Luxury Real Estate Marketing: Are You Spinning Your Wheels in Social Media

Without a focused strategy and a unique “point of view” as a luxury real estate marketing professional, you are just spinning your wheels with social media. And, this becomes a colossal waste of time! Without original content, you might as well re-channel your energy on more productive means of developing new business. 

Originality and innovation can be rewarded handsomely with viable business leads, but only when you consistently publish buzz-worthy, follow-worthy content through social media. To exercise your original thinking process you need to extrovert and see innovation everywhere you go. 

When you think of a hamster in a cage exercising what image comes to mind first? Do you think of an exercise wheel made of wire mesh? Think again! 

We recently took a trip to our local pet store to pick up some food for our cats, Zoe and Kobe. There we spotted a new and improved twist on an old product for small animals (not cats):  A better exercise wheel!  Instead of the typical wire mesh version, this blue plastic “flying saucer” exercise wheel has a unique value proposition not only for pets, but also for their owners.  Both products promise better health and freedom from boredom for pets. But, this one is toe and tail safe and pets love the solid running surface. Best of all, it is easier to clean for you than the mesh version. Both wheels cost the same.

You might liken the wire mesh version of the exercise wheel to the incumbent market leader in your luxury real estate marketplace.  The market leader enjoys top-of-mind status.  That is, until some challenger comes along with a superior value proposition.  

If you did not know, about the “flying saucer” exercise wheel until now (like us) it will be fairly difficult not to think about this product category challenger going forward.  A shift in top-of-mind status can literally happen instantly, like it did for us in a flash! But, you need a strategy, an original approach, to pull this off.  The plastic version of the wheel is most likely less expensive to produce. 

This goes to show that you do not have to out-spend the incumbent market leader, you need to out-think your competition.  This is exactly what we help our clients accomplish in our luxury real estate strategic branding practice. 

When you publish original content, social media gives you the opportunity to show your target market how you think before they even meet you. But, out-smarting your competition requires strategic thinking.  Conversely, social media can also show just how unoriginal you are if your content is canned.  Given the psycho graphics of those who can afford to buy luxury real estate, you can be assured that these high net worth individuals are more prone to value innovation and originality.  

Stop spinning your wheels with social media. Get focused. Be original and innovative.  Or, get off the wheel.

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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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Luxury Real Estate Marketing: Don’t Flip Out, Stick to Your Core Competence!

Keeping up with the speed of change in technology, as a luxury real estate marketing professional, can be a daunting task. But, to some extent, it has become an imperative to stay competitive. For example, new entrants in the luxury real estate field, such as tech savvy executives from corporate America, offer a new challenge to complacent incumbent market leaders who have not adapted rapidly enough to the new rules. Yet, if building strong relationships is your strength vs. deploying the latest technology you may be spinning your wheels trying to fend off this new breed of real estate agents and brokers who may not have your particular savoir faire.

Knowing your core competence is extremely important when making marketing and branding decisions. Sticking with what you know and doing it better than anyone else in your marketplace can take you farther than dabbling in aspects of the business that does not represent your authentic brand.

Cisco recently announced that it will discontinue its Flip video camera division which they purchased for $590 million in March of 2009. They spent lavishly to expand the market for the tiny video camera by having celebrity endorsements and paying for product placements on popular TV shows such as “24.” Sales increased at first, then waned as the smart phones, such as the iPhone, began to include high definition video cameras. In just two years, the Flip has practically become obsolete. Cisco CEO, Tom Chambers, declared that the company would re-focus on its core competence, corporate customers, rather than on consumers.

Apple, on the other hand is a master at producing products that consumers love. They are now expanding to include more small and midsize companies as customers through their “Joint Venture” initiative. They have overcome their technical disadvantages in this arena and are going after the incumbent market leader, Research in Motion who produces Blackberry phones.

In seeking to expand market share, it is important to maintain your focus on your core competence, especially in turbulent times. Unless you are thriving in your current area of expertise, this is not the time to expand into other aspects of the real estate business such as commercial or business opportunities. The key, right now, is to stay focused on what you know well and do best.

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Luxury Real Estate Website Design: Flash = No Cash

Photo by Jirkacafa

Drawing a Blank? We Can Help!

This weekend we researched over 30 luxury real estate agent web sites on our iPad. We were appalled tp discover that 75% were using Flash slide shows on their home pages and/or Flash videos . Flash equals no cash!

Apple mobile devices do not display Flash elements. If you still have Flash slide shows or Flash videos on your website you could be losing business! If consumers using iPhones and iPads draw a blank when they reach your site (especially your listings) you competition is just one click or tap away!

Market Analyst Maynard Um of UBS Investment Research forecasts that Apple could sell 28 million iPads in 2011, and warned this figure could be “conservative”.

Apple's total iPhone user base may reach as high as 100 million users by the end of 2011, according to Morgan Stanley analyst Katy Huberty

We offer alternatives to Flash that can give you the same elegant effect and also Flash video conversions. Before you hear complaints from your clients, contact us for a complimentary consultation.

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