Library of Congress, Washington DC
We recently interviewed a potential personal branding client who is determined to specialize in luxury real estate marketing and focus exclusively on the upper-tier of the price range in her marketplace rather than all price points. It was refreshing to hear how passionate she is about her pursuit of market leadership. She is bound and determined to compete on the basis of being more “in the know” about her marketplace than her top competitors.
She explained how she had researched the most expensive home in her market. Several agents had listed the home but none had sold it. Through her research she discovered some clues about the property that were undoubtedly overlooked by the previous listing agents.
She was convinced that the property was not being exposed to the right pool of potential buyers. She was certain that she could sell it if only he had the opportunity to market the home in a completely different manner that specifically targeted foreign buyers. The fact that the previous agent’s company had a large international reach did not mean that this particular property was given maximum exposure beyond their closed international network. This got her motivated to dive into the field and become the expert in her area at marketing luxury real estate internationally.
It is often the case that the incumbent market leaders get complacent; sometimes they do not take the time to thoroughly do their homework prior to putting each of their listings on the market. They are expected to be the “know-it-all” in their marketplace. But, this is not always the case.
Incumbents often “sit on their laurels” and are not always tech-savvy. As a result, market leadership is up for grabs in most marketplaces because free information and internet marketing tools create a level playing field for all competitors. Getting in the know by gaining superior market knowledge plus becoming more tech-savvy than the “know-it-all” incumbents can empower you to overtake the current market leader in your area.
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