This post is Part 3 on the subject of FAQ's, how to break into Luxury Real Estate. The subject is MONEY. Be prepared to invest your marketing dollars wisely. Don't be cheap. It is OK to be wise, which is different than being cheap. To a luxury buyer or seller, cheap is a REPELLENT.
Many think that what they immediately need to invest in is a luxury car and a premier designer wardrobe. That in our opinion is thinking you can dance with the American Ballet Theatre, because you bought an expensive wardrobe of tutus and toe shoes.
Here is where you should be investing your dollars, which is different than buying or leasing a car, or buying a wardrobe, which will be out of date next season.
Your first approach should be to develop a strategy of HOW to get your target market to know you exist.
Secondly, you have to know your competition, and how you have something of value to offer that they are not offering. Don't get caught up in the trap of competing on features or qualities, such as integrity, experience, certifications...anyone can get certified and should have integrity to be in the business in the first place.
Finally, identify what is different and FRESH about you...That is your unique selling proposition. Identify what you stand for, who you are as a business person/or company based on your core values, and create a graphic representation based on that. Make sure you stand out from everyone out there! These three steps represent a long-term investment.
One of our clients decided fresh out of getting her license that she wanted to break into to the luxury real estate market. She had made several real estate investments that paid off for her. She also had business experience in launching a line of clothing, which she sold. Given her experience she was well versed in the language of luxury.
Her first investment was to develop her brand strategy and brand identity. Secondly, she had a friend who had two luxury cars, and was willing to let her use his spare car as long as she paid the insurance on it. Thirdly, she studied fashion, talked to personal shoppers at the best stores who were willing to let her know when something was on sale.
In six months of consistently applying her strategy, she earned enough commission income to be able to buy a home in her preferred community, and the car she always wanted. After an excellent run, she retired in splendor.
Written by Ron & Alexandra Seigel-
ABOUT: Napa Consultants, International is the leader in brand strategy for the luxury real estate industry. They work exclusively with professionals who are passionate about gaining or sustaining market leadership. With an expertise in personal branding, company branding, luxury real estate website design and social media marketing they help their clients become the breakaway brand in their marketplace.
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