Luxury Real Estate Branding: Branding is Like the Wizard of Oz

The most common misconception that luxury real estate marketing professionals have about personal  and company branding is that it is as simple as creating a new look.   Given that the average age of most real estate websites is five years old (35 years old in internet years) , a new look can be helpful.  But, your brand will not become your “silent salesperson” if it does not reflect your entire package--the soul of your brand.

To quickly grasp the vital importance of what we mean by the soul of your brand, consider the classic story of the Wizard of Oz.  Dorothy wanted to get back home.  The Scarecrow wanted brains.  The Tin Man wanted a heart and the Cowardly Lion wanted courage.

Your personal or company brand must have brains.  Your knowledge of your marketplace, your negotiating skills, and your educational background are all logical reasons to do business with you. 

Your brand needs a heart.  These are the emotional reasons to do business with you. What you stand for, what you value most, what you are passionate about: all of these things must be reflected in your brand.

Although, your superior marketing savvy must be reflected in your brand both intellectually and emotionally it is your courage to be different, to be distinct from your competition and to stand out from the crowd that is the soul of a market leader.

But, the most important aspect of your brand must be authenticity. That was Dorothy’s quest: to get back home.  If you are not “at home” with yourself, if you are not totally comfortable within your brand because it does not reflect who you really are, you will not attract your ideal clients.  Ideal clients are people like you who recognize that you are a match faster because you exposed and expressed your brain, your heart and your courage within your brand.

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Happy Thanksgiving

The First Thanksgiving. Painting by Jean Gerome Ferris

Once again we are at that time of the year that we take a break and celebrate the Thanksgiving holiday.  It is one of our favorite holidays because we pause to notice everything we are thankful for, and draw strength and pleasure as we reflect on the world around us.  This is also our moment to thank all the readers of the LOL Blog. We especially appreciate your comments and discussions. 

We wish you and your loved ones a very happy Thanksgiving. 

Cheers to your continued success!

Ron and Alexandra Seigel 

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Luxury Real Estate Marketing:Reputation Outperforms Google Ranking

As a luxury real estate marketing professional it is even more important to be the Google of your marketplace (the first to come to mind) than it is to rank #1 on a Google search results page. The world famous restaurant, Lawry’s –The Prime Rib, in Beverly Hills, California, over 70 years old, exemplifies this essential principle of branding. You may not have been to one of Lawry’s restaurants (now with multiple locations around the world), but you may recognize the ubiquitous Lawry’s Seasoning Salt brand found in most markets in the US today.

Growing up in West Los Angeles, Ron was fortunate to be a close friend of a granddaughter of the Lawrence Frank family. The family still owns the restaurants to this day (they sold the condiments business several years ago).  Their first restaurant opened in 1938. For many years it was unique among restaurants because they just featured one entrée on their menu: standing rib roast. This was their uncontested market niche. Many restaurants copy their style, but Lawry’s still does it better than any other restaurant. And, their passion is palpable.

In 1953 Lawry’s added something special. Their menu claimed to be "the first to feature a green salad as an integral part of every meal." The salad bowl is placed on a bed of ice and spun by the server while she shakes the bottle of salad dressing and ceremoniously pours it into the bowl from about two to feet above the bowl. This ritual is a unique part the restaurant’s brand identity, in the same way that consistently and promptly, answering emails and phone calls can be a part of yours.

In 1956 just prior to the playing of the 1957 Rose Bowl Game between the Oregon State Beavers and the Iowa Hawkeyes, Lawry's entertained the two competing teams. This started an annual tradition of hosting a prime rib dinner for both of the teams bound for the Rose Bowls. By the early 1960s, the event had become known as the "Lawry's Beef Bowl." It is often covered by the media.

If you Google “prime rib restaurant in Los Angeles” all ten search results on page one refer to Lawry’s -The Prime Rib. They do not have an SEO strategy. The 9 results that follow their number one ranking on page one are all social media/restaurant reviews citing Lawry’s as the best prime rib restaurant in town.  Lawry’s does not have a social media strategy.  What they do have is an impeccable reputation and the mind share of the market leader.  They occupy the #1 place in the minds of their target market: Prime rib lovers.

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Luxury Real Estate Marketing: Creating Customer Loyalty Offline

We are often asked by luxury real estate marketing professionals for some low cost, off-line vs. online, marketing strategies that produce high impact marketing results, especially client loyalty. We like to encourage our readers and our clients to think about what makes them loyal customers and clients of other professionals.  Here are some ideas along those lines.

Recently we visited our local produce market.  They often carry items that we cannot find in the outdoor Farmer’s Market. There was a sign posted at the entrance encouraging customers to bring their own bags.  They launched a new initiative to contribute a nickel to one of four local charities when you save them the cost of a paper or plastic bag. When you check out they give you a ticket to place in one of the four boxes associated with the charity of your choice.

Many times you see a box at the checkout stand for a particular charity where you can deposit your coins or dollars. But, it is usually a national charity, not a local community charity such as the Girl’s Club, the local food bank, etc.  There is something so wonderful about being able to simultaneously contribute to the environment (recycling bags) and also to a local cause here.  It makes you feel good about yourself and about the store, thus generating customer loyalty. What was the price of our loyalty? It was five cents!

Later, the same day we purchased a hair care product from a local pharmacy.  There are many choices in our neighborhood to find the same product. In fact there are many branches of the same company in our area.  On this day, when we checked out, the clerk noticed that a coupon was available for the product we purchased and proceeded to cut it out of the paper for us.  It saved us two dollars and made us feel very good about shopping at that particular store again.  What was the price of our loyalty? It was zero—just 30 seconds more of customer care!

What are some of the ways your local stores and services are winning you over as loyal customers? What are some of the ways you can engender client loyalty at zero or next to no cost?

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Luxury Real Estate Marketing: Jumping Off the Internet and Jumping On Your High Horse

Grace Sabeh, Executive Homes Realty, in jump competition

The mantra these days for luxury real estate marketing and real estate marketing in general is: focus your marketing on the internet.  However, luxury real estate marketing professional should think about other venues of marketing.  Your target market is not on the internet 24/7, and they do participate in all kinds of activities besides surfing the net.  How about sponsoring a luxury event, in your marketplace? Here are two examples of event marketing. One is famous luxury brand that is thinking strategically in a time when retailers and luxury brands are cutting back their budgets.  The other is a market leading luxury real estate professional who followed a hunch with event marketing that paid off very well, indeed.

The Luxury Brand  

Hermes is one of the finest luxury brands known for their uncompromising craftsmanship. They started as a saddle shop in Paris in 1837.  Because of their exquisite work and their royal clientele, they became known as the “saddle makers of kings.”   Since then they have expanded into fashion, lifestyle and home products. 

Recently they announced their return to their equestrian beginnings by sponsoring an equestrian event and competition.  This is a revival of the first jumping event that was originally held in the Grand Palais in 1901.  The event drew the fashionable crowds of Paris and its environs.  By 1957, interest waned and the event was discontinued.  Now, by sponsoring Saut Hermès (saut means jump) they are strategically placing themselves in plain view of their target market.  No doubt, they will issue a limited scarf edition that will honor the event.  This will help to reacquaint existing customers with Hermes’ equestrian roots and reaffirm their loyalty to the Hermès brand. Additionally, Hermès has become involved with a horse race held every summer in Deauville, as well as with an international dressage competition Equita’Lyon, held in Lyon, France.

The Luxury Real Estate Agent

One of our clients listed a home owned by a car collector. Based on the design of the home, the ideal buyer would also a collector. As a strategic move, she rented a billboard that showcased the home at the prestigious Concours D’Elegance car event in Pebble Beach, California, where her target market would be a captive audience.  She not only sold the home to an attendee of the event but she also attracted several leads for other sales.

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Luxury Real Estate Marketing: Is It Worth It?

Photo by Jorge Barros

In staying up to date with the new theories of luxury marketing in the global economic downturn, it seems to us that there is a denial, among the purveyors of luxury goods and services, about how consumers are now viewing luxury.   The same holds true, in many cases, with sellers of luxury real estate. As we read the various reports and the advice from industry pundits, we are struck by the level of delusion that continues to characterize the industry.  Many home sellers are refusing to price their homes in line with current consumer demand.

In retail, some advisors say, “Do not lower prices of luxury goods and services”. The fear is that this may tarnish the brand’s reputation. In the perfume industry, one solution is to sell perfume in smaller bottles, giving consumers the illusion of lowering prices.  Have you noticed that store bought coffee usually comes in 12 once bags these days instead of 1 pound bags?

The hospitality industry is also attempting to maintain their prices while adding incentives such as food and spa credits which effectively lower the rate of the rooms.    Consumers are not jumping at either offer.

The high end consumer is rejoicing at all the sales.  Finding bargains has become a badge of honor. Waiting for items to go on sale has become a new national pastime. Most importantly, consumers are beginning to ask these important questions: Is this item worth it?  Do I really need it?  Do I have to have it at this price?

As soon as more homebuyers wake up to the new perception of value in the luxury realm, more luxury real estate marketing professionals will start to see significant momentum in their sales.

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Luxury Real Estate Luxury Marketing: Redefining the World of Luxury

Denali mountain aka Mt.McKinley national park service photo

As a luxury real estate marketing professional it is very important to tune into the new psycho graphic trends and changes that luxury consumers are exhibiting during current market conditions.  Understanding the mindset of all-cash buyers, in particular is now an imperative.  They are the ones who determine the purchase prices in today’s market.  Aligning the thinking of your sellers with these viable prospects can significantly increase your volume of business.

Have you noticed that the price of name brand shoes from Italy have increased in price faster than changes in the exchange rate between the dollar and the Euro and also faster than increases in the cost of living itself? Assuming for the sake of this discussion that the cost of labor, materials, marketing and other cost are held constant over the past several years, where is the extra value coming from?

These and many similar questions are now being asked by affluent consumers who are re-examining their own personal values when it comes to purchasing luxury goods and services.

We recently attended the NAR conference in San Diego, California and came away with an interesting insight inspired by an agent from Fairbanks, Alaska.  She mentioned that the highest priced luxury homes in her town are selling in the low $400Ks.  Her personal residence, a six wooded acre estate with a spectacular view of the Denali mountain range is valued at $200K.  And, the market is active, contrary to other markets in the US.

In Alaska you cannot get away with sub par construction given the rigors of the climate. Construction costs are certainly not less than in California, for example, and labor costs are higher because the labor pool is limited.

Clearly, luxury is value added to basic costs of manufacturing (and land n the case of real estate) which makes it completely subjective.  Like all-cash buyers consumers therefore, are beginning to realize that they dictate the terms of the value added rather than sellers now that there is an abundance of choices.  In our previous market we had a false condition of scarcity that was fueled by the competition of easy money and the ensuing escalation of unrealistically inflated prices. The inflated false value was non-sustentative. And, this is what consumers are now re-evaluating.

A top agent in downtown San Diego sold a high-rise condo unit, with sensational views that are permanently unobstructed,  listed at $1.2M two years ago,  for half price.  This all cash buyer determined the value despite the developer’s insistence that there should be a premium of $50K per story, arguing that the higher the floor, the more value it can command.  Was there actually value added between that floor and the one above?  Consumers now make that value call as they redefine luxury on their own terms.

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Luxury Real Estate Branding: Empower Your Silent Salesperson

photo by Shawn Lipowski

Venus de Milo in the Louvre,aka Aphrodite de Milo

Considered One of the Finest Examples ofClassic Greek Sculpture

How important is aesthetics in presenting your luxury real estate marketing services?  The answer is: very important. In fact, aesthetics represents an entire branch of philosophy dealing with the nature of beauty, art, and taste.  The aesthetics of visual presentation can be your “silent salesperson” and play a much bigger part than you may realize in the success of your luxury real estate practice.

There is a whole psychology of color alone; certain colors evoke very predictable emotional responses and personal values judgments of sentiment and taste.  That means you can connect with your target market on a deep emotional level by incorporating the right aesthetics in your personal or company brand.  What are the right aesthetics? The right graphic images are those images that represent your authentic brand.

If you neglect this essential component of brand strategy you are missing an extraordinary opportunity and you are vulnerable to potential competition.  We live in a new online world where you have a nano-second to make a strong first impression and engage your website visitors through the emotional connection of aesthetics. 

Think of walking down Madison Avenue in New York or any major retail street in cosmopolitan cities that feature luxury stores.  Window displays must grab the attention of potential customers or they just walk on by.  Now, think of the speed at which a website visitor, with a single click of their mouse, can move on to your competitor’s site.

So much attention has been paid to driving traffic to your website. You may be spending considerable time and money to get potential buyers and seller there.  But, are you engaging them with the power of aesthetics when they arrive?

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Luxury Real Estate Branding: Leaving the Plastic Flamingo Flock Behind!

Imagination and creativity is one of the cornerstones of a successful luxury real estate marketing practice. Imitation and luxury really do not belong together. Too often we see luxury real estate professionals copying the branding or marketing strategies of their closest competitors and forgoing the competitive advantage of being original and authentic. It becomes a case of the hot pink plastic flamingo!

One of the most beautiful birds on our planet is the flamingo.  This brightly colored bird caught the imagination of Don Featherstone who designed a plastic hot pink flamingo as a lawn ornament, sold in pairs (one upright the other feeding.) This plastic creation was awarded the “Ig-Nobel Prize for Art (a parody of the Nobel Prize). Plastic pink flamingos have become part of the American pop culture. Original Featherstone’s are marked as such on the bird’s underside.

American Flamingo, Photo by Fritz Geller Grimm

However, copy cats swarmed in and reproduced the flamingos in mass. This caught the imagination of students at the University of Wisconsin who “flamingoed” (the verb) a hill near their campus with over 1000 plastic flamingos on the first day of classes one year. Their prank sparked similar episodes around the country.

Plastic flamingos are now considered in the art world as kitsch. " Kitsch is a German word denoting art that is considered an inferior, tasteless copy of an extant style of art or a worthless imitation of art of recognized value."

Authenticity in personal branding will strike the right chord with your ideal clients.  Phoniness will repel them like plastic pink flamingos. It is not that there isn’t a market for these hollow birds.  It is just a question of knowing who you are and who you want to attract.

Is your personal brand original or is it kitsch?

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Authenticity vs. Masquerade in Luxury Real Estate Personal Branding

Authenticity is perhaps the most important concept in personal branding for luxury real estate marketing professionals. Without authenticity, you live in a masquerade. What is at stake if you forego authenticity? Quite simply, it is your own happiness.

Recently, Andre Agassi published an autobiography in which he admitted to be caught up in a masquerade.  He was forced by his father, who recognized his extraordinary talent, to become a champion in a game that Agassi would come to hate.  In his recent TV interview it was obvious that he suffered a life of quiet desperation during the time when his brand was perceived as being the “rock star of tennis”.  Canon, the camera company, capitalized on his brand image of being a rebel (which was the brand name of one of their models).

Reactions have been mixed from his contemporaries and fans.  Resentments have been expressed by some.  At the root of these resentments is the feeling of having been duped by Agassi’s charade. 

Many people might say that this is a sign of the times. But, there is a deeper lesson to be learned, which is what Agassi, the staunch supporter of education, is now trying to tell the world.  That is, there may be much to gain by living a fake existence, but in the long run it is your own happiness itself that is at stake.

As brand strategists, it is our job to assist our clients to drill down to their core identity, identify what is truly important to them, what they stand for, what their genuine values are, not the values of others. Only then can you make explicit, in the form of a graphic representation and a genuine marketing message, the authentic personal brand. 

We ask our clients what they can do better than anyone else in their marketplace. But, they also must be truly passionate about doing it. An authentic pursuit cannot be one based on seeking the admiration of one’s father or the crowd at large.

It was only when Agassi admitted to himself that he was caught up in a masquerade that he shaved his head and discontinued wearing a wig (his mask).  He chose tennis on his own terms and became passionate about the game.  No one can minimize his extraordinary accomplishments. But, the best accomplishment of all was choosing an authentic life.

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Attract More High Net Worth Clients with Abbondanza! -the Abundant State of Mind

The most successful luxury real estate marketing professionals have understood and acquired a mindset that matches the general state of mind of their typical clients. As a result, they attract more high net worth clients than their competitors do. That way of thinking can be summed up in a single word that sounds even better in Italian than it does in English: ABBONDANZA! (Abundance)

The holiday of Thanksgiving is a celebration of abundance at harvest time that is often symbolized with a cornucopia, the horn of plenty or harvest cone.  Here in Santa Barbara, California we are surrounded by agriculture and are thus very fortunate to have a Farmer’s Market six days a week, all year long. 

This time of year is particularly exceptional.  The market is overflowing with colorful organic fruits and vegetables that are truly a feast for the eyes. Shrimp and Pacific lobster, caught right off the coast, near the Channel Islands, is also abundant this time of year and sold at the market.  Just walking through the market and appreciating the profusion of bright, multi-hued flowers can send you into a state of abbondanza.

Evidence of abundance is all around us if we take the time to appreciate it.  Have you ever just stopped to appreciate having hot and cold running water and water that is safe to drink?  We often take it for granted.   Have you ever noticed the ever present power that runs everything in our homes including our computers?  How do you feel when there is a power outage?

Here are some fun musings about the abbondanza mindset and the cornucopia:

Did you know that a cornucopian is a futurist who believes that continued progress and provision of material items for mankind can be met by similarly continued advances in technology? 

In Greek mythology Zeus was raised by a goat and accidently broke one of its horns.  Feeling bad, Zeus returned her horn with supernatural powers that would give whoever possesses it whatever he or she wants.

Perhaps that is what defines the abbondanza mindset of affluent consumers:  They expect to get what they want. They are more optimistic than pessimistic.  If you want to attract more high net worth clients, isn’t it worth getting yourself in the abbondanza state of mind?  All it takes is the time to appreciate the abundance that is already in your life.  You do not need to wait for Thanksgiving!

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Luxury Real Estate Marketing: The Secret Advantage of Being The Popular Choice

 

The advantage to being top of mind, as a luxury real estate marketing professional, in your marketplace is getting the lion’s share of the business.  There is also a secret advantage of being the popular choice. Although, Cherry Garcia ice cream, from Ben & Jerry's, has many raving fans vanilla, chocolate and strawberry ice cream are by far the favorite choices with vanilla winning hands down as "most popular".

Ranking top of mind in luxury branding is even more important that ranking #1 on a Google search, because the overwhelming majority of affluent consumers rely on referrals from friends, family and colleagues when choosing products and services.  Any real estate agent with enough funds can hire a search engine optimization expert to help him or her secure the #1 position in a Google search query.  But, will the website visitor who clicks through the top listing actually hire the top ranking agent on Google at the end of the day if they are not accomplished and competent--or popular?

There is a lesser known factor that influences the choices of high net worth consumers when selecting a luxury real estate marketing professional.  That is, taking into consideration what others will think of them based on the agent they select.  While some consumers are “inner-referred”, meaning that they rely on their own judgment more so  than others, a significant number of people care more about what others think of them.  The “outer-referred” consumer will bypass their gut instincts (and taste buds if they prefer Jerry Garcia) just to look good in the eyes of their peers, neighbors or family (who prefer vanillla).

Have you ever been in a restaurant when the server suggests a menu item and adds, “This is a very popular choice”?  Studies have shown that when it comes to choosing brands of food to serve at a party the host will purchase the “popular choice”, e.g., Coke vs.. Pepsi even if the host prefers the taste of a generic brand that is cheaper.

To summarize, if you want to gain or sustain market leadership you need to stand out and achieve “top of mind” status for three important reasons: 1) most potential referral sources can only remember a few brand names (vanilla, chocolate and strawberry) when asked for a recommendation for a luxury real estate agent ( see more detail on this); 2) Top of mind generates more leads than qualified search engine leads because affluent consumers rely on personal referrals more than Google, and; 3) The popular choice is a hidden influence in selecting an agent

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Luxury Real Estate Branding: Connecting through Emotional Branding

 

As a luxury real estate professional, it is important that your brand resonates emotionally with your target market.  If you strike an emotional chord with potential clients and referral sources they will remember you much better especially if you tell a compelling story.  Here are two example of what Pepsi has done to reach its target audience on an emotional level.   One works better than the other.

This commercial is very funny, but did it connect with the people who are viewing it?  Will they go out and be moved to buy Pepsi next time, because they identify with this story?  Are there enough young people in ashrams practicing martial arts?

In contrast, this second commercial, produced a few years back, hits a bull’s eye.  It also has a humorous side to it. However, it makes a strong emotional connection with its audience.  Music is an important part of the lives of teens and young adult.  This story also speaks to adults who grew up in the sixties and are still young at heart.

Do you remember the Pepsi slogan: “Come Alive—you are in the Pepsi Generation?  Pepsi out-sells Coke in the younger demographic.  They need to stay firmly on this sweet spot to continue this trend.  The first commercial was nebulous about this important brand position which needs to be communicated and amplified with laser sharp precision in order to strike the right emotional chord.

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Luxury Real Estate Marketing: Finding Leads in Closets

How is your return on investment based on the time you have spent with online social networking from a business perspective? Here is a very specific and focused application of online networking that cuts through the confusion and can yield outstanding measurable results.

In luxury real estate marketing, there is an important difference between professional networking and social networking. It is true that social networking can yield referrals. But, professional networking with synergistic non-competitive professionals within your marketplace is more deliberate and focused when it comes to generating business faster.  

Here is an example.  In your marketplace, are there any luxury homes with pools?  Doesn’t it make sense to meet the heads of the most successful pool maintenance companies in your area? How about taking the heads of the companies that design and install custom closets to lunch? Think of potential home sellers and buyers who reside in their address books!  These professionals are looking for more business too, and you may be able to introduce them to your contacts, as well.

Business networking has been around since commerce began.  The more non-competitive professionals you know the more potential referrals you get, and give. This may sound simple, but it is extremely important because it is easy to lose sight of the fundamentals with all of the hoopla of social networking.  Take the internet out of the picture for a moment and consider this: Who you know has always been key factor in your success.  

So, if increasing the number of quality professional contacts you have is a major key to success doesn’t it make sense to spend more time developing more professional relationships in a focused way, giving more referrals, and staying in contact with your sphere of influence consistently?

Bring the internet back in the picture.  Can you see how using tools like Linked In for professional networking can exponentially increase the number of potential referral sources you have and actually save you time?  It is simply a matter of focusing on finding and developing great relationships with more professionals within your local market. 

Now that you are getting measurable results from deliberate professional online networking, have a field day on social networking sites. Without the pressure of monetary expectations you probably with spontaneously generate referrals from all the new friends you meet.

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Luxury Real Estate Marketing: Syndicate YOU! Part 2

Photo by byj

In Part 1 of this blog series we covered the wonderful opportunity to not only syndicate your listings as a means of generating leads for your luxury real estate marketing practice, but also syndicating YOU by leveraging the power of the new media tools. 

By creating a name for yourself on the internet,  a one-woman or a one-man brand, focusing on publishing content that you are passionate about (not necessarily real estate), you can significantly expand your sphere of influence. What is truly exciting about this opportunity is the relatively low cost of entry into the field and the potential for tremendous return on your investment.

Recently, a movie that was produced for $15,000 generated $7.1 within the first two weeks of its release.  The film’s buzz on Twitter and Facebook propelled it to #5 at the box office.  Word-of-mouth advertising via social media also helped to make the movie, Julie & Julia (Julia Child) a hit.  Barnes & Noble reported that they temporarily ran out of Julia Child’s, Mastering the Art of French Cooking because of the renewed interest that the movie triggered. And, the book is once again a best seller.

An important key to becoming a one-woman or one-man brand, as a luxury real estate marketing professional, through new media syndication (blogging, video, podcasting, article distribution, etc) is finding an uncontested niche.  If you carve out a newsworthy market space and generate compelling stories, others will help you spread the word because they are excited to “join” your brand.

Here is an example of a potential uncontested niche that you could cover as a syndicated columnist and also, contribute extraordinary value if you are passionate about the subject:  Local sports.  This does not include major league baseball, basketball, football, soccer, etc. It does include the little league, the high school sports scene, beach volleyball, the ultimate Frisbee league and more.  

The entire purpose of this exercise is to engage more and more local community members to interact with you and each other, and also become well known and well thought of in the process.  You will be surprised at how much real estate business can flow from syndicating YOU, without ever mentioning a thing about real estate. Just feature your real estate credentials along with some calls to action (to contact you for specific real estate needs, e.g., a CMA).

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Luxury Real Estate Marketing: Syndicate YOU!—Part 1

Become a One-Woman or One Man Brand

There is no getting around it! To gain the competitive advantage in your marketplace, as a luxury real estate marketing professional, you need to embrace the evolving media of the internet.  To accomplish this you need to delve fully into and understand the concept of syndication both listing syndication and the syndication of YOU.

Those agents who focus on listing properties understand the advantages of syndicating their listings on as many web sites as possible.  That way they achieve maximum exposure for their listings by reaching consumers wherever they begin their property search.

Coldwell Banker, for one, promotes that their listings are now distributed to more than 350 web sites. A single listing can become a workhorse to generate leads.  Point 2 offers listing syndication to dozens of web sites. In both of these cases, once the luxury agent uploads a listing (something that an assistant can easily do) the rest is automatic.

But, what about syndicating YOU?  Personal syndication via blogs, videos, pod casts, articles, e-magazines and more enables you to reach even more potential clients and referral sources, providing you have something that is interesting to show and/or tell.  Being interesting, newsworthy and buzz-worthy is the key. But, you need to make it easy for others to find your publications in a sea of content.

To syndicate yourself via the internet, you need to become a one-woman or one-man brand.  You need to become synonymous with a specific niche or category in which consumers are interested. And, you do not necessarily need to publish content about real estate as long as it is clear that real estate is your “day job”.  It is perfectly OK to follow your “other passion” and become famous for something apart from real estate. 

An example of a one-woman brand in the culinary arena is Clotilde Dusoulier. Her name may not sound familiar, but her blog, Chocolate & Zucchini, has become quite well known. The brand name itself is memorable and buzz-worthy (you just want to tell others about it). The logo and website/blogsite stands out visually and is easy to navigate.  Plus, the content is excellent.

Ms. Dusoulier explains, “It is a good metaphor for my cooking style: the zucchini illustrates my focus on healthy and natural eating: fresh produce, artisanal goods, and a preference for organic and local ingredients. And the chocolate represents my decidedly marked taste for anything sweet in general, and chocolate, glorious chocolate in particular.”  She began writing her blog in September 2003, in both English and French.  Since then she has written best selling cookbooks and received national and international awards.  Her recipes and commentaries on food appear on several web sites. 

So, luxury real estate marketing professionals, we encourage you to take some risks. Discover and explore your passions beyond real estate. Dive into the new world of syndicating YOU! Be sure to read Part 2 of this series for more details.

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Chocolate photo by FIR0002, Zucchini photo by Jake 7401

The Antidote to The Social Media Dilemma

Photo courtesy of Swanepoel Social Media Report 2010

The Titanic shift from traditional media to social media has confounded businesses of every type. Luxury real estate marketing professionals are no exception. With the Do Not Call laws, telemarketing is no longer an option. People are tossing direct mail in the garbage more so now than ever, without even looking at it. The ability to record TV programs and “zip through” commercials while on mute has significantly reduced the effectiveness of advertising on broadcast TV.  Even banner ads are being ignored online. 

All of these major changes pose this important question: How do you effectively reach your targeting market? The answer: You do NOT reach your target market. You allow them to reach to you by being accessible and offering extraordinary value. 

The Social Media Dilemma:  A Plethora of Choices, plus a Scarcity of Time

In the not too distant past we had three basic choices in the US when viewing TV: CBS, NBC and ABC.  With the advent of cable TV, suddenly there were over 500 channels. Today Direct TV has about 130 HD (high definition) channels alone.  Now, with YouTube and the ability for just about anyone to produce and publish video there are literally millions of choices for viewers to watch.

While viewers have a plethora of choices for online entertainment, they ironically have a scarcity of time.  This means that in any given category of entertainment they only can retain a couple of names of websites or other media channels in their minds. The same holds true for any category of product or service. 

The Antidote: Become the Break-Away Brand

The plethora of choices coupled with the scarcity of time poses what we have coined as the primary marketing ultimatum: Stand Out or Bow Out!™ If you do not stand out, and occupy the top of mind location on a short very short list of brands in a specific category, you might as well settle for crumbs at best when it comes to market share. 

Here is an example of how this works.  What is the first adhesive cellophane tape that comes to your mind? Can you think of another brand in this category?  Do you have time to research more brands? 3M’s Scotch Tape is the “category killer” in cellophane tape category.  To become the category killer you must become the bread-away brand.

To stand out and become the break-away brand, as a luxury real estate marketing professional, you need to select an uncontested category or niche in your marketplace that you can dominate with passion by offering extraordinary value, better than anyone else. That is how you get your target market to reach to you and recommend you to their friends. Being remarkable in a specific category triggers word-of-mouth advertising or buzz which can be amplified through traditional media and also spread virally through social media.

Take the antidote to the social media dilemna or settle for crumbs. Stand Out or Bow Out!

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The New Imperative of Personal Branding in Social Networking

English Astronaut Piers Sellers, Photo by NASA Astronaut, Michael Edward Fossum

The key to building a high-volume luxury real estate marketing practice is developing an abundance of high-trust relationships.  The more you make the more you earn. Personal branding accelerates the process of building trust in cyberspace.

According to a recent survey by the Luxury Institute, about the ‘Social Networking Habits and Practices of the Wealthy', 7 out of 10 affluent consumers are now members of social networks. If you want to connect with more potential clients and referral sources, reach out and invest more time on these sites. It can yield big dividends if you go about it in a focused manner so that your valuable time is well spent.

With the right focus you can “stack the deck” in your favor to develop more high-trust relationships in less time. Developing a strong personal brand accelerates the attraction of high-trust relationships and referrals through the power of focused communication.

Personal brand done right harnesses the power of focused communication by making your core, authentic identity, i.e., who you are and what you stand for, explicitly and instantly clear to your target market.  Sharpness of focus quickens matchmaking because you and your target market can tell, right off the bat, if you are on the same wavelength.

Like-minded people like to do business with people like themselves because it feels so good to be on the same page.  The faster you can let your potential clients and referral sources know that you are a match, the faster you can build trust.  The faster you build trust, the faster the referrals flow provided there is reciprocity in the exchange of value for value. That is why personal branding in social networking is an imperative for luxury real estate professionals who seek market leadership.

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Luxury Real Estate Marketing: Break New Ground, Don’t Be a Copy Cat!

Blue Frog by Michael Galber

The best way to take advantage of the new opportunities in social media, as a luxury real estate marketing professional, is to identify an uncontested market niche where you can run circles around your competition and even make your competition irrelevant.  The sure way to fail, or get mediocre results at best, is to become a copy cat.

Microsoft is at it again.  They are a company in search of a new identity in the new world of social media and cloud computing (software as a service via the internet, like Salesforce.com, vs. software located on your computer).  Instead of breaking new ground by finding an uncontested market space they are settling for being a copy cat.

Right on the eve of the launch of their new operating system, Windows 7, which is supposed to be absolutely outstanding, they are copying Apple by opening two retail stores, one in Phoenix, Arizona and one in Mission Viejo, California. What are they thinking? Certainly they will be able to roll out new products in their stores and engage face-to-face with customers.  However, this is just a case of becoming a “me-too” brand. Supposedly, they are going to have the equivalent of Apple’s Genius Bar. There is nothing new here. 

Perhaps they can demonstrate huge computer screens that run Microsoft software. But, they are not the manufacturers of the screens or other devices that run MS software.  If they carry the devices in their store they will be competing with other retailers in the same shopping centers.

When you think of an MP3 player, what is the first brand that comes to mind? If you are like the vast majority of people you will say iPod. Can you even think of another brand?  Very few people can even think of the Zune, Microsoft's “me-too” brand because they own such a small slice of market share in MP3 players.

If market leadership is your quest, as a luxury real estate marketing professional, steer clear of being a me-too brand.  Find a niche that your competitors are overlooking, one that you can be passionate about and dive in. Break new ground, don't be a copy cat.

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Leveraging Public Relations to Stand Out

Photo by Valerio Capello

As a luxury real estate marketing professional, how can you achieve top of mind status in your marketplace, overnight? One word: Publicity! The right publicity can help you stand out from the crowd.  Here is an example of how one Italian restaurant leveraged public relations to stand out.

Italian restaurants represent the largest population of ethnic restaurants in the U.S.   For example, several years ago the famed Golden Triangle in Beverly Hills (a few short blocks surrounding Rodeo Drive) was home to 18 Italian restaurants.  New York has the most number of Italian restaurants in the world outside of Italy.

Two years ago, Nino Selimaj, who runs six restaurants in New York, introduced the “Luxury Pizza,” which sells for $1,000 for a pie, or $250 for a single slice. This outrageous 12-inch pizza is lavished with crème fraiche, six kinds of the finest caviar available and thin slices of lobster.  It is sold exclusively at Nino’s Bellissima restaurant in New York.   The luxury pizza must be ordered 24 hours in advance. 

Nino’s luxury pizza may seem extravagant, especially today, when high net worth consumers are shying away from conspicuous consumption, at least in public.  But, it is the newsworthiness of the story that is at the core of the real message here.    We recently caught the story on the Travel Channel which means that the story has “legs” (longevity).  It was covered on many TV news features.

For those who travel to New York, having heard about the $1000 pizza, but have not spent a lot of time there, it is very likely that Nino’s restaurants may very well occupy top of their mind when selecting an Italian restaurant. What can you do, as a luxury real estate marketing professional to generate this kind of buzz in your marketplace by leveraging public relations?

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