Friday, September 30, 2011

50 Top Luxury Real Estate Markets in the USA: Hawaii - Part 2


KOHALA "GOLD" COAST ON THE BIG ISLAND

On the West Coast you have the Beverly Hills “Golden Triangle” with Rodeo Drive running through it. Across the Pacific Ocean, on Hawaii’s largest and geologically youngest island, you can find the Kohala Coast, also known as the “Gold Coast”. You may not find extensive high-end shopping there, but you can find an active, luxurious lifestyle that is defined first and foremost by its sun-drenched climate, tempered by soothing, tranquil trade winds. With temperatures that vary only slightly between 70-85 degrees the Gold Coast has only 8 inches of rain all year, on average.

The ideal climate here has inspired international developers and architects to design homes and planned resort communities that fully integrate indoor and outdoor living. Often, interior design and lush landscape design become a continuum. With its controlled growth and low density, it may be said that wide open space itself, is a major part of the luxury lifestyle on the Big Island’s Gold Coast. To see slide show,

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Variety Is the Hallmark of the Big Island

In addition to perfect weather and wide open spaces variety is the hallmark of the Big Island. According to Rebecca Kelilhoomalu, “there are palm tree lined sandy beaches that run up the coast, while massive mountains with cascading waterfalls sprout from the interior. Traditions and local customs make for a strong culture and community. Who wouldn’t want to leave behind the worry and stress of the mainland and come live in paradise?”

Variety also means choices for vacation home buyers. Each of the major resort communities on the Kohala Coast represents distinct lifestyle options. For example, Kukio is the only private equity Golf and Beach Club on Hawaii's Big Island. Carrie Nicholson says, “Members rave about Kukio's signature Outdoor Pursuits program and the two Tom Fazio designed golf courses (10 hole and 18 hole)”. Rob Kildow, who represents Hualalai Resort properties (located adjacent to Kukio), notes that, “the club not only has extensive lifestyle amenities, it also has a AAA Five Diamond hotel, run by the Four Seasons”.

Playing golf and tennis is not the only way to stay active here “Surfing, stand-up paddling, zip lining, motor cycling, hiking in the rain forests, studying volcanoes and even snow boarding at 14,000 feet elevation are all close by”, states Brodie Callender. “Diving and snorkeling in warm water among the pristine coral reef of Kohala’s costal coves is an amazing experience”, says Yvonne Knouri-Morgan. “Because there is so little rain here there is less soil run-off which means the underwater views are crystal clear and the coral is untarnished”.

Some homeowners who live in the Kohala Coast planned communities never feel the need to leave because their every need is attended to right there. “The amenities are plentiful in the major resort communities and the service is impeccable. People feel safe there. Venturing out is really a matter of preference, says Brandon Wood.

In the same way that open architecture erases the boundaries between the indoors and the outdoors, “the friendly Hawaiian people welcome part-time residents to participate in local community activities and embrace the way of Kamaaima, meaning long term resident or “child of the land”, according to Anne Rediske. Community life and business life are seamless as well. For example, Ed Rapoza explains, “What better way to give back to the community than to support a beach park for kids”. It is all about the kids”

For those who seek more privacy or “climate control” Kohala Ranch, further up the coast, may just be the ticket. “This gated community on more than 3500 acres, has a range of elevations between 120 to 3000 feet above sea level. It has varied climates and terrain. Although, there are no oceanfront properties here, all homes in Kohala Ranch have panoramic mountain and Pacific Ocean views”, says Harold Clark.

Steve Hurwitz adds, “Kohala Ranch affords its home owners more privacy. The amenities of the resorts are not typically a priority for these residents, who tend to live there year-round”.

Jim Allison summed up his experience of the Big Island when he said, “It is completely different here from the other Hawaiian Islands. It does not feel too busy, too small or too wet. It’s just right!”

When you can say that your environment and your lifestyle are "just right" that is true luxury.

See Part 1

Photos Courtesy of the Agents & Brokers Interviewed Here

Wednesday, September 28, 2011

Luxury Real Estate Marketing Tip: Is it Time to Retool, Re-position, Reformulate?

Now is the time to start thinking about your game plan for 2012. If you have discovered that you are losing momentum in your luxury real estate marketing practice, do not panic! Don't get derailed. Just re-invent yourself and change tracks.

Look around for new opportunities. You may discover that you need to make some fundamental changes in your normal operating procedures in order to take advantage of new opportunities, gain traction and build a new head of steam.

Here are three areas to consider that can help you get back on track:

Retool

One example of retooling is developing a better website that captures buyer leads more effectively

Re-position

You may need to learn additional skills or acquire additional specialized knowledge to work with clients that heretofore you have not worked with, such as investors, or second home buyers. Then, reposition yourself as a specialist in a new niche.

Reformulate-Re-focus

You may need to temporarily focus more on buyer vs. specializing in listing properties that languish on the market.

Once you have retooled, repositioned (yourself or your company) and reformulated the focus of your practice you then need to PROMOTE like crazy! Promotion begets new momentum of productivity.

Is it time for you to Retool, Re-position and re-formulate for 2012?

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Tuesday, September 27, 2011

Marketing Luxury Real Estate: Maintain Your Balance by Sticking with Your Winning Formula

It is interesting to consider that some luxury real estate marketing professionals are struggling to build a momentum of business while others are feeling overwhelmed trying to manage the abundance of business that they have attracted. Each feels out of control, but in different ways. Both feel like their business is running them instead of experiencing the surefootedness of running their business.

No matter how big you get, running a successful luxury real estate marketing practice is continuous balancing act. First you have to get in balance. Then you have to maintain it.

If you have not yet found your winning formula, experimentation is the route for you. Only self doubt can keep you immobilized and feeling out of control. Keep trying different approaches until you find out what works, consistently. Then, once you have discovered your winning formula stick with it. Eventually, you will build up a momentum of success and break through.

But, it is very tempting to deviate from what works. In fact, it may seem quite boring to continuously repeat the winning formula. In a Broadway play or musical they have a term call “freezing” when they lock in the winning formula, including all of the music, the lighting, the special effects, the final script, etc. Everything is mapped out and repeated over and over again for each performance. Only minor adjustments and improvements are considered at this point.

One set of circumstances that can catch you off-balance is when a “right hand person” leaves you for whatever reason. Think of a cast member in a play leaving. If a cast member leaves there is a completely documented “formula” that the new cast member must memorize in order to fill the role. It the same manner a new hire should be able to get up to speed quickly if there is a well documented formula for that person’s position.

Cast all doubts aside. Discover your winning formula. Then stick with it. This is the surest way to gain or regain your balance.

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Wednesday, September 21, 2011

Luxury Real Estate Marketing: Achieve Market Leadership Faster by Narrowing Your Focus - Part 3

People the world over are insatiably hungry for original ideas and new talent. That is why there is always room for a challenger to take on an entrenched market leader. If you can capture the imagination of your target market with a fresh approach in your luxury real estate marketing practice by giving them a compelling reason to shift their attention to you, they will also go out of their way to tell their friends about you. That is because there is social currency in being the first to share the latest and the greatest.

We often tell luxury real estate marketing professionals that the fastest way to achieve market leadership is to identify an uncontested market niche about which you are passionate, and then offer an extraordinary promise of value. If you are first in a new category, you start off as the market leader! If you have truly defined new territory, you simply render your competition irrelevant. What can be a faster way to top-of-mind status than to create your own new category?

Simon Cowell, of American Idol and X Factor fame, had an idea for a new pop music category, inspired by the success of Andrea Bocelli and the Three Tenors (Placido Domingo, José Carreras and Luciano Pavarotti). He embarked on a two year audition to form an international quartette of young, handsome talented singers who could sing both classical opera and pop. Cowell branded the group as Il Divo which is comprised of a renowned Spanish baritone, two classically trained tenors (one Swiss and the other American) and a French pop singer.

Il Divo went on to sell over 26 million albums. And, they were Barbra Streisand’s opening act for her highly successful 2006 tour.

If you haven’t already heard about 2 Cellos, treat yourself to a fresh new sound and a brand new category of music Two dueling cellists from Croatia, vying to win classical music competitions decided to join forces when they realized that they both shared a passion not only for playing classical music, but also for playing rock, pop and jazz music on the cello. They became an overnight success on You Tube with over 1, 000,000 hits. When Elton John saw them online, he invited them to join his world tour.

In both of these examples, it is obvious that these categories are very, very narrow niches. However, when you are first in a narrow niche you not only have the competitive advantage of naming the category you can also create a brand name for yourself that defines the niche itself. Two pop/rock star cellists(brand new category) = 2 Cellos. Four pop/rock star opera singers = Il Divo.

The chances of competition in these categories are quite slim. Any challenger to your newly identified niche will most likely come off as and be dismissed by your target market as a “me-too” copycat. This gives you the additional advantage of promoting the category itself instead of just you or your company.

Remember that people (and the news media, too) the world over are hungry for original, refreshing ideas and new talent. When they spread the word about a new category they promote you in the process. That is the other competitive advantage of being first to name a new category: You create news!

Tap your passion. Think different and develop a new category or a new approach to an existing category of marketing luxury real estate. Leverage social media to facilitate word-of-mouth advertising. It can be the fastest way to achieve the top-of-mind status of a true market leader.

(Click here if you cannot see the video below of 2 Cello on the Ellen show)

View Part 1 & Part 2 of This Article Series

P.S. Thank you Aunt Shirley for turning us on to 2 Cellos and inspiring this post!

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Tuesday, September 20, 2011

50 Top Luxury Real Estate Markets in the USA: Hawaii - Part 1

Many people associate luxury real estate with the extravagant lifestyles of the rich and famous, with conspicuous consumption, creature comforts and sheer opulence. Although, this side of luxury can definitely be found on the Hawaiian Islands, there is a deeper, transcendent story of affluence to be discovered here. It can be found in the richness of cultural diversity that is honored and championed on the Islands combined with a true sense of community, sharing and giving that is expressed in the Aloha spirit.

The pure beauty of the Islands is a feast for the eyes. The fresh, locally grown organic fruits and vegetables excites the taste buds. The sweet smells of lush flowering trees provide aroma therapy and the year-round temperate climate calms the mind. Hawaii is a place to rest and heal. It is this balance of nature and community that makes owning a home in Hawaii one of life’s true luxuries.

Each of the Hawaiian Islands has its own unique characteristics and identity. Selecting the right island to call home is an important decision. “If you are looking for a cosmopolitan experience, says Patricia Choi, the leading luxury real estate professional in the state of Hawaii, Oahu is the best choice for you”. She adds, “Many people do not realize that Honolulu (which actually takes in all of Oahu) is one of the ten largest cities in the United States.

OAHU

Oahu,Hokua

CLICK HERE TO SEE THE SLIDE SHOW OF THE BEAUTIFUL HOMES IN OAHU

According to Margy Grosswendt, “There are more world class cultural experiences to be found here than on the other islands. Oahu has big city shopping and many more fine restaurants.” On Oahu there is more commerce, more trade and more to do”, says Myra Brandt.

Jack Tyrrell specializes in marketing Honolulu’s premiere high-rise condominiums with panoramic ocean and Diamondhead views, such as Hokua and Trump International Hotel and Tower. He says, “The freedom to walk to restaurants, shopping, theatres or the beach, this is the carefree lifestyle that both foreign and American second home buyers crave here”.

Myron Kiriu has observed that “because Diamond Head is a familiar landmark for foreign buyers, the fine single family estate properties in this area are sold at a premium. Asian buyers typically prefer to buy where their friends have bought. They like to congregate where others speak their language”.

“One of the major reasons that buyers select Oahu over the other islands is the incomparable medical facilities”, says Anne Perry. Close proximity to health care can mean saving lives which is especially significant for those in their retirement years.

Anne Oliver notes that “many younger professionals are attracted to areas outside of Honolulu proper because they are able to work via the internet. They prefer more affordable properties with sandy beach access for the family. Yet, they can drive to town within a half hour when traffic is not at its peak”.

“With just 4.9% unemployment, Oahu is ahead of the curve in economic recovery, states Yvonne Jaramillo Ahearn, who specializes in selling luxury homes in East Oahu, particularly Windward Oahu. She says, “The growth rate in jobs mirrors price increases in homes, although the luxury sector lags somewhat behind this trend here”.

Bryn Kaufman explains that “The North Shore of Oahu is laid back. It has a country feel with more land, less people, bigger beaches and huge waves. It is perfect for those who don't have t work in town. ”

“After traveling beyond Hawaii, says realtor Pat Case, I always smile on the way back. I try to sit on the window seat of the plane so I can see the Islands as I return home. When asked how she would sum up her experience of Aloha Spirit Pat said, “No burning bridges, just building bridges”. Broker Sachi Braden describes the Hawaiians in this way, “We are a gentle people with a proud history who welcome and accept differences in international cultures”.

Special thanks to Chuck Garrett for inspiring this article and also to Delores Bedionis and Tracy Allen for their insights. Photos are courtesy of the realtors included in this article.

Thursday, September 15, 2011

Luxury Real Estate Marketing: The Danger of Ignoring Trends - Part 3

Photo by Falcon 1708

Perhaps the most important business skill that you can cultivate as a luxury real estate marketing professional is listening. This does not only mean giving your clients your full attention in order to understand their needs. It also means listening to your own intuition and paying attention to the trends in the marketplace. The danger of ignoring your client’s needs, your own intuition and market trends as a market leader can leave you vulnerable to sharply focused challengers.

One of the most dangerous liabilities that a market leader can have is the inability or unwillingness to quickly shift paradigms. A paradigm is a mindset, a pattern of thinking or a model for something especially one that forms the basis of a methodology or theory.

Shifting from the printed MLS books to the online IDX represented a complete paradigm shift in the real estate industry. So profound was this shift that the IDX could be called a “game changer”. It empowered consumers to search for properties on their own, eliminating the gatekeepers (agents) to this market information. Those brokerage firms and agents who understood the significance of this trend and jumped on the IDX bandwagon when it first came out had a definite competitive advantage over those who were stuck in the previous paradigm.

In Part 1 and Part 2 of this article series we covered how slow Microsoft was to shift paradigms with the advent of “cloud-based” software, smart phones, tablets and the apps that can be purchased for them. Research in Motion (RIM-Blackberry smart phones), was also slow to shift paradigms to touch screens with apps. They had an enormous competitive advantage as the preferred purveyor of smart phones for business.

Had RIM quickly come out with a touch screen version of their smartphone featuring the best business apps, plus consumer apps that could be “used on weekends”, i.e., double as a consumer device, they may have been able to stem off their very steep decline in market share. In 2009, RIM shipped 54% of the smart phones sold in North America. Now, it is shipping an estimated 13% in the second calendar quarter of 2011.

Being nimble, that is quick to respond to trends, is the ability and willingness to shift paradigms. One of the key trends in luxury real estate is downsizing. No longer is it particularly a status symbol to have enormous homes. Less can be more. Ask your clients who own large homes if they may be interested in finding a smaller one. Listen to their needs carefully and you may find hidden business right under your nose.

Listen to your intuition and pay close attention to trends. This will serve you well in marketing luxury real estate. Ignore trends at your own peril.

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Tuesday, September 13, 2011

Marketing Luxury Real Estate: Achieve Market Leadership Faster By Narrowing Your Niche - Part 2

In Part 1 of this article serie3s we covered how narrowing your niche can speed up the process of achieving market leadership as a luxury real estate marketing professional. Selecting the right niche is essential. Reigning in the scope of your target market to a potentially lucrative niche is the key.

Recently, Google announced that it will discontinue several of its products as the Internet behemoth narrows its focus. Google’s mantra, under Chief Executive Larry Page, is “Focus Drives Results”.

Once you have clearly defined your focus your world becomes “black and white”: you are either on your brand signal or off. Sometimes you have to give up things to get what you ultimately want.

The way this translates into running a leading luxury real estate marketing practice often comes down to out-sourcing business that is not within your narrow range of focus. If you get a referral to list a home in a neighborhood that is beyond your sharply defined niche, you are better off referring it to a trusted colleague who specializes in that area. This frees up your time and resources so that you can “double down” on getting more listing within your niche. It can also generate passive income for you in the process.

The only time you should even consider expanding to an additional niche is when you have solidified your position as either the #1 or #2 player within your current niche. Then, when you select a new niche to concur you are doing so from a strong power base. And, remember, when you expand, you are no longer the market leader in the new niche. You become the challenger, unless you have chosen an uncontested market niche.

Google originally challenged a company called Overture, the market leading search engine that Yahoo eventually acquired. Overture was actually the first to monetize search with pay-per-click advertising. Google’s strategy was to develop superior search algorithms before they commercialized their product. As soon as they added search advertising it was all over for Overture. Google dominates search with 64% market share. Yahoo has 18%.

Then, Google challenged Apple by acquiring Android the software that runs smart phones. They now own the lion’s share of the smart phone market in terms of the software (not the hardware). Apple is the #1 in hardware and no other smart phone manufacturer uses its proprietary software.

Today, with Google+ they are taking on Facebook in the social media space where they have become the #2 player, virtually overnight. It was not clear when Google+ was first launched (by invitation only), that they had the vision or the focus to become a market leader in this category. But, with this announcement that they are discarding some of their non-revenue producing “experiments”, it appears that they have the grit, to give Facebook a run of its money. In a blog post a senior Google executive wrote that the closure of more peripheral products means "we can devote more resources to high impact products—the ones that improve the lives of billions of people." Translation: Products that can generate billions more dollars for Google.

Narrow your focus. Stay focused. Do not expand into new markets or niches until you have solidified your powerbase in your current niche. Take on only those new market niches that you can be either #1 or #2. But, be sure that the niche you select has the potential to generate the dollars your seek.

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Marketing Luxury Real Estate: Achieve Market Leadership Faster By Narrowing Your Niche - Part 1

Time and again we remind luxury real estate marketing professionals that focus is the name of the game. Becoming an expert in a particular niche and becoming identified with that niche in the minds of your target market equals power.

However, focus is perhaps one of the most widely misunderstood concepts in marketing luxury real estate. It means concentrating your attention and your resources on a specific aspect of your marketplace.

The four categories of focus are as follows:

  1. A specific geographic area
  2. A price range
  3. Property type (e.g., waterfront, ski property, equestrian, etc.)
  4. Client type (golfers, first time home buyers, etc.)

The narrower you make your niche the faster you can achieve market leadership, providing you select the right niche for you. Focus creates momentum and acceleration. By concentrating not only do you accelerate your progress, you can actually discover more free time.

It is possible to focus on a combination of some of these categories if you need to narrow your niche. For example, you can select a particular price range within a particular neighborhood. A general rule of thumb is to keep your niche as narrow as possible, providing that it has the potential to generate the income that you are striving for. You get to decide the size of your niche.

We have noticed that many luxury real estate marketing professionals are often reluctant to narrow their niche and stay focused. Some believe they have to take whatever business comes their way because there is a scarcity of business and they need to survive. On the other end of the spectrum, others who are approaching market leadership, believe that they are missing out on an abundance of opportunities.

As tempting as is seems to take on business outside your niche as you approach market leadership, the key is to stay focused. After you have secured your market leadership position, that is the time to broaden your scope of business if that is your desire. At that time you are coming from strength when you expand.

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