In order to understand branding in the realm of luxury real estate marketing, it is important to understand brand categories. If market leadership is your quest, as a luxury real estate marketing professional, the key is to select a brand category or sub-category in your marketplace that you can dominate.
Here is a simple illustration of brand categories. The above picture shows a variety of heirloom red tomatoes with yellow stripes. If all of real estate could be classified as a tomato, then the heirlooms could represent luxury real estate. In the kingdom of heirlooms, there are many heirloom varieties.
This photo shows a darker red heirloom with green stripes, and beside it is the yellow heirloom with red striping. These three varieties could be classified as sub-categories in your marketplace. If yellow tomatoes represent luxury condos, the opportunity here is to be the king/queen (the yellow tomato) of the luxury condo market.
The differences in the DNA makeup of these categories are minor, but the characteristics in terms of shape, color and flavor are distinctive. The heirloom tomato’s target market is discerning tomato lovers in general, but each customer has their preferences. The key to branding is to clearly amplify the difference so that the customer looking for sweet, low acidic tomatoes, for instance, can quickly be matched with the right brand, yellow tomatoes.
Buying from or listing with a dedicated specialist gives your client confidence, that they are dealing with an expert. Branding therefore, accelerates the selection process in a sea of choices, and saves time for everyone.
What color is your tomato?