Luxury Real Estate Marketing: Dominate The Uncontested Market Space

Recently, we responded to an S.O.S from a successful luxury real estate marketing professional who put out this distress signal: I have been blogging consistently. Why is no one commenting or following me? Is there anyone out there? For those of you who are experiencing the same frustration, here is an important tip: Discover and dominate an under served market niche

A niche is specialized market. It is a market segment or a particular market “space”. An example of a niche in luxury real estate would be historic homes. When we were in commercial real estate in Beverly Hills we specialized in high end retail and the entertainment industry. One of our jobs was to go to find potential tenants for retail stores and shopping centers that we represented exclusively, on Rodeo Drive, or surrounding areas.

In doing some research for an upcoming blog series we found an excellent analogy for niches by Ray Wert on his Jalopnik.com blog. He referred to niches as the spaces between the marbles in a Mason jar that is full of marbles. If you were to pour sand in the jar it would fill those spaces and there would be a surprising amount of room for the sand. Only when you can no longer add sand is the jar really “full”. The marbles represent what everyone else is doing, the niches exist in those spaces between the marbles that the sand fills.

To be successful as a blogger, as a luxury real estate marketing professional, you must first identify an uncontested market “space”. The first place to look is for an under served consumer group. It must be a niche about which you can write passionately.T It needs to be a market segment for which you can offer an extraordinary promise of value, value that cannot be found elsewhere. And, you must blog in your own unique voice, your authentic style. That is, if you want to build an audience and be follow-worthy over time.

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Luxury Real Estate Marketing: Refining the Definition of Luxury

Mammoth IvoryCarved by Japanese Master Carver, source IvoryandArt

As a Luxury real estate marketing professional it is important to become aware of the current shifting values in the realm of luxury goods and services. We are always on the lookout for refining the definition for luxury to keep up with new trends.

Recently we read this definition of luxury:

“Enjoyment of time, place, memory or object without regard to time or expense. One notable exception is that hedonism borders on luxury with a primary distinction being that hedonism seems to entail being without regard to consequences.” --Jay Rogers cofounder of Local Motors

Hedonism is the seeking of pleasure-devotion, especially a self-indulgent one, to pleasure and happiness as a way of life. The disregard of consequences, in some cases, has meant the near extinction of certain animals such as elephants. Fortunately, an important re-evaluation of ivory carvings as luxury is now taking place.

Since prehistoric times ivory has been carved for ornaments, jewelry and artifacts. The ivory figure of Khufu, for example, was crafted for the builders of the Great Pyramid and is considered a masterpiece of ivory carving. The ivory was usually obtained from the tusks of live elephants in India, and in Roman times, from North Africa.

Perhaps, the East Asian cultures place the highest value on ivory carvings. An entire art form of miniature ivory carvings called Netsuke was invented in the 17^th century. The finest of these extraordinary objects are considered to have great artistic merit.

In the refining of the definition of luxury in thes 21^st century, however, social consciousness is playing an important role. eBay, for one, has banned the sale of ivory since January of 2009. If this becomes a trend, elephants will become protected as an endangered species and the most outstanding pieces of carved ivory will significantly increase in value.

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The 2010 Imperative: Differentiate with Personal/Company Branding!

In 2010 you have a choice as a luxury real estate marketing professional: Stand Out or Bow Out! Consumers now have a plethora of choices and a scarcity of time. Your competition is just one click away. It is now an imperative to DIFFERENTIATE YOURSELF and instantly communicate your unique promise of value with laser sharpness, in a nano-second. Check out these personal and company branding videos:

The Power of Personal Branding for

Luxury Real Estate Agents

Strategic Branding for Companies

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Luxury Real Estate Marketing: The Contrarian Approach

Our digital world has brought about some wonderful efficiency in communication and has reduced costs. But, it has also made it easier to lose the personal touch which has now become a luxury. This opens up a tremendous opportunity for luxury real estate marketing professionals to gain a competitive edge by thinking like a contrarian.

In a time starved world where email-only customer service is the order of the day, a personal phone call can go a long way to build client loyalty. Here is an example.

Recently, a mistake was made on our account by an internet service to which we subscribe and our account was suspended. The only way that this could be remedied was via email customer service. There was no phone number given on their Contact Us page. Frustration set in because it took way too much time to write them and prove that the mistake was theirs not ours. Two days later the account was suspended again for the same reason. Again, the burden of proof was on us which took more of our time. And, we are one of their best customers!

This reminded us the Lily Tomlin sketch on Saturday Night Live where she played Ernestine the telephone operator. Her famous lines were, “I work for the phone company and it is not my job to think!” And, “We don’t care. We don’t have to. We are the phone company.”

Finally, we requested, by email, that a senior executive of the company call us, as there was no resolution via email customer service. Plus, we were ready to find a new service provider. We did get a call and the solution became apparent to the executive in less than 30 seconds. We now have her direct phone number which is rarely given out.

If your competition in luxury real estate is heading in one direction take the opposition direction and stand out. Be a contrarian. Maintain your personal touch, even after you have sold the home. It will go a long way to build client loyalty and referrals.

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Luxury Real Estate Marketing: In Praise of Snail Mail!

Photo by Jurgen Schoner

"Luxury is making an impression, without making a scene"-Yaffa Assouline.

A handwritten note to a prospective client expresses you care in a nanosecond. One of our clients welcomes his out of town buyers with a handwritten note placed in their hotel room along with a small box of chocolates from a local purveyor. Would you want to buy a home from anyone else? The initial conversation may have started by email, and he may have sent a text message alerting his client regarding a new listing.

In the not so distant past, people made beautiful boxes to keep love letters. A love letter is a treasure, a keepsake, a touchstone of a cherished moment! Would you profess you love in a text message or via email? Would the recipient file it in a folder on their hard drive under documents/love letters?

People purchased beautiful stationary to send thank you notes, and invitations to events. They sent birthday cards and anniversary cards. They bought special commemorative stamps to match the stationary and the event. Some still do. So, the US Post Office sells customized stamps. Another client sent invites to her opening party at her new office with her picture on the stamp. Would you want anyone else to market your home?

Balance high tech with low tech marketing. You will be surprised and delighted at the results.

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Luxury Real Estate Marketing: Is Print Media Dead?

Luxury real estate marketing professionals are often told that “print media” is dead. Shrinking revenue numbers of traditional media is presented as proof. Besides, Google discontinued its print ads in February of 2009. But, according to the Luxury Institute print will always have a place in luxury and we agree. Why? Because, taking the time to browse through a print magazine is a luxury in and of itself. Plus, it’s a break from being in front of ubiquitous digital screens: TVs, Computers, PDAs, Smart Phones, video games and now reading devises likes Amazon’s Kindle or Barnes and Noble’s Nook.

Consider in-flight magazines. London-based Ink, a privately held company, posted after-tax profit of £2.4 million ($4 million) on revenue of £25.3 million for the year through June 30, 2008. Last fiscal year Ink showed close to a 10% increase in revenue. According to a study conducted by Arbitron, more than 80% of U.S. passengers read the magazines airlines placed in front of them and readers average around 30 minutes per flight with their magazines.

What is important to understand about this captive audience is that frequent flyers, those who can afford to fly frequently (or be sent by their companies), are upper-demographic consumers who are taking a break from electronic devices.

Yahoo! recently announced its new 15 month marketing campaign ($100 million dollar budget) which includes print ads, TV ads and online ads. Clearly, this internet company sees the value of print advertising combined with other media. This balanced approach is a good strategy for luxury real estate marketing professionals, as well, especially when your competition is retreating from print.

Luxury real estate magazines are often placed where high net worth consumers will take the time to read them. For example, duPont Registry distributes its high end magazine to athletes. Their issue featuring California luxury homes is placed in the locker room of the San Francisco Giants. LuxuryRealEstate.com (Who’s Who in Luxury Real Estate) sends their glossy magazine to 500 top CEOs and also on private jets.

Print advertising for luxury real estate marketing can be an integral part of your personal or company branding strategy if it is done effectively. What is often missing is the right call to action that can generate bona fide leads, leads that can convert to measurable sales.

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Luxury Real Estate Branding: Branding is Like the Wizard of Oz

The most common misconception that luxury real estate marketing professionals have about personal and company branding is that it is as simple as creating a new look. Given that the average age of most real estate websites is five years old (35 years old in internet years) , a new look can be helpful. But, your brand will not become your “silent salesperson” if it does not reflect your entire package--the soul of your brand.

To quickly grasp the vital importance of what we mean by the soul of your brand, consider the classic story of the Wizard of Oz. Dorothy wanted to get back home. The Scarecrow wanted brains. The Tin Man wanted a heart and the Cowardly Lion wanted courage.

Your personal or company brand must have brains. Your knowledge of your marketplace, your negotiating skills, and your educational background are all logical reasons to do business with you.

Your brand needs a heart. These are the emotional reasons to do business with you. What you stand for, what you value most, what you are passionate about: all of these things must be reflected in your brand.

Although, your superior marketing savvy must be reflected in your brand both intellectually and emotionally it is your courage to be different, to be distinct from your competition and to stand out from the crowd that is the soul of a market leader.

But, the most important aspect of your brand must be authenticity. That was Dorothy’s quest: to get back home. If you are not “at home” with yourself, if you are not totally comfortable within your brand because it does not reflect who you really are, you will not attract your ideal clients. Ideal clients are people like you who recognize that you are a match faster because you exposed and expressed your brain, your heart and your courage within your brand.

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