Thursday, May 31, 2012

Marketing Luxury Real Estate Tip: Are You Playing Chess or Checkers

Brand strategy for luxury real estate marketing professionals is all about achieving top- of-mind status. That takes superior, long-range, strategic thinking. But, what is at stake? The lion’s share of the business in your market place or a niche therein, that is what is at stake!

Who Needs Brand Strategy?

The only players who have a use for brand strategy are the ones who are bent on gaining or sustaining market leadership Incumbents or Challengers. Everyone else is fighting over the crumbs, doing the best they can. To seize or maintain the lion’s share you must think strategically.

Have you been watching the NBA Western Conference Playoffs with San Antonio and Oklahoma City? San Antonio is proving to be in a league of their own. Their teamwork is impeccable and their strategy is brilliant. They just won 20 straight games! Kenny Smith, the retired NBA star and TV announcer, covering Game 2 said something that explained the difference between the two teams: “San Antonio is playing Chess while OKC is playing Checkers”.

Chess or Checkers?

That comment perfectly summarized what we have been saying about brand strategy for luxury real estate marketing professionals. If you are bent on the “unabashed pursuit of market leadership”, it is imperative that you become a master of brand strategy. Like Chess, brand strategy requires well-thought-out, long range thinking.

You can make a lot of money by mastering internet marketing strategy by being the first to capture buyer leads. Many incumbent market leaders are very vulnerable in this department because they are not up to speed yet and, in most cases, it is still a buyers’ market. But, in the long run it is the agent, team or company who consistently wins listings that makes the most money. Being a master of both disciplines, is the surest way to become the dominant player and significantly outdistance your closest competitors.

Even though it appears that you are playing on the same game board, the true market leader is playing Chess, while everyone else is playing Checkers. However, If you want to challenge the market leader you need to outthink the incumbent at their strategic level and beat them at their own game. The battle may ultimately be a fight for market share. But, you first have to win the battle for mind share. And, that takes strategy.

Are you playing Chess or Checkers?

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Tuesday, May 29, 2012

Luxury Real Estate Marketing: Maintaining Your Orbital Marketing Perspective

As a luxury real estate marketing professional it is easy to get bogged down with the day-to-day activities of“transaction engineering” and neglect the life-blood of your business: promotion and marketing. Sometimes you need to step back from your practice to regain your “orbital marketing prospective”. It is only when you view your practice from a broader perspective that out-of-the-box thinking is possible.

Opportunities to out-think and out-market your competition abound. This weekend we noticed that not a single real estate firm or agent sponsored one of the most well-attended community events of the year in our town of Santa Barbara, California. What an great opportunity for standing out this was!

"I Madonnari, or street painters transformed the Santa Barbara Mission Plaza using pastels on pavement to create 150 vibrant and colorful, large scale images. The festival benefits the Children's Creative Project, a nonprofit arts education program of the Santa Barbara County Education offices. "The project serves 50,000 children in more than 100 schools with visual and performing arts workshops and performances throughout", according to their website. This event is in partnership with Santa Barbara's sister city in Italy, Grazie di Curtatone.

The opportunity to promote your name or your company as a sponsor was affordable. It ranged from the smallest ($125 for 4' x 6' format vertical format) to the largest (12’ x 12’ for $650). In addition, your name is on the festival poster, it is inscribed on the pavement at the base of the Mission steps, it appears in full-page newspaper advertisements and also appears on the festival kiosk. The local news covers the event on TV which amplifies the effectiveness of your sponsorship.

You could either provide the painter, or the Children's Creative Project would provide the painter. Given what most luxury real estate marketing professionals spend to promote themselves, this was a no brainer.

As hard as it may seen at times, you simply must take the time to regain your orbital marketing perspective. Step back and identify opportunities to out-smart your competition. That is the surest route to soaring in your luxury real estate marketing practice.

Like the kids represented in this year's pavement pastel chalk painting, being backyard orbital explorers and looking out of their box/spaceship it is time to explore your own backyards for out-of-the box opportunities to promote yourself. That means to make yourself well known and well thought of!

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Wednesday, May 23, 2012

Marketing Luxury Real Estate: The Luxury of Simple Pleasures

One of the subjects that comes up often as we advise our clients in marketing luxury real estate is the fine line between specializing in the top tier of the marketplace and not wanting to alienate previous clients whose home sold in the mid price range. , our clients are concerned that they may come accross as too pretentions or aloof. Inherent in that concern is a misconception of the meaning of luxury, because it is often associated with elitism and conspicuous consumption, whereas we firmly believe that this is a limited perspective because there is luxury in simple pleasures, for example, the luxury of tasting the first crop of sweet corn.

Corn on the cob is a quintessential American food of summer. The first crop is here at our Farmers' Market in Santa Barbara, It reminds us of Richard Rodgers' song, Oh, What A Beautiful Morning, from the quintessential American musical Oklahoma, written in 1943. Here is our favorite excerpt about corn.

There's a bright golden haze on the meadow,
There's a bright golden haze on the meadow,
The corn is as high as an elephant's eye,
An' it looks like its climbin' clear up to the sky.

Chorus:
Oh what a beautiful morning,
Oh what a beautiful day,
I've got a wonderful feeling,
Everything's going my way.

HAPPY WEDNESDAY, WE WISH THAT EVERYTHING IS GOING YOUR WAY

Cheers, Ron & Alexandra

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Tuesday, May 22, 2012

Luxury Real Estate Marketing Tip: A Great Housewarming & Closing Gift

As luxury real estate marketing professional, it is a great idea to keep a list for closing and housewarming gifts. Our criteria for gifts of this nature are gifts that create a buzz and get people talking about you in a positive light. We spotted these pineapple plants at our local Trader Joe’s.

This beautiful plant has throughout the history of the American continents symbolized a warm welcome and hospitality. In his writings Christopher Columbus described landing on the Caribbean island of Guadalupe where he and his sailors were served pineapple.

In Colonial America, the pineapple expressed the warmest welcome a family could extend guests in their homes. A pineapple was used as the center piece of the dining table and would be served as the dessert. The pineapple symbol of friendship and hospitality was adopted by architects, artisans and craftsman of this era. Mansions and homes adorned with carved wood or sculpted stone pineapples on its gates or doors announce the hospitality of the owners.

Although this plant will not ripen as a fruit indoors, (they may outdoors in a warm climate) its beauty and symbol will be appreciated, and you will be remembered.

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Monday, May 21, 2012

Luxury Real Estate Marketing Tip: It's Time to Spend More Time in the Real World - Part 2

Dennis Hanlon, Park City Utah

Professional networking on Facebook and other social media platforms can contribute to your success as a luxury real estate marking professional. But, participation in these venues simply does not replace in-person face time and consistently staying in touch with your colleagues in meaningful ways. We think it’s time to spend more time in the real world.

One of the best examples of professional networking in luxury real estate is the Western Mountain Resort Alliance (WMRA) that was spearheaded by Dennis Hanlon, a visionary broker in Park City Deer Valley, Utah, in 1996. Dennis, who was the president of his local board, suggested a meeting of six ski resort board presidents to explore ways that they could benefit from an alliance.

According to Dennis, who also served as president of the WMRA through 2010, “ We all discovered that we had so much in common and that we faced the same kinds of issues. We realized that marketing and selling resort real estate requires specialized knowledge and our clients demand a high level of expertise”.

It became apparent that sharing sales information from the various resorts would benefit all members. Another benefit is sharing best practices for resolving common problems.

Hanlon said, “An example of a common issues in mountain resort areas is finding suitable employment housing. We typically have limited space for development. Some other important challenges include how to address minimum revenue guarantees imposed by the airlines and how to obtain financing for condominiums”.

One of the great outcomes of WMRA was bringing their network model to the attention of the National Association of REALTORS® (NAR) who started their own resort committee in order to help resort REALTORS® gain resort specific education.

Professional networking can help you solve problems that are also faced by your peers in their luxury real estate markets. It can also exponentially expand your referral base. Facebook may be a good way to facilitate professional networking. But, there is nothing better than in-person, face time and staying in touch in meaningful ways. It's time to spend more time in the real world!

View our articles on some of the WMRA members: Park City/Deer Valley, Telluride, Big Sky, Steamboat Springs and Jackson Hole. These articles are part of our series, 50 Top Luury Real Estate Markets in the USA.

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Friday, May 18, 2012

50 Top Luxury Real Estate Markets in the USA: Big Sky & Bozeman, Montana

The great outdoor lifestyle, with its myriad of recreational activities, is highly revered among those who live and play in Big Sky and the nearby, upscale enclaves of Bozeman, Montana. The spirit of this area was captured in the film, A River Runs Through It. Shot on location in Montana, it starred Brad Pitt and was directed by Robert Redford. You get the sense that nature actually takes on the leading role in the story and fly fishing, becomes a path to zen-like meditation.

Click to read more ...and view the slide show,

Monday, May 14, 2012

Marketing Luxury Real Estate: The Ultimate Service- Providing Peace of Mind

Recently we were reading some of our clients’ testimonials, and one of them inspired this post. Here is a direct quote, “This individual (agent) is truly a professional who can manage all the details involved in selling my home, and does it so effortlessly that I never had to worry about a thing.”

Given the rapid rate of our lives, we all want someone who gives us service at the level where we do not spend time worrying. Worry is defined as: “ thoughts, images and negative emotions in which mental attempts are imagined and discussed to avoid anticipated potential threats.”

What is peace of mind? The dictionary defines it as: “The absence of mental stress or anxiety, and the presence of serenity, calm, quiet, comfort of mind. That is exactly what a buyer/seller wants when working with you.” Ultimately, they are signing with you because they feel that you will provide them with a seamless flow in reaching the grand finale of selling or buying a house.

How valuable is peace of mind? It is so valuable that many agents who give this type of service are given a constant stream of referrals. And, in many cases their clients are also giving them a closing gift.

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Thursday, May 10, 2012

Luxury Real Estate Marketing Tip: Put a New Twist in Your Marketing Approach

Remarkable service with a twist that distinguishes you from your competition can create an indelible impression and enchant your clients.. Look for evidence of enchantment, times when you have enjoyed exemplary service in your daily life, and reach for ways that you can incorporate enchantment into your own luxury real estate marketing practice.

Saint Alexandra’s Day (Alexandra’s Name Day) provided the perfect opportunity to seek out evidence of enchantment marketing. We googled “the best steak house in Thousand Oaks” (nearby Santa Barbara and close to Malibu) and found an entire page dominated by great reviews of Mastro’s. Since we very rarely order beef we wanted to find the best place.But we were seeking an restaurant just outside of town so we could turn it into a new adventure.

Mastro’s, we discovered, has multiple locations in Arizona, Nevada, California and Illinois. It definitely lived up to its reviews. Here are some of the quality cues that lead us to a very favorable opinion of this fine establishment:

We were served an assortment of scrumptious artisan breads that were fresh out of the oven. That could have been a meal unto itself. Our favorite was the pretzel bread.

Our server reminded us of a European professional waiter who really knew his wines. We were allowed to taste a couple of them prior to ordering and the dialogue was educational.

He was equally knowledgable about the extensive menu. He had definite personal opinions about it when asked.

We ordered creamed spinach and the crunchiest snap peas as our vegetables. We asked if the creamed spinach was made with bacon. Our server said, “No. But, everything tastes better with bacon”, and he disappeared only to return with some of the best bacon we had ever tasted.

We did not order dessert. But, we were presented with an enormous slice of St. Alexandra’s Names Day cake and a side of whipped cream that must have been more than a pint. With only room for a couple of nibbles, we were more than delighted.

When we left the restaurant, the valet brought our car and handed us some bottled water for the road with the Mastro’s logo on the bottle. We had previously been given a shopping bag with handles to cary three box full of food items that we could not finish.

Seek out quality cues, evidence of enchantment marketing in peripheral aspects of your life, not just in your field. Get a sense of how it feels when you are treated exceptionally well. Then incorporate as many ways as possible to enchant your clients. It will put a twist in your marketing approach that will help you to standout from your competition.

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Tuesday, May 8, 2012

Marketing Luxury Real Estate Tip: Staying on the Leading Edge Part 2

Fear of change is another of the top vulnerabilities of market leaders. For luxury real estate marketing professionals who are bent on gaining or sustaining market leadership you need to keep evolving as an individual, a team or as a company. The common adage of “if it ain’t broke, don’t fix it”, or “I am doing well, why rock the boat” does not apply if you intend on maintaining your position.

We are experiencing a tidal wave of change on a daily basis in every aspect of life. If you want to successfully keep moving forward, you have to keep reinventing yourself. One of the most important elements in this process is to be willing to break down your business model on a regular basis and reexamine every aspect through a magnifying lens. You may have to throw out what “ain’t’broke” altogether and adopt and adapt consistently. You have to stay nimble and be able to turn on a dime. If you don’t do it, your competition will rapidly surpass you without any hesitation, or find a way to profit from your passivity.

Some companies capitalize on the “fear of change” and develop business models which take advantage of this mentality. An example of this is “show rooming”. Many consumers visit showrooms note model numbers, and then find the identical item on line using their Smartphone’s and purchase them for a lot less. What caused this? Fear of change and the unwillingness to adapt. Companies such as Best Buy are now looking for ways to prevent the show rooming epidemic. In real estate lending, companies such as the Lending Tree captured consumer leads for loans, routed them to the banks and received a commission. They understood that banks are not quick to respond to change, and they could step in and profit.

What must not change are your core values, your integrity and your commitment to superb service for your clients.

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Monday, May 7, 2012

Luxury Real Estate Marketing Tip: Staying on the Leading Edge

Photo by Chris Dorney

Complacency is one of the top vulnerabilities of market leaders. For Luxury real estate marketing professionals who are bent on gaining or sustaining market leadership staying on the leading edge is not an option, it is an imperative. Harrods’s department store in London exemplifies this principle.

Harrods is already known for its outstanding service private client service and was recently given an award at the Luxury Briefing awards for its customer service. According to Luxury Briefing, “Beyond is an extension of Harrods’ service available to private clients and goes above the realms of what consumers expect from a department store.” So why would they send their employees to study with Minding Manners (etiquette and protocol consultants) to learn about etiquette? The employees enrolled in a two full-day sessions that emphasized etiquette aspects of multi-cultural awareness.

Global capital cities as well as globally known luxury resort destinations are regularly visited by buyers of goods and real estate from all parts of the word. What is considered to be great manners in the European or American cities can be interpreted as an insult in other parts of the world. Since Harrods has an extensive VIP clientele from the Middle East, Asia, Europe and the Americas, the training by Minding Manners covered all aspects of meeting, greeting and interacting with cross-cultural respect.

At one time, every shopper entering the store was greeted with a handshake and a glass of champagne. Now this tradition has been revisited as many cultures and religious sects practice alcohol abstinence, and do not shake hands with women. Also the friendly Western physical touches are not necessarily welcome, particularly when it comes to opposite genders. How to dress is also important when meeting customers from other countries if not in a standard store uniform.

Whether or not you are dealing with an elite global clientele or culturally integrated Americans, it is important to avail yourself of the knowledge of every community’s cultural and religious preferences. In order to stay on the leading edge and successfully earn the trust of global communities, take the cue from Harrods. Impeccable cultural etiquette is one way to differentiate you as a luxury real estate marketing professional. To stay on the leading edge avoid complacency at all costs.

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Tuesday, May 1, 2012

Luxury Real Estate Marketing Tip: Perform a Time-saving Audit

In a time-pressed world, time becomes the ultimate luxury. Affluent consumers will pay a premium if you can save them time and the aggravation of wasted time. As a luxury real estate marketing professional, think about how you can save your clients time and aggravation every step of the way. Perform a Time-saving audit on all aspects of the service you provide.

Saving time applies to the user experience on your website from their first encounter with you. And, it applies to every other encounter they have with you or your team. Here are few items to consider when you perform your Time-saving Audit:

  1. Does your website navigation save the user time in finding exactly what they came for?
  2. The simple act of listening to your client’s specific needs and only showing them the properties that match those needs saves them time. Do you preview the homes you show your clients.?
  3. If you are the listing broker, do you prepare detailed home-showing instructions for cooperating brokers so that they do not waste their clients’ time? Their clients may be the perfect buyer for your listings.

This will get you started with your Time-saving Audit. Your high net worth clients will certainly appreciate you for doing these things because time is the ultimate luxury. But, just as important as it is to save your client’s time, you should also be including, in your audit, all of the ways you can save yourself time. Value their time and value yours as well. Only then will you see that the time your save can turn into money. Does that make "cents"?

Let us know some of YOUR questions that you think should be included in the Time-saving Audit!

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