Monday, October 31, 2011

Luxury Real Estate Marketing: The Inner Game of Market Leadership - Part 3


Photo by Alexa Sklar, Dreamstime.com

What comes to your mind when you think about team spirit? High morale? Esprit de corps? If you have ever been on a winning team, whether it was in sports, in business or any co-created project you know how it feels to maintain your belief in a goal, in yourself and in others. Sustaining your morale, whether personally or as a member of a team is by far one of the most important skills in the inner game of market leadership. As a luxury real estate marketing professional, it is essential.

Even if you are a “solopreneur” vs. a team in your luxury real estate practice, you still may need to work with a transaction coordinator, an escrow officer and title reps. Your ability to engender esprit de corps project by project, not only helps make transactions go smoother, but also more fun.

We all love to watch sports because we get inspired by individual achievement. But, we also are moved by those teams who can pull together tenaciously and consistently in pursuit of a common goal.

Team spirit is definitely one of life’s true joys to experience first hand and also to observe in others. Whether or not you were a Cardinal or Ranger fan, game six of the World Series was one of the most amazing demonstrations of consistently maintaining morale in recent baseball history. You just had to admire each team for not giving up. This was especially true of the Cardinals who were one strike away from losing it all and came back to ultimately win the title.

To sustain high morale on your team you need to keep your own spirits up. This does take practice to be consistent. But, when you reach those critical moments when things do not appear to be going your way, that is when the practice truly pays off.

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Friday, October 28, 2011

Luxury Real Estate Marketing: Lesson in Design and Branding from Tiffany's

We love visiting the Westside of Los Angeles, where we used to live. As part of our design study, we decided to visit the newly refurbished Santa Monica Mall. The mall was transformed from an indoor facility to an outdoor facility which was a successful architectural feet. The result is elegant, uncluttered and very pleasant to walk around in..

When we saw the Tiffany store, we were inspired by the uncluttered presentation featuring a jewelry vignette in one of the windows. The other side of the store had the identical look with a different jewelry vignette. The overall feeling is balanced, inviting and attracting the customer to come in and shop. The brand colors of Tiffany blue and silver are represented beautifully.

Like a store, a website has to attract the customer to stay and shop, If the store or web site is unappealing, you walk away or click on to the next store or web site.

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Thursday, October 27, 2011

The Three Luxury Real Estate Marketing Keys for Personal Branding, Part 3

CENTERING

This is Part #3 of a new blog series on The Three Luxury Real Estate Marketing Keys for Personal Branding. Define. Align. Refine!

Pottery, as an art form, clearly illustrates the principle of feeling centered which is the by-product of the process of self definition and personal alignment covered in previous posts. As students of pottery, we highly recommend that luxury real estate marketing professionals take a pottery class to gain a visceral, hands-on experience of centering. Like the personal alignment process pottery is also a meditative experience because you have to concentrate and focus to keep the clay centered on the wheel as you transform it into something both beautiful and useful.

When you prepare the clay for throwing a vase using a potter’s wheel all these steps need to come into alignment in order to achieve your end result:

  • You cut a piece of clay from a large block and wedge the clay. That is, you knead the clay until all the molecules are literally aligned and no air bubbles remain in it. This will add to the structural integrity of the finished bowl.
  • You shape this clay into a ball and place it on the middle of the wheel
  • You start the wheel, flatten the ball, and center the weight of the mass on the wheel.

If the clay is not kneaded or wedged properly air bubbles will remain. Air bubbles will create holes or cracks when you fire it in the kiln. The personal alignment process is similar to wedging clay. It is essential that you rid yourself of the air bubbles of doubt and self contradiction.

You center the clay mass on the wheel in order to open the very center of the vase and evenly pull the sides up. Suddenly, from a lump of clay you give it definition and a shape. Centering yourself through the process of self-definition and personal alignment quiets your mind, so that you can focus on shaping, crafting the vase of your unique selling proposition (which we cover in Part 4).

The last step prior to firing is called trimming. Once you have let the newly formed vase dry (partially) overnight, you bring it back on the wheel, center it again and trim away any excess clay. This trimming process is akin to what we call refining your marketing message which is covered in Part 5.

We find that so many luxury real estate marketing professional do not take the time to establish their personal alignment and get centered. They simply are unable to clearly articulate how they are distinct from their closest competition. And, their results are usually not consistent.

Personal alignment gives you a sense of balance, confidence and a sense of being centered.. Only then can you be authentic and create a genuine personal brand..

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Luxury Real Estate Marketing Tips for Personal Branding: Part 2

Personal Alignment


This is part #2 of our blog series on The Three Luxury Real Estate Marketing Keys for Personal Branding. Define. Align. Refine!

The second key of successful luxury real estate marketing after Self-Definition is personal alignment. Alignment as defined by Webster’s Dictionary is “the proper positioning or state of adjustment of parts in relation to each other.” What then, is personal alignment? It is the clarification and the formulation of your thoughts in such a way that you eliminate self-contradictions. It is also the convergence that occurs when these mental gears are in sync:

• Your values and beliefs (what matters to you the most and what you stand for)
• Your passions and personality (what you personally love doing the most)
• Your unique talents and abilities (What you can do better than anyone else in your marketplace)

The process of personal alignment is taking the time to formulate and reformulate your success formula by trying out different ideas in your imagination until all these gears click into place. Only then can you send a clear, non-contradicted signal to your target market. Anything less is like tuning in a radio and hearing static.

Without alignment your target market is getting mixed signals from you or cannot even hear your broadcast. And, you wonder why all of your hard work isn’t paying off as you had hoped it would. It’s not for lack of effort on your part. It is lack of alignment!

Most professionals are too eager to rush into action before achieving personal alignment. Then they wonder why they are getting mixed results. Do not underestimate the importance of this vital step in building your luxury real estate marketing practice. Any time you notice that you are not getting consistent results, take more time out for personal alignment or realignment.

The Three Luxury Real Estate Marketing Tips for Personal Branding: Define. Align. Refine! Part #1



Self-Definition


This is Part #1 of a new blog series on The Three Luxury Real Estate Marketing Keys for Personal Branding: Define. Align. Refine!

For luxury real estate marketing professionals the process of self-definition is the starting point for creating a personal brand. In subsequent posts in this series we will cover how self definition and personal alignment lead to being centered and focused which is the prerequisite for refining your competitive advantage. In order to begin creating a successful marketing strategy that effortlessly attracts your target audience, take some time to complete these self-defining exercises:

1. Define your core values and your beliefs. This is the time to be honest with you. These are not the values or beliefs you think you should have because somebody will like you better for it. You will no doubt come up with many of these; however, it is important to identify the most important ones to you. Some values and beliefs are more cherished than others. What do you stand for?

2. Define your authentic personality and your passions. This is not what others think your personality is. It is not what you think you should be or have to fix. What makes your heart sing? How can you use that passion to create an avenue to better relate to others?

3. Define your unique talents and abilities. Everyone one of us has a unique blend of talents. It is your DNA. What can you do better than anyone else in your marketplace?

This is not a process to rush through. Take your time, deliberate. Check out each answer by questioning it thoroughly. You will know the process is done when you can articulate your answers to all of the questions above in one clear paragraph that says it all.

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Thursday, October 20, 2011

50 Top Luxury Real Estate Markets in the USA: Hawaii - Part 3 - Why Kauai?

Kauai - The Garden Island

Elvis was married here in Blue Hawaii. Speilberg filmed Jurassic Park here. The magnificent scenery of the Garden Island of Kauai has been the backdrop for countless other famous films including South Pacific, King Kong and even Avatar. We asked the top luxury real estate marketing professionals who live and work here what is most beautiful about their island. Invariably, they said that the scenery was breathtaking, but it is the people of Kauai and the strong sense of community they create together, that is the true beauty of the island.

kauai lead photo

To view the slide show of the magnificent homes in Kaui click here.

In addition to the lush surrounding of Kauai, another common thread that was conveyed by all was a savoring of the slower paced, authentic Hawaiian lifestyle. Sarah Bernston said, “When you cross the one lane bridge into the famous Hanalei Valley you can feel the shift in the slower relaxed way of life”. Barbara Sloan says, “Kauai is often referred to as the ‘friendliest place in America’. Even though there is very little traffic here, people will go out of their way to yield the right of way”.

Michael Schmidt shared what it is like to work in Paradise. Essentially, he explained that there is a seamless continuum between work and play, between communing with nature and being engaged in the community. “Kauai is conducive to discovering and maintaining your own balance”, he said.

Although, Wai’ale’ale area is known as the wettest spot on earth, with its average rainfall of over 450 inches, the perimeter of the Island along the coastline gets relatively little rain. Kauai has more sandy beaches than the other islands and there are many superb beachfront homes here. “This is an excellent time to purchase an oceanfront home”, says Jim Pycha. “Given all of the amenities of our island, there is incomparable value in Kaui”.

There is also a deep sense of value and genuine respect for the environment among the people of Kaui. Debra Blachowiak believes that, “it is all about the fresh water—water is the gold of the future. Just about anything can grow here which allows for a sustainable lifestyle”.

“The lush landscape on Kauai offers some, who prefer a more rural lifestyle, the perfect opportunity to realize their dreams”, according to Rick Shaw. But, if you seek a vibrant nightlife, you may need to take a 20 minute flight to Honolulu because “the sidewalks in town on Kauai roll up around 6pm”, Rick says. On Friday nights, however, “the Hanepepe Artist Walk is a popular attraction that features local artists, musicians, shopping and food booths”.

Broker/Owner, Scott Lindman, often visits his friends on the mainland, friends who live at a faster pace. “For them, owning a second home on Kauai offers a place to completely recharge”, he says. For Scott, business as usual on Kauai means, “scheduling regular “board meetings” with his agents and staff, surf boards, that is. Successful agent, Sean Ahearn, a transplant from Boston via the San Francisco Bay area, says he usually starts his day on his stand-up paddle board and is often joined by his “frients”, clients who become his friends.

Hanna Sirois, says, “Kauai is a restorative place where you can escape and take the time to exhale”. “Celebrities who live on Kauai are not fussed over”, says Neal Norman, “it is their opportunity to stay out of the limelight”

Kauai is a great place to raise a family, too. Kids get to go barefoot in grade school. Children are raised to be independent here, to “paddle their own canoe”, as Mark Tanaka puts it. He says, “It feels safe here. Neighbors throughout the island keep an eye out for your kids.”

Kauai may very well be the perfect blend of natural beauty, community and an authentic lifestyle. But, it is the appreciation of this splendor that is at the core of the Aloha Spirit. Yvonne Summerfield expressed it this way, “We feel extremely blessed to live on this beautiful Garden Isle. Ben Welborn came to Kauai as a youth on vacation with this parents, and has called Kauai his home ever since. He says, “I love this beautiful island and feel very grateful to live here. I am a Kauai Boy at heart”.

Photos Courtesy of the Agents & Brokers Interviewed

See: Part 1 (Oahu) and Part 2 (Big Island)

Wednesday, October 19, 2011

Luxury Real Estate Marketing: The Inner Game of Market Leadership - Part 2

Here is success secret that you can apply not only to marketing luxury real estate, but to all aspects of life, as well. It is an essential pillar of what we call the inner game of market leadership.

There are two types of action: effortful action and inspired action. One is definitely more fun than the other. Inspired action just feels better. But, why is that so?

Effortful action is the result of a mindset that is riddled with self contradictions and/or self-doubt. You want to list a luxury home but, the sellers insist on an unrealistic sales price. You have the notion that there is a scarcity of potential listings and you take it against your better judgment. Then, to make it more palatable, you justify this choice by telling yourself that it is a trophy listing, that it will help you get more listings of this caliber and attract more buyers.

Every action that you take to market this home can potentially be effortful because of your internal contradictions. You say to yourself, “I just closed a deal on another house because I acquired a buyer who was originally interested in this over-priced listing, so it was worth it”. But, then you dread having to fight with the owners to lower the price.

It is entirely possible this is your M.O. (modus operandi) and you actually enjoy this listing game plan. For you, it is fun. But, if you are taking overpriced listings because you believe that there is a scarcity of business, this approach will be fraught with effort, even if you do not readily admit it (to yourself).

We once met a luxury real estate marketing team that had no less than ten over-priced homes listed. Suddenly, they were perceived as “players”, as potential challengers to the incumbent market leaders. Between themselves then knew that this perception was just temporary, that it had no foundation. They knew that these homes would not sell anywhere near the listing price. However, the bottom line with this team was that they were completely worn out mentally and physically.

Contrast this to a market leading client of ours who refuses to take on overpriced listings. He has built his reputation on accurately assessing home values and consistently beats out his competition because of it. But, that is what it looks like from the outside.

In his inner game, he knows that people like to do business with people like themselves. His ideal client is not the unrealistic seller, the one who needs to be flattered going into an overpriced listing and beaten down in price going out. By not wasting his time with these people he is able to attract more clients like him. Those clients appreciate his realistic price assessment and his willingness to walk away without the getting listing.

There is no effortful action required when you have an accurate price in an active market. That does not mean that proven negotiation skills are not required. Under these circumstances, negotiations are usually based on inspired actions making the transactions challenging at time but much more fun.

At times, it takes resolve to keep your self-doubts and scarcity mentality at bay. Maintaining an abundant mindset requires consistent focus, and that takes practice. But, the rewards of inspired action that flow from this state of mind, vs. effortful action are plentiful: pure joy, loving what you do, enhanced health and a grounded sense of well being. This is what it feels like to win the inner game of market leadership.

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