Iconoclasts: A Lesson in Positive Expectations from David Foster, the "Hit Man"

An iconoclast is a person who challenges conventional wisdom and traditional beliefs, and often shatters the very foundations upon which traditional, institutions rest. Iconoclasts are some the of best examples of personal branding and are worth studying if you are interested in standing out as a luxury real estate marketing professional.

David Foster, also known as the “Hit Man”, certainly is an iconoclast and a “one-man-brand”. As a record producer, composer, songwriter, and singer, he has won countless Grammy Awards and has introduced many artists who have gone on to be superstars in their own right like Josh Groban and Michael Bublé.

His roster of clients include Whitney Houston, Barbara Streisand, Celine Dion, Andrea Bocelli, Natalie Cole, Mariah Carey , Cher , Michael Jackson, Beyonce, Madona, Prince, Shania Twain, Donna Summer, Kenny Rogers, Chaka Khan. Most recently he is guiding the career of Jackie Evancho, the eleven year old child protégé with an operatic voice who “sings like an angel”.

Foster won his first Grammy for “After the Love Is Gone” by Earth, Wind and Fire. Since then he has worked with many bands including Chicago, Destiny’s Child, and the Bee Gees. He even won a Grammy for the best Broadway musical cast album of Dreamgirls.

In an interview on PBS where his “Hitman Returns” TV concert has recently been airing to help with fundraising, he had something very interesting to say about his “secret” to such a long successful career. He said that work keeps coming to him; he does not go after work. He just lets it come to him.

This is one of the best descriptions we have heard regarding the phenomenon that occurs when a person is operating their career “in the zone”, or what we call “operating spot on one’s authentic brand signal”. Foster “expects” to continuously create mega hits. And, so do the artists who hire him. He expects to deliver and they expect results. That is his secret for success.

When you are fully operating on your authentic personal brand signal it feels exhilarating. It is like singing in perfect pitch, in your best key, expecting the best outcome. Incidentally, David Foster is actually one of the rare human beings who have perfect pitch, musically.

Tuning into your authentic brand signal is one of the most important keys to your own success in marketing luxury real estate. If you then maintain the steady, stable state of positive expectation, the expectation of attracting business, the way will continuously present itself. And, it will start to feel perfectly natural and normal when business keeps flowing your way. Reach for this state of mind and, like the Hit Man, great results will surely follow.

If you haven’t already seen his TV concert you can catch most of the numbers onFoster's You Tube Channel here. We think you will truly enjoy the experience of seeing an iconoclast at work.

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Luxury Real Estate Marketing: The Skill of Finding Your Niche

One of the most important skills you could possibly possess as a luxury real estate marketing professional is the ability to spot an underserved, potentially lucrative market niche that you believe you could serve better than anyone else in your marketplace. This is not typically something that is taught in school. Yet, it can make the difference for you in owning the lion’s share of that market niche and have a significant impact on your bottom line.

Our favorite ways of getting inspired to practice this skill is by watching Shark Tank, the ABC reality show where bright entrepreneurs pitch their ideas to competing venture capitalists including the “diva” of luxury real estate herself, Barbara Corcoran. Check out an episode on You Tube and see for yourself. Here is an example of an uncontested market niche that attracted a “feeding frenzy” of competition between the sharks.

Two gentlemen noticed a tremendous inefficiency in the recruiting process of high school athletes who have talent and show promise. Many major stars, such as Dwayne Wade of the Miami Heat, were completely overlooked in high school because of the current system. These guys came up with an online system whereby parents can take control of the process and market their kid’s talents to appropriate schools and professional teams.

Furthermore, they patented a mobile app that deals directly with the recruiting restrictions. They also created efficiencies that have never existed in this segment of collegiate and professional sports. Both parents and recruiters pay a fee to use the system, which has the potential to generate a significant cash flow.

Keep your eyes and ears open for inefficiencies in your luxury real estate market place and see if you can spot some underserved market segment. Then become known as the one, the brand name that changed things for the better. Your reputation can change for the better just about overnight if you do.

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uxury Real Estate Marketing: The Luxury of Impeccable Communication

The Communication Palace in Madrid, Spain

One of the most important aspects of marketing luxury real estate is to have impeccable communication skills, and to adopt a system that tracks all the loose ends that need to be followed up on. Since real estate transactions are usually an emotional journey, communication is the soothing balm that keeps everyone together and usually guarantees a happy ending for all parties concerned. Anxiety is minimized even when you have to communicate that there is "no news."

We have recently implemented a central on line communication system so that we can all have access to the same data, know what each party has accomplished, and also the status of the progress on all the projects we are working on. All parties have access to this system.

As we were explaining this system to one of our clients, we mentioned how we recently completed a web site in record time. Our client is adament about being on time, responding instantly and keeping his promises. He had a working web site in one month because he delivered what was needed, and we were able to match him to achieve that goal. We loved working with him.

It doesn't matter what form the communication takes, texting, email, face to face meeting, or phone. Impeccable communication engenders trust, peace of mind, and successful relationships. It certainly deserves a palace in its honor! (LOL)

Luxury Real Estate Branding Strategy: Are You Getting the Lion's Share?

If you could do two things today that could significantly change your financial outlook for the better, here is what we would recommend: 1) start treating your luxury real estate marketing practice like a business instead of a profession; 2) Discover your competitive advantage, what you can do better that anyone else. Then make the decision to be either #1 or #2 in your marketplace or some niche within your marketplace that you can dominate. That is the journey we call the “unabashed pursuit of market leadership”.

Take a page from the playbook of one of the greatest business leaders in recent decades, Jack Welch, the previous CEO of General Electric. Mr. Welch’s had a motto: “Fix, sell or close”. To survive in the company portfolio, GE-owned businesses had to be number one or two in their industry or have the potential to get there.

Everything changes when you shift to the mindset of a business market leader. Your entire game board takes on a whole new meaning. That is when the fun begins! What is at stake? The stakes are always high in the realm of market leadership: the lion’s share of business and revenue. If you are not aiming for #1 or #2 you are settling for the crumbs.

What is most exciting to understand about the pursuit of market leadership is that the entire playing field is in the minds of your target market. Although the evidence of being #1 & #2 manifests in having the most market share and the highest revenues, mind share always precedes market share. The battle for market leadership is won when you achieve “top-of-mind” status. Who is the first luxury real estate professional to come to mind in your market place (or niche therein)? Who is the second?

The ideal scenario is to identify an uncontested market niche that you can dominate. Otherwise, the game becomes a battle between the incumbent market leader and the challenger to gain or sustain top-of-mind status. It is in the realm of the mind that branding takes place.

What is the first corn chip to come to your mind? The vast majority will answer, Doritos. Can you think of another corn chip brand? Most people cannot. Fritos actually occupies its own snack food category, an uncontested niche, in customers’ minds, according to experts.

Personal and company branding is not about getting a new look in the same way you would go out and buy a new outfit. Doing this may help you stand out from your fellow crumb gathers (#3 and below). Branding is all about strategy and jostling for top-of-mind status where the lion’s share of the business is at stake.

In our strategic branding consulting practice we only work with incumbents who want to fend off the challengers or the challengers who want to surpass the incumbents. It is all about strategy; how to out-think not outspend your competition.

Start treating your luxury real estate marketing practice like a business. Aim for gaining or sustaining the #1 or #2 position in the minds of your target market. Then, watch your financial outlook change for the better.

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Luxury Real Estate Branding: Be the Opposite Choice!

Blue Frog by Michael Galber

As a luxury real estate marketing professional, if you are interested is leapfrogging over your competitors here is one of the all time best strategies: Be the opposite choice to the No. 1 market leader! You can jump over the pack and become the No. 2 in your marketplace by positioning yourself or your company as embodying the very opposite key attribute that the current market leader in your area stands for in the minds of consumers.

The first step is to analyze the market leader and look for the weakest aspect of their “game”. It is very rare that a market leader can be all things to all people. They often get complacent and their level of service often slacks off.

A classic example is Hertz and Avis. No. 2 Avis positioned itself as the obvious alternative by claiming, “We Try Harder”. Even though they did not surpass No.1 Hertz they summarily dismissed No.3 and other competitors who could not make the same claim without appearing as a “me too” brand. They could not say, "we try harder, too" and expect anyone to take them seriously.

In luxury real estate, the market leader often gets complacent because so many home sellers automatically give their listings to them simply because they are perceived as the best. After all, they sell more homes! But, in truth there may not be a viable, competent alternative.

With this strategy you must become that alternative in the minds of home sellers. You must clearly send out the message that you stand for the opposite key attribute that the market leader claims to have.

For example, one of our clients wanted to be known as the top agent in a series of luxury communities in her marketplace. The incumbent market leader, the volume leader, was a very large team. Many of their clients were not 100% satisfied with the team’s service because they did not work directly with the team leaders, just their underlings.

Our client was able to demonstrate that she could match all of the claims of the big team in terms of marketing savvy, but with total personal service which was just the opposite of No. 1. She was personally present at every showing by buyers’ representatives. She promptly responded to every email and phone call from the home seller and was always immediately available when needed. She did not take on more listings than she could serve in this manner. Her reputation for exemplary personalized service (yet with all the bells and whistles of the team) summarily dismissed other individual agents vying for market share in this marketplace.

When our client was up for a very expensive listing the choice came down to this: No. 1 (the team) or No.2 (our client), the team approach or “extreme” personalized service. No other agents were even interviewed because our client “owned” the brand position of the opposite. The choice of either/or does not leave room for a 3^rd alternative.

When she sold the home it was the highest priced home sold in that year in her marketplace, which proved that she could perform as well as the team in this realm. This cemented her position as the opposite alternative and she now is perceived as being equally as competent as the team.

Those who value the assurance of a large team will stay with or choose the incumbent. But, those who value exemplary personalized service now have a choice—the oppositie choice.

If you want to leapfrog to No.2 be the oppositie choice of No.1 . You will instantly leave the rest of the pack in the dust beginning with a distant No.3.

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Luxury Real Estate Branding: Does It Pay to Be Popular?

The advantage to being top of mind, as a luxury real estate marketing professional, in your marketplace is getting the lion’s share of the business. There is also a secret advantage of being the popular choice. Although, Cherry Garcia ice cream, from Ben & Jerry's, has many raving fans vanilla, chocolate and strawberry ice cream are by far the favorite choices with vanilla winning hands down as "most popular".

Ranking top of mind in luxury branding is even more important that ranking #1 on a Google search, because the overwhelming majority of affluent consumers rely on referrals from friends, family and colleagues when choosing products and services. Any real estate agent with enough funds can hire a search engine optimization expert to help him or her secure the #1 position in a Google search query. But, will the website visitor who clicks through the top listing actually hire the top ranking agent on Google at the end of the day if they are not accomplished and competent--or popular?

There is a lesser known factor that influences the choices of high net worth consumers when selecting a luxury real estate marketing professional. That is, taking into consideration what others will think of them based on the agent they select. While some consumers are “inner-referred”, meaning that they rely on their own judgment more so than others, a significant number of people care more about what others think of them. The “outer-referred” consumer will bypass their gut instincts (and taste buds if they prefer Jerry Garcia) just to look good in the eyes of their peers, neighbors or family (who prefer vanillla).

Have you ever been in a restaurant when the server suggests a menu item and adds, “This is a very popular choice”? Studies have shown that when it comes to choosing brands of food to serve at a party the host will purchase the “popular choice”, e.g., Coke vs.. Pepsi even if the host prefers the taste of a generic brand that is cheaper.

To summarize, if you want to gain or sustain market leadership you need to stand out and achieve “top of mind” status for three important reasons: 1) most potential referral sources can only remember a few brand names (vanilla, chocolate and strawberry) when asked for a recommendation for a luxury real estate agent ( see more detail on this); 2) Top of mind generates more leads than qualified search engine leads because affluent consumers rely on personal referrals more than Google, and; 3) The popular choice is a hidden influence in selecting an agent

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