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 differenct. 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 ut-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

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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Luxury Real Estate Marketing: What Color is your Luxury Brand?

For luxury real estate marketing professionals, choosing the right colors in the process of branding is an important element of your brand identity system. Color is a means of communicating your personality and your unique identity. It sets the tone and the mood you want to project to your target market. It also tells them what you stand for.

Traditionally, the colors associated with luxury are black, gold, forest green, and burgundy. Here are some basic traits of these colors:

BLACK evokes feelings of elegance, sophistication, mystery and drama.

GOLD is shiny, rare, glows and sought after.

BURGUNDY is a deep red and it is seen as sophisticated, classic and more refined than red.

FOREST GREEN is associated with money and prestige.

Here are some colorful luxury brands:

HERMES: Bright burnt orange is the dominant color. Orange is a hot color, reminds us of fun, sunsets and autumnal foliage. Hermes ties their orange boxes with brown ribbon. Brown is the color of substance and earthiness. The color message is fun and substantial.

TIFFANY: Tiffany blue is a registered trademark. Blue reminds us of the sky and water. Blue evokes the feeling of consistency, trust (true blue), and confidence. Their accent color is white. White stands for purity. Their jewelry design is pure, serene and everlasting.

FAUCHON (gourmet food) : Hot pink is energetic, youthful and devil may care. Accent color is black, solid and sophisticated. Food is exciting and sophisticated.

In nature colors, wildlife is there for attraction, camouflage and survival. Flora also cooperates in this process with its own enormous range of color. Observing nature is a great way to study color combinations and be inspired by it!

As a luxury real estate marketing expert, what colors will reflect your nature, and simultaneously resonate with your target market and the community in which you work?

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Napa Consultants, International Announces Strategic Partnership with LuxuryRealEstate.com

Napa Consultants, International is excited to announce a strategic partnership with Luxury Real Estate.com, the #1 portal for luxury properties on the internet since 1995, and the publisher of Who’s Who in Luxury Real Estate.

Luxury Real Estate is a global network of the finest luxury real estate brokers in the world. This group of more than 1900 brokerage firms and 120,000 individuals in more than 65 countries collectively sells in excess of $180 billion of real estate annually, with an average sale price of $2,650,000. Members sell homes for record prices and handle transactions of incredible complexity and magnitude with complete discretion. With the guidance of the Board of Regents (Regents.com), the governing body of Luxury Real Estate, the network represents the best in the business.

Every Luxury Real Estate member is carefully selected by CEO/Publisher John Brian Losh, an entrepreneur and broker of fine properties and estates through his Seattle-based brokerage firm, Ewing & Clark, Inc. and one of REALTOR Magazine’s 25 Most Influential People in Real Estate. To be eligible for membership, firms and brokers must list and sell in the top 10 percent of their market and demonstrate expertise in the marketing and sale of multimillion dollar properties.

LuxuryRealEstate.com, is a Webee Award Honoree. The portal has been voted ‘Best of the Web’ by Forbes magazine multiple times, praised by the International Herald Tribune, Town & Country, and the Wall Street Journal. It has been ranked ‘Best Web Site’ according to consumers (based on surveys by the Luxury Institute LLC).

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Luxury Real Estate Marketing : Discovering Your Spots

We are often asked to describe the process of developing a personal or company brand for luxury real estate marketing professionals. Our very first step is what we call the discovery process. Our job is to transcend the layers of superficiality where it is next to impossible to detect distinctions between real estate agents and companies within the same marketplace. With a battery of very pointed questions and two-way communication we reach for and identify the authentic brand signal, the core identity.

The philosophy behind this quest is the notion that things cannot change their innate nature, NOR SHOULD THEY. Instead, one's innate nature (or the nature of your company) should be proudly amplified and expressed vividly so that those who value, and are thus attracted to this core identity can readily recognize that they have found their match.

Have you ever heard the proverb that a leopard cannot change its spots? Nor, can a leopard spotted moth be a butterfly. Some people look at this as a limitation. But, in fact, there are infinite ways to express your core identity.

Furthermore, there is no scarcity of potential clients who would be attracted to your authentic brand signal if you clearly bring it into focus, sharply differentiate it from your competition, and simply make it obvious. Those who seek the impossible task of trying to change their “spots” are trying to be all things to all people and will fail.

The art of branding is tuning into the deepest concerns of your target market and expressing your core identity as the solution to their problem, their challenge or their predicament in an inimitable way. This is a very creative process and we love doing it.

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Strategic Branding For Real Estate Agents & Brokerages: Passion is the X Factor

Luxury real estate marketing is a high stakes game. But, the rules of the game have changed almost overnight. The internet has caused a titanic shift that has leveled the competitive playing field. It has challenged even the most seasoned professionals to clearly articulate their unique promise of value —how they are sharply distinct from their closest competitors.

There has never been a more challenging time in the history of the real estate profession given the confluence of this disruptive technology and the upside down economy. The time to confront the brutal facts that your old success formulas are just not cutting it like they used to is here and now!

That is what we admire so much about Microsoft in recent times. In our previous post entitled, “NarrowYour Niche” we referred to Microsoft’s new search engine, Bing. They faced the tough facts that with all their money and all their might they could not take on the behemoth, Google, by matching them feature for feature. The brand name itself is that thoroughly ingrained in the minds of internet users worldwide.

Microsoft truly understood what we refer to as the “ultimate ultimatum of modern business”: STAND OUT OR BOW OUT! TM In our strategic branding practice we prescribe the same medicine to luxury real estate marketing professionals.

So, here is your prescription:

1. KEEP THE FAITH. Hold fast to your fundamental vision of your success, but not to the particulars. That is the only way you can allow new answers, new solutions, new combinations, new people and new success formulas into your life, and into your practice

2. FACE FACTS. Parts of your old formula are just not working any more. Be willing to reinvent yourself, be receptive to new ideas

3. ASK YOURSELF what you can do better than any of your closest competitors.

4. SELECT an uncontested market niche that can also be highly profitable

5. CREATE a new brand identity or refresh your existing brand so that it is synonymous with your selected niche in the minds of your target market

6. BE SURE to select a niche about which you can be absolutely passionate

Microsoft apparently has done steps 1-5. But, are they truly passionalte about their new focus on Shopping, Travel, Health and Local Search? Without passion they might as well bow out now. If you want to see passion in action, just walk into an Apple store. Their passion is contagious and so is their brand.

The picture of the Apple store in New York City on Fifth Avenue clearly illustrates their brand's unique promise of value: ingenuity and fun. They are drawing attention to a basement store with a glass cube entrance housing a cylindrical glass elevator and a spiral staircase. What a brand statement!

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Personal Branding for Real Estate Agents: Narrow Your Focus

TRAVEL: BORA BORA FROM THE AIR

An excellent lesson can be learned by luxury real estate marketing professionals, both for personal and company branding, by looking at Microsoft’s latest change in their search engine brand. Prior to Microsoft’s recent rebranding and re-engineering, MSN was languishing in a very distant third place and was losing market share to #1 Google and #2 Yahoo. Now, Microsoft’s new Bing is making gains and has a fighting chance to significantly increase market share. What is Microsoft’s new strategy? It can be summed up in three words: NARROW YOUR FOCUS!

Microsoft has basically conceded to Google. It may never catch up to this iconic break-away search engine brand. But, they have done a brilliant job of identifying four niches in which they believe they can surpass Google and Yahoo, something they can do better than anyone else in the world of search engines. Those niches are Travel, Shopping, Health and Local Search.

Why these categories? Each one commands high traffic and also high advertising rates; advertisers compete aggressively for pay-per-click ads here. By focusing on these four lucrative search sweet spots their profit margins will increase. The economic driver is higher advertising revenue per click-through. If they can provide a better user experience in these particular niches, they are betting that they can get Google and Yahoo loyalists to switch brands when they need to search these categories.

Microsoft decided on the name Bing because it has just four letters, it is easy to remember, and also because it has the potential of becoming synonymous with searching for Travel, Shopping, Health and Local Search. Notice that Microsoft already uses Bing as a verb in their ads. To Google or to Bing? That is the question that Microsoft must wedge into the minds of those searching in these categories, if they hope to gain defectors.

How can you, as a luxury real estate marketing professional, narrow your focus and serve a particular niche better than anyone else in your marketplace?

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Who is the MVP (Most Visible Professional) in your Marketplace?

If your quest is market leadership as a luxury real estate marketing professional, you need to be top-of-mind, the go-to brand in your local marketplace. You need to become the most highly recognized agent, team or brokerage firm internationally. Not only do you need to be the stand-out in the minds of buyers and sellers, you also need to be the go-to agent in your area for referring agents throughout the world.

To achieve this status you must become a master of social media and get connected across the globe. Are you the most connected agent in your marketplace?

Our friends at Proxio, the international MLS and global referral network, and Inman News have launched a search for the 100 "most connected" Real Estate professionals -- the first annual Proxio Most Visible Professionals (MVP) in Real Estate Challenge™.

The 2009 Top 100 Most Visible Professionals will be featured on Proxio’s international website, and the Top 25 will be recognized in a press release and at a “MVP Mixer,” co-sponsored by Inman News, at the Palace Hotel in San Francisco on August 4, 2009, the evening prior to Real Estate Connect San Francisco 2009.

Take the challenge and good luck!

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Institute for Luxury Home Marketing Partners with Napa Consultants

Napa Consultants, International is proud to announce a new partnership with The Institute for Luxury Home Marketing (ILHM). The two firms are working together to develop benefits for the members of the Institute and also a series of short marketing videos which will be available to all real estate professionals online.

We look forward to bringing our marketing services to luxury residential agents who are Institute members. Working with Laurie Moore Moore, and Waco Moore, the CEO and President of the Institute is a sheer pleasure. Their programs are second to none.

About The Institute for Luxury Home Marketing (ILHM)

The Institute for Luxury Home Marketing exists to help real estate professionals around the world provide high quality service to buyers and sellers of luxury properties. Institute members complete special training to build expertise in the marketing of upscale homes and estates and those who meet performance standards may earn the prestigious Certified Luxury Home Marketing Specialist (CLHMS) designation. For more information about the Institute visit www.LuxuryHomeMarketing.com

Here is the first of our video series entitled, The Power of Personal Branding.

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Personal Branding for Real Estate Agents: Quality Cues Part 2

This is part two of our previous post on quality cues. Quality cues are indications of quality in packaging, displays, product features, collateral materials, website design, messaging, etc.The more quality cues you can offer in your luxury real estate practice the more your personal or company brand will become distinctive.

Luxury Real Estate Marketing Tip

When marketing luxury real estate, use as many quality cues as possible to connect with your clients emotionally. Messaging is extremely important. We cringe whenever we read how a home “boasts” some feature like an infinity pool or a state of the art entertainment room. Instead, reach for the emotional connection with potential buyers.

For example: Communicate the sense of relaxation and relief they will feel when they plunge into the pool after an exhausting day, or the enjoyment of watching movies and eating popcorn with their friends and family.

And, take a cue about quality cues in messaging from a mass marketed coffee brand that overcomes the perception of being too big to care about customers—Tully’s coffee.

In part one; we mentioned that we purchased a 12 oz. bag of Gelson’s Finest coffee at Gelson’s market. A gold clasp that helped reseal their package was an important quality cue. That same day we also purchased a 12 oz bag of Tully’s coffee. Tully’s is available at over 5000 markets. We like their Decaf House Blend.

Tully’s quality cues are right on their package and on their website. It’s more in their messaging than in their graphics. For example, on the package you can read that “coffee is our passion”. Here is their call to action: “Enjoy a cup and celebrate the wonderful complexities of our pride and joy”. On their website, you are asked to “Taste Our Obsession”.

There are many Tully’s coffee stores. We spotted one in Seattle on our last visit there. To make a deep emotional connection with customers, Tully’s lets you know that “Community is their Commitment”. Tully’s is proud to support many local organizations that focus on children’s educational development and health.

Here’s yet another quality cue in Tully’s messaging: Their description of the decaf blend is “smooth, inviting and buttery”. These are emotional quality cues followed by the word, in botd—BALANCED. These words resonate with the values of coffee aficionados and thus become quality cues.

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Personal Branding for Real Estate Agents: Quality Cues- Part 1

For luxury real estate marketing professionals, small things can make a big difference in terms of standing out from your competition. As an example, one of our clients, who is from Switzerland, uses special flat, rounded gold clasps instead of paper clips. These wafer-thin fasteners fold over the upper corner of papers that need to be held together. It is very elegant and impressive. Best of all they only cost a few cents each. Now, these particular fasteners can only be found in Europe. This then becomes one of many, many ways in which she distinguishes herself, in a nanosecond!

In branding terms the fastener is a “Quality Cue”. Quality cues are indications of quality in packaging, displays, product features, collateral materials, website design, messaging, etc. The more quality cues you can offer in your luxury real estate practice the more your personal or company brand will become distinctive.

We thought of our client when we were shopping for coffee at Gelson’s, an upscale market chain in Southern California. Gelson’s recently came out with their store brand of coffee, called Gelson’s Finest. We trust the quality of Gelson’s as a market. So, we were willing to try it because we were certain that they would not put their name on sub-par coffee.

Usually, when a market puts their name on a product it is a way to increase their profit margins and the quality may be less than the known brands. The packaging is also less attractive than the name brand packages. Gelson’s added a couple of quality cues that encouraged us to at least try their new coffee. The packaging is first rate. And, they included an attractive gold clasp to help seal in the freshness instead of the usual bendable plastic strip that wraps around the folded top of the opened coffee bag. How convenient! And, the coffee is good!

As a luxury real estate marketing professional, what are your quality cues?

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Luxury Real Estate Marketing Essentials: The True Value of Luxury- Part 2

Large Falafel cooker

An abundant mindset is the hallmark of a consummate luxury real estate marketing professional. Here are two ways to cultivate an abundant mindset

1. Practice being appreciative of that which you value in your surroundings
2. Practice recalling moments of sheer abundance

What are some of your luxury moments?

Babs, Circa 1963

In our surroundings , some of our favorite moments are walking on the beach, watching dogs catch Frisbees, and children digging holes in the sand to build castles. In memory of our dads for Fathers' Day we recalled a couple of special moments of luxury. For Alexandra in particular, it was enjoying a falafel sandwich at our favorite Lebanese dive in Westwood (Los Angeles), which reminds her of precious moments in Beirut with her father (The cost=$5.00). For Ron it is being ushered to the head of a long line at a Las Vegas showroom because his dad was an invited guest. He can remember one show in particular, in 1963, when Barbara Streisand was second bill to Liberace.

Memories of wonderfully luxurious experiences are portable. They do not need to be insured, dusted or stored.

We should aspire to learn to continuously appreciate all that we value around us: nature, people and the diversity that life brings. Appreciation transcends economic conditions. It will never experience a recession or a depression. Appreciation is the luxury of the heart and soul which recognizes the perfection of everything that touches our life. It is finding a way to be in love with life under any and all conditions. That is true abundance, the true value of luxury.

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Luxury Real Estate Marketing Essentials: The True Value of Luxury- Part 1

As a luxury real estate marketing professional it is important to tune into the way in which opinion leaders define luxury—not just those in the real estate realm. It will help you ascertain your own definition of luxury. Here’s an interesting quote about luxury and the recession from Michael Burke, the president and CEO of the famed Italian fashion house, Fendi:

“Luxury should not be affordable. It cannot be, it shouldn’t be for everybody. The way the products are made, the quality and the work, luxury is not for instantaneous gratification, one should aspire for it. There has recently been far too much froth in an overcrowded marketplace”, adds the executive, "too much fast luxury. That's why we need a recession so there is equilibrium and so we can return to the real values of luxury."

Perhaps, the true value of luxury is appreciation, e.g., the pleasure and the enjoyment of fine craftsmanship. Appreciation cannot be purchased; it is an emotional response to seeing and feeling something that delights our senses. Does one have to own it to appreciate it?

Today the majority of the wealthy talk about the luxury of time as being one their most important luxuries. Their interests are veering away from the latest fashion to social consciousness, and to experiential luxury. Most talk about spending quiet time with family or just sitting and watching a sunset, or even doing nothing. Can you buy time?

If luxury is essentially experiential then luxury is for everyone. It is about viewing one’s environment as a source of luxurious moments that are absolutely free. Friends who have visited the poorest corners of the world marvel at the happiness of the people and their willingness to share their perceived abundance. They are moved to tears when they realize they are the ones with a scarcity mentality. Can you buy those spontaneous experiences?

What are some of your luxury moments?

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