity has been! The spontaneous combustion of new friendships will no doubt lead to referrals of business over time. But, that will simply be a by-product of likeminded business professionals getting together and just having fun.

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Luxury Real Estate Marketing Tip: Stand Out with Rapid Response Communication

In today’s highly competitive real estate environment the essential new skill for luxury real estate marketing professionals is rapid response communication. The Internet has made real time market information readily available to consumers. Consumers now demand an immediate response to their direct inquires and know that the next professional is only a click away.

We define rapid response communication as personally responding to phone calls or Internet inquiries within two hours or less. Ideally, you should respond within minutes.

Seasoned professionals take heed! Rapid response communication needs to become business as usual. It is no longer an option. It is an imperative if you are intent on continuing to out-produce your competition. Those real estate professionals who embrace this art form will gain a significant competitive advantage in their marketplace.

To understand the extent to which consumers are becoming more and more savvy and expect quick results take a look at the shoe business. Think in terms of three types of shoe stores:

1. The “general store” (Nordstrom’s)
2. The specialty store (The Walking Company)
3. The global Internet store (Zappos.com.).

We were recently in Nordstrom’s. Ron wanted to try on some sandals. They did not have his size in a particular Mephisto model that was a best seller. In typical Nordstrom’s style, the salesman offered to track it down in another store and FedEx it within a couple of days. That was not fast enough.

We knew our options. The Walking Company, just a few stores away, carried the same brand and the same model. It was just a few stores away from Nordstrom. So, we moved on.

The Walking Company had the shoes in stock and they fit perfectly. We happened to have a store credit there. Between the two of us we had purchased at least six pairs of shoes at this store over the past couple of years. Unfortunately, we were not able to apply a store credit to this purchase because we did not have the physical credit receipt with us from a prior returned item.

The local manager was unwilling and unable to go against company policy. We did not have time for them to reach the regional manager to over-ride the policy and make an exception for two loyal customers. This would never have happened at Nordstrom’s. Letting a loyal customer walk out the door over a store credit issue is unthinkable there! Decision makers are always accessible at Nordstrom’s.

Later that day, Alexandra went online and found the identical sandals at Zappos.com for a slightly higher price. As a first time visitor she called customer service to verify their policy of not just matching the price when higher prices were quoted, but discounting it by 10%. The live customer representative was immediately accessible, extremely cordial and she was empowered to give us the discount on the spot. The next day (less than 24 hours later) the shoes were delivered to our front door with free shipping! All of our expectations were exceeded!

The Zappos.com experience exemplified rapid response communication elevated to art form. With a central warehouse and centralized inventory control the chances of being out of popular models of brand name shoes are very slim. With central tracking of returned items and a no-fault return policy (within one year) including free shipping on returns, this concern should become a non-issue for consumers.

The global Internet business model out-maneuvered the general store and the specialty store and gained two very satisfied customers. Rapid response communication is an essential way to stand out in a crowded market.

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Luxury Real Estate Marketing Essentials: Study Luxury Style

“Style is a simple way of saying complicated things” –Jean Cocteau renown French multi-talented artist

Luxury real estate marketing professionals should be students of style. Style embodies luxury and is inextricable from it.  Style is born from the need to create something new and unique based on aesthetic values.

Stanford Research Institute developed a behavioral model based on consumer values. The study shines light on the difference between “Achievers”, who value uniqueness above all and “Emulators”, who want to aspire to be Achievers, but may not be able to afford the lifestyle.

Emulators are bent on acquiring the symbols of Achievers. For example, Mont Blanc pens were quite the rage with Achievers. As soon as the Emulators starting buying them, they no longer satisfied the needs of Achievers to be unique.

Style set or acquired by Achievers is often copied quickly. There is a large market of Emulators who are ready to buy knock-offs. They want to simulate the experience of Achievers. The night of the Academy Awards, clothing manufacturers are busy duplicating the one-of-a-kind gowns and tuxedos that are worn by the stars.Costume jewelers are copying the gems of Harry Winston, Cartier, and Van Cleef Arpels.These gowns, tuxedos and fake baubles are in the stores within weeks for mass consumption.

At this point, style loses its value for Achievers because the perception of uniqueness disappears. This is a good thing because it drives creativity, and stimulates the demand for the uniqueness that defines the luxury consumer market.

Mercedes Benz is one luxury brand of choice for Achievers, although they have somewhat weakened their brand signal by producing models for Emulators. Their innovative design of the “V” shaped trunk was introduced with their E class line in the early 80’s. Other car manufacturers have copied this feature, endlessly.

If you are interested in attracting more high net worth clients, as a luxury real estate marketing professional, it is helpful to tune into the world of style. Look for what is truly unique in every aspect of the luxury lifestyle.

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Luxury Real Estate Marketing Tip: How to Attract More High Net Worth Clients

There Are Carrots. And, Then There Are Carats!

As a luxury real estate marketing professional, it is essential to study what high net worth individuals look for from luxury goods and service providers. You can gain keen insights into providing superlative service and demonstrating superior marketing savvy by studying the top ranked jewelry brands in the world that specialize in exquisite gemstones.

According to the Luxury Brand Status Index of the Luxury Institute these are the top ranked jewelry brands for world class gemstones:
The Largest Pink Diamond- From the Iranian Crown Jewels--186 Carats
#1 Graff Diamonds
#2 Harry Winston
#3 Buccelati

Here is the criterion upon which the survey of high net worth consumers was based (with equal weighting for each category):

• Consistent Superior Quality
• Uniqueness and Exclusivity
• Making the Customer Feel Special Throughout the Entire Experience
• Famous Clientele (i.e., Oprah shops there)

To attract more high net worth clients, answer these questions and apply your answers to your own luxury real estate marketing practice.

1. How can you provide more consistent, superior quality service?
2. How can you offer an extraordinary promise of value that is truly unique and exclusive?
3. How can you make your clients feel even more special before, during and after their transactions to buy or sell property?
4. How can you let new clients know that you have worked with famous people (even local celebrities)?

What was remarkable about this survey (above) is how closely these firms were ranked—literally within tenths of points. It was reminiscent of recent Olympic venues when the difference between the Gold and Silver Medal was hundredths of seconds.

As a luxury real estate marketing professional, differentiating yourself from your closest competitors is absolutely essential. It is particularly challenging when you are among the top three market leaders, because your “DNA” can be so close to that of your competitors. But, like multi-colored carrots (the vegetable) you need to amplify what makes you different. Your unique selling proposition needs to be laser sharp. Graff Diamonds’ unique selling proposition is that they do not sell diamonds under one carat.

Warning! It is easy to fall into the trap of out-spending your competition to achieve top-of mind brand awareness, when the answer is most often to out-think them. Occasionally, out-spending works to set you apart. Laurence Graff, president of Graff Diamonds recently outbid forty potential buyers for the Lesotho Promise, the biggest diamond found in thirteen years. It weighed 603 carats. His company’s slogan is we sell “the most fabulous jewels in the world”.

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Is Your Brand Bland Or Remarkable? What’s at Stake for You?

Château Mouton Rothschild, photo by Benjamin Zingg

It is generally agreed that the best attributes of luxury real estate marketing professionals are integrity, market knowledge, listening and negotiation skills. Quite often these qualities are considered to be what differentiates one agent from the others. But, these traits and talents are merely the price of admission into the top tier of the real estate field.  If your competitors all embody these characteristics, using words like integrity to set you apart from the pack, simply fail. They become bland and do not define your brand.

You may be great at what you do! However, being great is not enough, if you are not perceived as being great by your target market. In the world of perception "remarkable" is what your are reaching for because remarkable sparks word-of-mouth advertising. Here are some questions to consider:

• How does the market perceive you? Are you remarkable?
• Does your brand identity package truly stand out?
• Does your website look like a luxury store? Does it reflect the prestige of your marketplace?

Like it or not, your website and your marketing materials reflect your superior marketing savvy or your lack thereof. A stunning, consistent brand identity, that makes your competition pale in comparison at first glance, is your best weapon to gain an immediate edge in a listing presentation. It instantly becomes obvious to potential clients that you pay attention to details and you are eminently capable of showcasing their home, which is perhaps their most important asset, in the best light.

The old adage, “never judge a book by its cover” may be good advice when making friends. But, it does not hold up in the business world. Many book publishers spare no expense when designing book covers that are embossed and gilded with attention grabbing colors and titles. They know that the vast majority of people buy books entirely based on their covers. In the United Kingdom approximately 130,000 books are published in one year. In the U.S. the number is 190,000. Brand or Bland? What is at stake?

The question of Brand or Bland? is also asked repeatedly in the wine industry. The overwhelming majority of people buy wine based on the label alone. In Napa Valley and the surrounding region, the design of a wine label can cost as much as $80,000 for a 3” X 5” symbol of good taste. With a glut of wines on the market, and competition heating up from all corners of the globe, wine makers know what is at stake! Consumption of red wine in the US alone is 1.47 billion liters with endless choices.

One of the most notable labels in international wines is Chateau Mouton Rothschild Bordeaux, Pauillac. Since 1946, the Rothschild family has commissioned well known artists and sculptors to design their labels. Each vintage year features a new label by a famous artist such as Miro, Chagall, Picasso, Jean Cocteau, Andy Warhol and Salvador Dali. This became a remarkable differentiator of the brand. At auction, comparable wines sell for far less than Chateau Mouton.

The label says it all. What an extraordinary promise of value! Not only is the wine ambrosia, the label keeps giving because it appreciates in value.  

Is Your Brand Bland Or Remarkable? What’s at stake for you?

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