Luxury Real Estate Marketing Tip: The Potter's Green Thumb

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Personal and Company Branding: Oprah's Brand Aid?

January 11, 2013

As a luxury real estate marketing professional your reputation is intimately connected to your personal brand. What happens when there is a breach of integrity? Can it be repaired? Following the Lance Armstrong story will offer many clues.

On November 1^st, 2012, I (Alexandra, here) wrote a post about the fate of the Lance Armstrong brand, “Can a Brand be Saved?” Given the silence of Lance Armstrong, it did not seem possible. However, a “ Brand-Aid” is on the horizon in the form of an interview with Oprah Winfrey.

A few days, ago Lance Armstrong had announced that on Thursday, January 17^th, Lance will be on Oprah for a “no holds, barred” interview. Why choose Oprah and not 60 Minutes or Dateline? Here is what Jason Gray from the Wall Street Journal had to say:

“Armstrong is a public figure amid a consuming scandal and Winfrey offers a chance to reboot” Lance chose Oprah, because the other shows, “could not deliver what Oprah Winfrey delivers, which is Oprah Winfrey herself. Winfrey’s camp has said there are no conditions or prohibited questions on the Lance time.”

On Oprah’s nature and style, Mr. Gray stated, “Oprah is Oprah. She is a master of her medium, a friend, a confessional, fully control, at peace in her own Oprah atmosphere. Oprah time is not harshly lit, painful awkwardness. Oprah envelops you in ‘Oprahness’. She asks. You talk, because it’s Oprah Winfrey. And Oprah listens. This is comforting.”

What is next? Some speculate that a “tell all book” is in the works; lawsuits, and other consequences will follow. Will Lance weather all this? Will his personal brand survive? What will the public reaction be after the interview? Will he redeem himself in the court of public opinion? Will Oprah's "Brand- Aid "make a difference? What do you think?

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Marketing Luxury Real Estate:Skiing on Rodeo Drive in Beverly Hills

January 10, 2013

Once a month, we have a meeting in Beverly Hills. We always get there early to avoid traffic, have a fresh bagel right out of the oven, and peruse Rodeo Drive's latest luxury windows. For us, it is a study/lesson in branding and seeing how our friends in the luxury industry are marketing themselves and their products.

This morning delighted us with the Jeddhi/Darth Vader look. And no doubt the force would be with you in a white on white ski outfit, and keep away the dark forces with that formidable helmet goggle gear. What a way to be noticed on the hills, and given the design of the helmet, not a hair would be out of place.

Wishing you all a great Thursday, Cheers, Ron & Alexandra

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Personal and Company Branding: Do You Have a Branding Exit Strategy?

January 8, 2013

photo by Oliver7perez

Do You Have a Branding Exit Strategy?

If your quest is gaining or sustaining market leadership in your luxury real estate marketing arena, it is a good idea to develop a personal or company brand that appreciates in value over time. That way it can become part of your exit strategy when you are ready to either retire, merge or sell your practice or get involved in a new venture.

Hostess Brands, maker of Twinkies and Wonder Bread, is in bankruptcy. Other than their physical plants (their equipment and real estate) their other salable assets are the Hostess brands. These include: Nature’s Pride, Merita , Home Pride, Butternut, Wonder Bread and Twinkie. According to the Wall Street Journal, “Hostess’s bread brands could fetch more than $350 million.”

Why would someone buy someone else’s brand names?

Instant brand recognition

Buzz-worthiness—PR opportunities

The brand stands for something in a consumer’s mind—positive emotional associations

It is easy to re-label an existing product with an iconic brand name

No need to establish a new brand name—reduced marketing expenses

One of our clients for whom we developed a strong real estate brand decided to exit the real estate business. This broker had a viable brand and a website with a proven track record of generating and converting leads. A new real estate company that wanted to enter the marketplace bought our client’s name and the website. And, our client ended up with a substantial nest egg for their next venture. The new company was able to have an immediate source of revenue when the signs and staff changed.

Think of your own potential exit strategies as you develop your luxury real estate marketing brand. Forward thinking will payoff down the line.

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Luxury Real Estate Marketing Trends: The Tech Free Get Away

January 7, 2013

There is a trend emerging among luxury real estate buyers when it comes to their second or third homes. As a luxury real estate marketing professional, have you heard any outcries from your clients about their need to get away from it all? Many buyers are now looking for beauty and solitude: no email, no cellphones and social obligations.

In the US, the state of Maine has over 4,000 islands that offer the perfect getaway. These islands are accessible by boat from the mainland. Some of these islands have no plumbing, power lines or paved roads. Many of these buyers build homes that are self sufficient with solar power, composting toilets, and gravity driven cisterns for drinking water.

According, to Privateislandsonline.com, “The majority of American private islands properties are located near the eastern seaboard, especially in Maine, New York and Florida. Islands for sale in the US range from tropical Florida Keys to rugged lodges in Alaska”.

Internationally, there are some interesting places for the total getaway, according to the Wall Street Journal. Here are some of their choices for truly remote locations:

The Kimberley Region, in Northern Australia
Langkawi, Malaysia
The Northern Coast of Ecuador

It would be a good idea to get acquainted with luxury real estate marketing professionals who are specializing in island properties nationally and internationally, so that you can be in the know, when your world-weary client wants to get away!

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Luxury Real Estate Website Design: The Magic of Quality Cues

January 3, 2013

Courtesy of Apple

One of components of our Strategic Brand Analysis that we perform for each of our luxury real estate marketing clients is an audit or review of their current websites and those of their direct competitors. Among many factors, we look for what we call “quality cues”, those small details that add up to a remarkable user experience. Dropping the ball with quality cues is often where complacent market leaders become vulnerable.

We cannot overemphasize the significance of quality cues, as they help to capture leads. And, they are also the sparks that trigger word-of-mouth advertising or buzz! Here is an example of how quality cues add up to a remarkable customer experience.

When your UPS delivery person smiles with delight and feels an instant sense of kinship with you (knowing what is inside the box) because he too has one and it changed his life. And, he adds, “These guys make our job easier because of how well the boxes stack together due to their unique shape”. You know something remarkable is happening.

When unwrapping your newest business tool makes you feel the wonder of child opening a favorite Holiday present combined with the admiration of sheer packaging genius at work, something magical is happening. You marvel at the ease of access to the product and the smooth texture of a single interior box that contain the additional components, how the cover slides, or actually glides open like a box of fine chocolates.

When your package arrives ahead of schedule because customer service made an exception for you when you ordered it and did not charge extra, you feel cared for. And, all this is before you even plug in the machine that was hailed by PC magazine as “the pinnacle of desktop design and manufacturing” (the new 27” iMac).

Imagine if your website created this much user satisfaction before you ever met your prospective client who reached out to connect with you after visiting your site. That is the magic of Quality Cues!

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Luxury Real Estate Marketing Tip: Life is What You Make of It

December 31, 2012

Photo by Petifrere

One of the great poets/songwriters of our time is Paul Simon. His genius is getting under your skin with words that appear to be non-sequitur (out of context). But somehow, the meaning comes through and moves you, profoundly.

This New Year’s Eve, when many are making resolutions, the lyrics of one of his most recent great songs, So Beautiful or So What (April 8, 2011) inspired us. He felt it was his best work 20 years. And, we wanted to share it with you. We believe deeply that life is truly what you make of it.

Here is the video of his performance of the song. See lyrics below. This is not an official video but you can hear the song on You Tube Here

So Beautiful or So What (Music and Lyrics by Paul Simon)

I'm gonna make a chicken gumbo

Toss some sausage in the pot

I'm gonna flavor it with okra

CAYENNE pepper to make it hot

You know life is what we make of it

So beautiful or so what

I'm gonna tell my kids a bedtime story

A play without a plot

Will it have a happy ending?

Maybe yeah, Maybe not

I tell them life is what you make of it

So beautiful or so what

So beautiful, so beautiful

So what

I'm just a raindrop in a bucket

A coin DROPPED in a slot

I am an empty house on Weed Street

Across the road from a vacant lot

You know life is what you make of it

So beautiful or so what

Aint it strange the way we're ignorant

How we seek out bad advice

How we jigger it and figure it

Mistaking value for the price

And play a game with time and Love

Like a pair of rolling dice

So beautiful, so beautiful

So what

Four men on the balcony

Overlooking the parking lot

Pointing at a figure in the distance

Dr. King has just been shot

And the sirens long melody

Singing savior pass me not

Aint it strange the way we're ignorant

How we seek out bad advice

How we jigger it and figure it

Mistaking value for the price

And play a game with time and love

Like a pair of rolling dice

So beautiful, so beautiful

So what!

Wishing everyone a happy and prosperous 2013, Cheers, Ron & Alexandra

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Marketing Luxury Real Estate: The Quest for the Best!

December 30, 2012

On August 20,2008, we wrote about the best in class of taquerias in Santa Barbara. It is still one of our favorite places here. Friday, we were there for lunch and marveled that each time we go, it is as good as we remembered from the last time we were there. This restaurant has existed since the early 80's and each time we leave there is a line forming out of the door, and it continues to form down the block daily.

We used this example as being the best in class in their niche and consistently getting the best results and the best word of mouth referral. When tourists are in town, we make sure we get there just before they open at 11:00 AM, and get in line with the other smart locals...

La Superica is the best in its class, the best Mexican food in town at any price. The Robb Report, known as “the Global Luxury Source”, listed La Surperica as one of the top 100 restaurants in the world. We call this practical luxury. It’s not about the money. It’s about the quest for the best!

Wishing you all the best in 2013, Cheers, Ron & Alexandra

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Luxury Real Estate Marketing Tip: Try Basecamp for Listing and Marketing Coordination

December 27, 2012

Sometimes you need to go outside of the real estate industry to find the best (and simplest) systems for luxury real estate marketing coordination and listing coordination. We highly recommend Basecamp, a cloud-based project management software-as-a-service.

Basecamp lets you create a custom template with To Do lists in your own words. Save the template and use it for all of your listings (you can always make modifications for specific listings). Each listing becomes a project. Because it is web-based your entire team (e.g., your assistant, your photographer, co-listing agents, etc.) can all have access to it from anywhere.

Documents and photos can easily be uploaded to any To Do item (or the project in general) and shared. To Do’s can be assigned and added to a calendar which all can view. Emails are sent to the person assigned to the task with a link back to the specific To Do for that specific listing in Basecamp.

Task specific discussions for any given listing/project are all in one place. You do not have to search through your email inbox to find related items that may not be identified in the email subject line.

Nothing gets lost! If someone accidentally deletes something, you the owner, can easily retrieve it.

We thought we lost a detailed description of a new marketing project in our own strategic branding and marketing consulting practice. We worked for almost two hours on this. It was after hours on Christmas Eve. We wrote to tech support not expecting to hear back until December 26^th. But, on Christmas morning there was our answer. We retrieved it instantly. WOW!

Customer service and tech support at Basecamp is superlative! That is so important given the need for speedy response on something that is at the core of your luxury real estate marketing practice: Listings and marketing!

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Luxury Real Estate Personal & Company Branding: The "Hailo" Effect

December 26, 2012

Luxury real estate marketing professionals often ask us about the importance of selecting the right brand name. It really comes down to how fast and easy you want to make it for your potential referral sources to remember your name, because top-of-mind status IS the name of the referral game.

In marketing luxury real estate, previous conventional wisdom focused primarily on your “sphere of influence”, those people who know you directly and think highly of you. But, with the advent of the Internet and social media the very concept of your sphere can change radically.

The fundamentals of staying in touch with your immediate sphere still apply. But, now there is a potential to have a continuously expanding “peripheral sphere of influence” comprised of people you have never met! And, the aggregate of that sphere can literally become a significant source of referrals.

Here is an example: A couple comes to your town on vacation, has a great time and is inspired to purchase a second home in your marketplace. They ask a local, a stranger, “Who is the best real estate agent or broker in the area? Now, if you can get your name to come up first for that local person, even if that person is not in the market to buy or sell their home right now, that person is in your peripheral sphere of influence. Don’t you think it is important to make it easy for that person to remember your name, first?

Some of the best brand names are those that you hear once or see once and never forget. Here is an example of one of those great brand names: HAILO, the taxi app or iPhones and Androids. This name may be more significant for those of you who live in a major city and frequently use taxis for transportation. But, once you have heard about it once you are very unlikely to forget it.

With just a couple of taps of your phone you hail a cap and it tells you what your wait time will be. No more flailing arms to summon a cab! Then, as soon as you step out of the cap at your destination, it sends you a receipt, because your credit cards are on file for immediate payment with the app. The service is available in New York, London, Tokyo, Chicago and five other cities so far.

Graphically, the logo is very simple. HAIL on one line, O just below. Black letters with “yellow cab” yellow background. It is a better way to hail a cab in just one word.

There are many tried-and-true principles and approaches that can be applied in crafting a great brand name. Selecting the right approach for your luxury real estate practice or your company in your marketplace is the key. It must fit the essence of who you are. And, it must help you differentiate you from your competition.

Is it worth taking the time to make the right brand name choice? It is if you want to capitalize on and expand your peripheral sphere of influence.

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Luxury Real Estate Marketing Tip: Adopting a Beginner's Mind-Part 3

December 18, 2012

In this third post about the beginner’s mind, we leave you with a single, highly focused thought, in the Zen tradition, for those who market luxury real estate.

When Kobe Bryant, the famed Los Angeles Laker, was just 8 years old he shot 82 successful free throws in a row. When asked how he did it he simply answered, “I did not know I couldn’t do it”.

That is the true secret behind a beginner’s mind.

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Luxury Real Estate Marketing Tip: Adopting a Beginner's Mind-Part 2

December 16, 2012

How to Begin a New Client Relationship

As a luxury real estate marketing professional, the best way to begin a new client relationship is with a beginner’s mind. That is, with no preconceived ideas, a readiness to help and most importantly, an eagerness to listen and learn as if you had the ears of an elephant.

You may be the leading authority in your market niche. You may have built a strong reputation as the leading expert in your area. But, the more advanced you become in your field the more it becomes necessary to adopt the beginner’s mind because the tendency is to rely just on past experience. By assuming that you know better or by not being genuinely open to hear the nuances of what your new clients need you may miss the mark all together.

Take the time to discover exactly what is needed and wanted. Some clients are not yet clear about their answers. In this case, your job is to guide them in discovering what they need by asking questions that lead to their own self-discovery.

Ask what your new client expects of you. Listen for unrealistic expectations. How you handle them will set the course of your relationship.

If this sounds too fundamental to you, you may currently not be in your beginner’s mind. It is really easy to live on “auto-pilot mode” especially if you are an accomplished professional. That is why championship caliber athletes practice the fundamentals over and over again.

We recently sat through a meeting with a successful loan broker (with a 30 year track record) and his potential client. The loan broker spent more time talking about himself and his own financial situation than he did listening to the client’s needs. We were amazed!

After wasting our time, it turned out that he could not help this client, a fact that could have been determined in five minutes. Finally, he was able to refer the client to someone who possibly could help, which is doubtful if the “birds of a feather flock together” rule applies. But, he lost two potential referral sources for himself in the process simply because he talked too much instead of listening more!

Listen and learn with a beginner’s mind whenever you meet with a new client. Even if you are not the right professional to help them, you may gain a potential referral source that you previously did not have. Remember to put on your elephant ears!

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Personal & Company Branding: Adopting The "Beginner's" Mind

December 14, 2012

Using technology and Internet marketing has increasingly become a mainstay in the field of marketing luxury real estate. It is humbling, to say the least, to discover that your competitors have been the first to adopt the latest and greatest technology and you just at the beginning of the learning curve. Instead of wallowing in frustration here is a tip to help you get up to speed faster: Embrace a “beginner’s mind”.

A “beginner’s mind” is a term often used in Zen. It is a state of mind that is free of pre-conceptions about a new subject, free of pretending that you know, and also free of self-criticism for not knowing or doubting that you can learn the subject easily. It is a state of genuine curiosity and eagerness to learn.

It is easy for adults to become jaded. To understand this state of mind better, think of the perspective of a child who is discovering ice cream for the first time. What would it be like to rediscover your own marketplace with this mindset?

In our strategic branding and marketing consulting practice for luxury real estate agents and brokerage firms, each time we take on a new client we start our consulting engagement with a trip to their marketplace at no extra charge to our clients. This gives us a chance to have some real face time with clients. It also makes it possible to quickly study and thoroughly learn about their marketplace

By being there, with beginner’s minds, we invariably discover exciting nuances about these markets and find non-obvious business development opportunities that can give our clients a competitive advantage.

We advise our clients to continuously take a fresh look at their marketplace through the eyes of their new clients who are discovering it for the first time. With a beginner’s mind, you can more readily discover the best way to serve your luxury real estate buyers and sellers.

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Luxury Real Estate Personal & Company Branding: Sensory Branding

December 11, 2012

Some of the most successful examples of luxury real estate personal or company branding are those brands that strike an emotional chord with ideal clients. One of the best ways to engage prospective buyers and sellers is through repetitive sensory impressions that make you stand out from your competition.

Most people associate branding with a visual symbol like the Nike “swoosh” or the silhouette of a rabbit (Playboy) or the LV monogram (Louis Vuitton). Some products have a distinct smell that creates and positive olfactory memories. With enough repetitive sensory impressions consumers can often identify a brand from a great distance, by sight (without words), or with just one whiff.

Auditory branding is another way to create an indelible impression of your brand. Joel Beckerman has actually won awards for “sonic branding” and has a roster of Fortune 500 clients who believe in this brand strategy. You may have heard his “whoooosh” when you have sent email on an iMac or any other email enabled Apple product. If you heard that “auditory logo” while watching a TV show in which the character was sending an email, you would instantly know that the computing device (even if it were not visible on screen) was an Apple computer or device.

Engaging the senses in your branding creates an emotional connection with your target market that can give you a significant competitive advantage. But, it must communicate your unique brand personality and also be consistent throughout your communication channels.

For one of our lender clients, who brokered jumbo loans for luxury real estate, we created a motion website graphic of his logo zooming down a road and coming to a screeching halt in the foreground, with full sound effects. He was obviously into cars. This resonated perfectly with his ideal clients who could appreciate it.(See Case Study)

What are some ways that you can incorporate sights smells and sounds into your own branding in order to create a strong, positive emotional brand for yourself or your company?

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Marketing Luxury: Christmas in Beverly Hills-Where is the Joy?

December 6, 2012

The theme in the bright colored pennants in Beverly Hills this Christmas season is "Live Joy". Bijan. known for dressing moguls and royals, was the only one to express this sentiment as seen in the lead photo. Here is a tour of what we saw:

Ralph Lauren's window was beautifully composed. The mannequins looked bored. X-mas Ennui (French for boredom)

Tom Ford's windows featured Christmas in gray with gray boxes and mannequins dressed in gray.

Cartier had its signature playful panther batting the red boxes. Even the cat is subdued.

Louis Vuitton's good wishies came in 4-leaf clovers...

and in wishbones displays, but the message was way too subtle and understated for the SEASON of JOY.

An origami wreath at David Yurman was innovative, but against a bleak background?

Rodeo Drive's median had bare fake white trees (between the live palm trees) with white lights (you can barely see them in the photo). There are also a few hanging white stars (again, you have to look carefully to find them here) as its only other decor apart from the red pennants that proclaim, "Live Joy". But, with the exception of Bijan, none of these purveyors of luxury on Rodeo Drive exemplified the primary marketing message. Where is the Joy?

Cheers, Ron & Alexandra

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Luxury Real Estate Marketing Tip: Fight or Take Flight?

December 4, 2012

As a luxury real estate marketing professional it is essential that you understand that luxury is a relative term. The word has been strongly associated with the lifestyles of the rich and famous and primarily with conspicuous consumption and being ostentatious. But, there is so much more to the meaning of luxury than glitz and glamour.

Perhaps you saw the recent 60 Minutes TV show that featured two extreme stories about luxury. One story was about a Korean prison camp escapee whose concept of luxury was eating boiled chicken because he was only fed cabbage and gruel his entire life. Certainly, we have heard of extreme poverty in underdeveloped countries. But, never have we heard of three generations of prisoners who were being punished for the political crimes of their forefathers.

The other story was about a psychiatrist who realized a dream of creating the first airplane powered solely with solar energy, one that could fly at night using the stored solar power from the previous day. To this visionary, luxury was the satisfaction of achieving his individual potential.

It is utterly amazing to conceive that such extremes can co-exist in modern times. But, such is the current state of human nature. How is it possible that one man can fight so fiercely just for the right to find nourishment, while another man can let his imagination take flight, beating all odds to make the impossible, possible?

Abraham Maslow was best known for creating the hierarchy of human needs. He addressed these extremes when we expounded upon the spectrum between the need for physical health and safety through the need to belong, the need for self-esteem (and the esteem of other) and the need for self-realization.

The upper tiers of this hierarchy is where you find most luxury real estate buyers. Yet, throughout each tier is the yearning of the human spirit to take flight, to rise above it all, physically, mentally and emotionally. The rewards of satisfying one’s needs, each step of the way, is what true luxury is all about.

Take the time to genuinely understand the needs of your clients. Understand what luxury means to them. This will serve you well and will enable you to serve your clients better than ever.

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Luxury Real Estate Marketing: The Luxury of Eggs/The Gift that Keeps Giving

November 29, 2012

One of the most important aspect of gift giving, as a luxury real estate marketing professional, is knowing what is meaningful to your clients. It is easy to listen for the clues about the things they like, the hobbies they are involved in or the ideas about which they are passionate. These listening moments will surely lead to finding the perfect gift that keeps giving.

As we were perusing the various gift catalogues that fill our mailbox this time of the year, we were intrigued by Williams Sonoma’s offerings under “Made By Hand: Agrarian celebrates a lifestyle of healthy living, and all things homegrown and handmade.”

This offering is no doubt in response to the healthy living trend. Our favorite is the chicken coop (or in this case a luxury two story chicken manse with a glassed in veranda). It reminded us of our Napa friends who have a chicken coop with beautiful Ameraucana chickens whose eggs shells are a bluish green. Occasionally our friends would call us on a Sunday morning and asks us to join them for omelettes made with their chicken’s eggs. Fresh picked eggs are one of the most delicious and luxurious treats

The other gift we loved is a beehive. We recently had dinner with new friends who have a beehive in their yard. The honey is unlike any honey they have ever tasted (and they are real foodies). By keeping a beehive, they are helping to increase the waning bee population. Their neighbor reported to them that since their bees arrived, his avocado trees are improving. To view these healthy lifestyle delights which include a cold frame for your edible garden, gardening tools, cheese making kits as well as various honeys, go to the agrarian section of their website.

If you give someone what he or she really is interested in (fresh eggs, etc.) you can consider yourself a great gift giver. Listening to your clients all year-round, not just at Holiday time, and making a note under their name in your contact records is the key. It is so much fun to see someone smile as they say, “Thanks, this is one the best gifts I have ever received.” That in and of itself is a delightful reward. But, the buzz you generate as a great gift giver can also lead to excellent referrals because you will most likely be on their mind whenever they cook with eggs.

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Marketing Luxury Real Estate: One Way to Stay on Top of Your Game

November 27, 2012

One of the ways to stay on top of your game when it comes to marketing luxury real estate is watching HGTV when they feature extraordinary homes and million dollar rooms. It will help you expand your “vocabulary” in the Language of Luxury.

For example, in a recent episode of Extreme Homes, an absolutely stunning custom designed, multilevel home was featured that was built on a cliff overlooking the Southern California coastline. The homeowners are truly passionate not only about fine architectural design but also automotive design. In fact, when they drive one of their cars into the garage (on the upper level) the floor of the garage can descend into the lower level of the home where the car can be showcased like a work of art. (See the photos above).

Understanding what your clients are passionate about can help you find them the home of their dreams. It can also give you a competitive edge in a listing presentation when you can connect with homeowners on their level.

The more you are familiar with the many facets of the luxury realm the more you will have in common with your ideal clients. The faster you can build rapport the faster you can build trust. This also translates into the acceleration of referrals. And, that is a great way to stay on top of your game.

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Luxury Real Estate Marketing Trends: My Kitchen has Bedrooms

November 20, 2012

As a luxury real estate marketing professional you understand the importance of an outstanding kitchen design when it comes to marketing luxury homes. You would be the first to advise your seller to remodel or upgrade the kitchen in order to get maximum value for their home.

An interesting trend has emerged in building or remodeling high-end homes. According to the National Association of Home builders, the average square footage of kitchens has increased by about 50% in the last 30 years (from 303 to about 450 square feet on average). In the fourth quarter of 2011 the American Institute of Architects Home Design Trends Survey also noted that the size of the kitchen’s footprint in a home was growing.

Joanne Hudson, a Philadelphia based kitchen designer, says: “This trend is partly driven by a shift toward a more casual lifestyle, where people often want to prepare food with company either watching or helping them cook the meal. More people are cooking at home for health reasons—as well as wanting to show off the latest in increasingly pricey commercial-grade home cooking appliances.”

Toll Brothers has added an option for a 440 square foot kitchen in their model homes. Other builders, such as KB homes and The New Home Company have remarked that kitchen sizes, on average, account for about 15% of its homes' total floor plans in a typical 4,800-square-foot model. This is up from 10% of a similar home's plan seven years ago.

What comprises a supersized kitchen? These kitchens now include a great room, a family room and are often connected to an outdoor kitchen. It is as if the kitchen has bedrooms and that make it a home.

How much does a supersized kitchen cost? Investing in a major kitchen remodel in an upscale home costs $111,000, on average. 57.4% of the costs typically are recouped in a resale, according the most recent annual Remodeling magazine report.

An extreme kitchen home in Beverly Hills is currently in escrow with an asking price of $58 million. The home has a 5,000-square-foot kitchen with seating and dining areas, a glass walk in refrigerator and freezer as well as a butler’s pantry. The entire room opens on to a beautifully manicured formal garden.

Become knowledgeable not only about kitchen design but also about top-of-the line appliances. That way you can advise your clients about the potential value they can add to a home either as a buyer or a seller. Your expertise in this arena will also add value to the service you provide and enable you to run circles around your competition.

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Luxury Real Estate Marketing Tip: Pick Your Niche Wisely!

November 19, 2012

Courtesy of Microsoft

Identifying an undeserved or uncontested market niche, then dominating that category is the fastest route to market leadership in the field of luxury real estate marketing or any field of business for that matter. To be successful in your chosen category, however, it must be a category that you or your company, can serve better than anyone else.

When Steve Jobs first introduced the iPad he presented perhaps the best demonstration in the digital age of this fundamental principle of brand strategy. On the screen behind him was an image of the iPhone and a MacBook laptop, with a space between them. He posed this very important question: “Is there room for a third category of device in the middle?

In this article we are going to use Steve’s logic to analyze whether there is room for yet another category in the middle between a smartphone and a laptop. This is the question to which Microsoft answered, “yes”, with their new Surface device.

According to Jobs, to qualify as a legitimate third category the iPad would have to do some things far better than either of the other two devices. For example, browsing the Internet, or using the device for email, photos, video, games and eBooks would have to be a far better experience than doing the same thing with a smartphone or laptop.

At the time netbooks were selling like hotcakes. But, Steve summarily dismissed the netbook as a “cheap laptop” not a new category. With over 100,000,000 iPads sold to date consumers have confirmed the need for this distinct third category.

When you are on the lookout for a luxury real estate category to dominate keep this netbook example in mind: You need to define a niche that is clearly distinct from other categories, a niche to which you or your company can add extraordinary value.

Microsoft’s Surface is their first foray into the category of tablets and laptops. In fact it is a hybrid of the two categories. A flat keyboard (which costs extra) can snap into the tablet, while the tablet is in standing mode, and turns the tablet into a laptop. But, at the end of the day, doesn’t that turn their tablet into a netbook—another cheap laptop?

No doubt Microsoft is following in Apple’s footsteps in attempting to control the entire user experience from hardware to software. Surface runs on Windows 8, which is a completely overhauled version of their flagship product that now works with touch screens.

Windows 8 may help Microsoft become a distant third major player in the tablet arena in the same way that #2 Google became a challenger to #1 Apple with their Android platform used by multiple manufacturers of tablets But, the Surface itself does not create a new product category because it does nothing far better than a laptop (that can also run Windows 8) or any other tablet on the market. As such, it confuses consumers as to which devise category it belongs. Is the Surface a tablet or a laptop?

Select your luxury real estate marketing category wisely. Pick an underserved or uncontested market niche that you can serve better than anyone else!

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