Luxury Real Estate Personal and Company Branding: Is Your Slogan on Point?

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Luxury Real Estate Marketing: Saying Yes to Business and No to Busyness

January 26, 2012

"A 'no' uttered from the deepest conviction is better than a 'yes' merely uttered to please, or worse, to avoid trouble." Mahatma Gandhi.

We keep hearing from the majority of luxury real estate marketing professionals that they don’t have time! And given the condition of the market, they feel they need to do more. Life is out of control. They don’t have time to work on their business (meaning focus on promoting new business) they are so busy working in their business. Many take calls while eating lunch or dinner and are going to bed with their cell phones on their night stand ready to answer regardless of the time the phone rings.

In a recent Harvard Business Review Blog, Tony Schwartz points out that we don’t take time to prioritize our lives, and have a tendency to say “yes” to requests and not mean it. “Think of it as a madness loop — a vicious cycle. We react to what's in front of us, whether it truly matters or not. More than ever, we're prisoners of the urgent…Truth be told, there's also an adrenaline rush in saying yes. Many of us have become addicted, unwittingly, to the speed of our lives — the adrenalin high of constant busyness. We mistake activity for productivity, more for better, and we ask ourselves "What's next?" far more often than we do "Why this?"

Prioritizing our day’s work and our lives takes time. In the face of all the things we have said yes to, we don’t have time to do that. Every to do becomes “urgent”. Recently, we were contacted by a firm who wanted to set aside a day for time out and have a mini retreat to reflect on their leadership and create a fresh marketing plan for the new year. They had to postpone this as every one of their clients wanted something that was deemed urgent, and they could not take a day off to reflect, nor could they see time available in their first quarter.

Even though they are fully cognizant that their pipeline needs to be filled, they feel trapped by all the “yeses” they have committed to. The other aspect of this is that they cannot see the opportunities that are in front of them, and are apt to easily dismiss the very things that would assure their success. They are out of focus! This firm does have time to follow up on referrals or take on new business, which is absurd because it is the antithesis of their revenue goals.

Getting off the yes wagon begins with setting aside time to reflect on the scope of work for the day. Prioritize on a daily basis. The result will be getting more done in less time, and having time to enjoy your lives. Say “yes” to business and “no” more often to busyness.

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Luxury Real Estate Marketing: Is Customer Service a Luxury?

January 25, 2012

“The greatest danger for a luxury firm is to lose its status as a differentiated, premium brand, but wealthy consumer perceptions suggest that luxury overall may be in danger of losing its cachet,” said Milton Pedraza, CEO of the Luxury Institute. “This calls for a renewal of efforts to be unique and exclusive and to execute well on customer service.

The most frequently cited qualities that define luxury-superior quality (76%), craftsmanship (65%), and customer service (57%)-are the areas where wealthy consumers are finding the greatest dissatisfaction. More than half (56%) say that craftsmanship of luxury products is on the wane; 51% say that quality is decreasing; 50% notice a slippage in customer service quality and 48% say that luxury products are losing their design value.”

How does this apply to luxury real estate marketing? Real estate as a profession is a service business, real estate agents and brokers are service professionals. As we interview agents across the country for our series 50 Top Luxury Markets in the USA, we find that those who respond immediately to our queries are thriving in their marketplaces and those who want to eclipse the market leaders. They are easy to access, willing to share their insights, passionate about their marketplace, return calls and emails promptly and are a delight to talk to. One of the top market leaders recently interviewed said that you have to be nice to everybody regardless who they are or what their status in life. He returns everyone’s calls personally. As a result his client lists grows and referrals are plentiful.

Many of the agents we interviewed who are market leaders did not have websites, do not engage in social media, and do not know or care what SEO means or being #1 on Google. They are differentiating themselves on service, manners and excellent communication skills. They knock on doors; they meet people day in and day out. They are relationship oriented. They network face to face. They practice the fundamentals of business. They water plants for their sellers when they are out town. They send handwritten notes, birthday cards, and take their clients out to lunch. Tech is not the priority focus in their success equation and in many cases has been relegated to the back burner.

Luxury by definition implies rarity and exclusivity. Given the results from the Luxury Institute, it is evident that customer service is a key indicator in choosing a brand/service professional. People will remember you for your luxurious service. In our practice as branding and marketing strategists, we feel that customer service should take priority, and technology should facilitate customer service.

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Luxury Real Estate Marketing: Luxury on a Dime!

January 19, 2012

In our home town of Santa Barbara, California we are extremely fortunate to be able to shop year-round at outdoor farmers’ markets five days a week (except for relatively few rainy days). It is one of the many amenities that contribute to the quality of life here. To participate, all of the farmers’ produce must be certified organic.

In our local supermarkets and specialty markets like our favorite, Trader Joe’s, you usually have a choice between organic and non organic produce. Organic is usually more expensive. Given the price differential, you could say that organic produce is a luxury. In fact, understanding the buying decision between these two options in produce can shed some light on the very meaning of luxury, itself.

Here is how the USDA (Department of Agriculture) defines ‘organic’.

Organic is a labeling term that indicates that the food or other agricultural product has been produced through approved methods. These methods integrate cultural, biological, and mechanical practices that foster cycling of resources, promote ecological balance, and conserve biodiversity. Synthetic fertilizers, sewage sludge, irradiation, and genetic engineering may not be used.

Many studies have demonstrated that organic is simply better for your health. This could be a justification to spend more on organic produce. Many say that the peace of mind alone is worth it, even if they are not certain that organic produce is actually healthier. The price of illness far outweighs the price differential between the two choices.

Bananas are rarely grown by local farmers. Most bananas are grown in Central American and South America. Therefore, for us, Trader Joe’s is where we purchase bananas. We like to buy them partially green so that they do not get over-ripe before we are ready to eat them. But, up until recently, we purchased, non-organic bananas without thinking much about the difference. That is because bananas supposedly are resistant to pesticides due to their thick skin.

Recently, we could not find partially green bananas in the non-organic stand, so we bought organic as a matter of convenience. Then, we had a big surprise! The organic bananas taste remarkably better. The flavor was more pronounced and so was the aroma.

Now, we only buy organic bananas. For 10 cents extra, the taste is worth it and in the long run, organic bananas are probably healthier. What was interesting here is the decision making process that shed some light on the price differential that made organic banana a luxury. Health, peace of mind, convenience and finally taste, these are some of the “quality cues” and the values that comprise the luxury mindset and justify a higher price point. Now, that is luxury on a dime!

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Luxury Real Estate Marketing: Serving the Ready Minded Consumer

January 18, 2012

In our previous post, we discussed ease of use for the consumers as one of the important keys to enhance your web site. Once the ready minded consumer contacts you, what is your response time? Availability and response time go hand in hand. If both are not in harmony, the consumer will go on to another site. According to Gary Beerman, vice president of Alert Site, “The Industry standard is that a brand’s website has to load within four seconds, or the probability that the consumers will leave the page is quite high.”

If the response time is more than 5 minutes, the probability that the consumer will leave the site and go to a competitor’s site is also high. According to a survey generated by Lead Response Management.org

When a lead is contacted in 5 minutes versus 30 minutes, it will produce a significant increase in qualified leads that have the potential of closing.

The best time to call to qualify a lead is mid to late morning (not before lunch) and late afternoon (4-5PM is best 5PM-6PM is OK). The best days to follow up/qualify are on Wednesday and Thursday. The worst days are Monday and Tuesday. Friday is good to make contact, but not to qualify.

It is a good idea on your web contact form to have a form which asks the prospect their communication preference, i.e., email, text, or phone. Asking that question ensures the beginning of a fruitful relationship.

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Luxury Real Estate Marketing: The Evolution of Web Sites & the Consumers Who Use Them

January 17, 2012

As a luxury real estate marketing professional, it is important to continue to meet the current needs of potential clients on your web site. Luxury real estate sites need to evolve as consumers become more web-savvy, clearer about what they are looking for and more time-starved.

Consumers now expect to instantly find what they came for and also be able to control the speed at which they consume the information they find. “Flash” sites and rich media sites are a thing of the past. They can be a turn-off or a distraction for the “ready-minded” person.

For example, watching a slide show or a video about a particular listing presents the information at the speed you set which is not necessarily their speed. A slide show with thumbnails that they can click on, touch to view (on a touch screen) or hover-over at their own pace is now preferred.

Luxury real estate websites should be easy to navigate and facilitate immediate access to information in a self-serve environment. The MLS can be viewed from a multitude of sites. Property search is a commodity and it is free. The days of having someone register to view properties are over unless you offer an extraordinary promise of value that cannot be found on your competitors’ sites.

Less is more! Pare down unnecessary information. Luxury buyers do not want to access properties in all the neighborhoods in a given marketplace. They most likely are interested in the luxury areas only. Therefore, augment custom search functionality with pre-set search queries based on anticipated criteria, such as property type, location, and price range. This offers them the luxury of time and makes it easy to get what they want which is an added value.

Less is more in design as well. Keep it simple and elegant. Think of website design as a map to guide your viewer’s eyes to what they want to see. Your sellers want to see their properties displayed elegantly. Your buyers want to see your listings as well as the rest of the relevant inventory in your marketplace. Present the canned information (schools, demographics, etc) stylishly. Do not take the easy way out and just give them a links to other sites.

Today’s luxury real estate consumer expects to find original content in addition to commoditized information that most likely can be found on all of your competitor’s websites. Blogs offer the vehicle to present original information from the author’s point of view. Yet, very, very few luxury real estate marketing professionals properly maximize this opportunity to connect with web-savvy consumers. If you offer truly original content, consumers will actually slow down and take the time to appreciate your unique slant because doing so is a luxury.

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Luxury Real Estate Marketing: The New Frontier/Original Content Marketing

January 15, 2012

Another leading trend in the affluent sector that impacts luxury real estate marketing is the growing technology IQ of the affluent consumer. The affluent consumer has become tech savvy, and understands the value of the internet as a source of original knowledge and up to date information.

One of the most effective ways of marketing yourself on line as a luxury real estate marketing professional is to blog. The old paradigm for blogging was to write posts that are laden with keywords interspersed with some relevant content, all for the purpose of extracting “Google Juice”. It also encouraged reposting the same post and changing a few words here and there. This type of blog (beloved by the Google robots) could definitely get that for you and may even catapult you to the coveted #1 position. It will not build an audience of raving fans, which is the primary purpose of blogging. In fact it is a turn off, and it works against you. No one wants to be treated like a robot.

What today’s luxury consumer is looking for in blog posts is consistent, original valuable information, making them savvier about your marketplace. They are looking for “insiders” insights, the newest and latest information. A post that reviews a book written by a local resident as well as an invitation to a reading by the author would be an example of content marketing (pull marketing). This type of engagement creates subscribers, grows audiences, referrals and a call to you from a potential buyer/seller.

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Luxury Real Estate Marketing: Redefining Luxury in 2012

January 12, 2012

One of the leading trends in the affluent sector that impacts luxury real estate marketing is the change in how the affluent define luxury. The affluent are becoming “value masters”, the new badge of smart consumers. The annual Ipsos Mendelsohn Affluent Survey (by Ad Age) is a nationally representative behavioral study of more than 14,000 adults living in households with at least $100,000 in annual household income.

Value Matters
89% responded “When I decide to purchase a luxury item, I go out of my way to find the best price possible.”
60% responded “Even though the recession is 'officially' over, I am still spending money much more cautiously than I used to.”

Quality
78% responded "When it comes to quality, I believe you get what you pay for."
18% responded "I tend to buy based on price, not quality."

Online
68% responded "When I go shopping online, I usually know exactly what I want to buy."
64% responded "I regularly read online reviews of products before making an online purchase."

Offline
63% responded "When I go shopping in a retail store, I usually know exactly what I want to buy."
47% responded "I regularly read online reviews of products before making a purchase in a retail store."

In buying a luxury home whether as a primary or secondary residence, the new affluent buyer is researching the market place. With value as the objective rather than the old paradigm of “being able to afford anything I want”, the premium of perceived value (i.e., buying on the “right” street or the “right” neighborhood) does not have the same importance as it once did. They are also willing to wait for price reductions. Given the new shift in psycho graphics in the affluent marketplace, how will you adapt as a luxury real estate marketing professional?

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Luxury Real Estate Marketing: The Difference between a Trademark and a “Trustmark”

January 11, 2012

From a branding standpoint, there is a huge difference between a trademark and a “Trustmark”. If market leadership is your quest, this distinction is of paramount importance.

Trust is the expectation that promises will be kept. Trust is earned by the demonstration of kept promises. In the context of market leadership trust is the consistent delivery of an extraordinary promise of value that results in achieving top-of-mind status in a given product or service category (or a niche within a category).

Obtaining a trademark is relatively easy. But, it takes the constant, steady, unswerving delivery of your unique value proposition to build a dependable, reliable name for yourself or your company, a brand that your target market can trust over time. Only when your reputation becomes highly regarded on a consistent basis does your trademark transform into a “Trustmark”.

In the realm of luxury brands there is a full spectrum of highly regarded Trustmarks that range in categories from small indulgences to extravagant products and services. See’s Candies, an example of a small indulgence, is a market leading company that has consistently earned the trust of millions of people for over 90 years. Every time you purchase candy at See’s you get a free sample and the quality is always a constant.

Hermès has been a trusted name in high-fashion, perfume and lifestyle accessories since 1837 and enjoys an impeccable reputation for standing behind their products. A young woman recently brought in a saddle to a local Hermès store that needed its stitching repaired. Although, the saddle was purchased decades ago by her grandmother, Hermès repaired it at no charge. Stories like this one exemplify the level of legendary service that can always be expected at Hermès. And, that is what makes the difference between a trademark and a Trustmark.

As a luxury real estate marketing professional in pursuit of gaining or sustaining market leadership, building a personal or company brand that becomes a Trustmark vs. a trademark should be one of your primary goals. How can you develop a reputation for legendary service and consistently deliver on your extraordinary promise of value?

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Luxury Real Estate Marketing: Creating Customers for Life

January 5, 2012

A consumer’s first impression of a company or luxury real estate marketing professional is of paramount importance. If you manage to make an indelible positive first impression, your next challenge is to be consistent with every subsequent encounter over time. That is if you want to have a customer for life. Here are a couple examples that illustrate this point.

Recently, we needed to get in touch with the manager of a branch office of one of the major luxury real estate brands in the USA, in a very high profile (and competitive) marketplace. But, we did not know the manager’s name. We placed a call to the office and encountered a voicemail that had one option: “If you now the extension of the person you are trying to reach, you may dial it now. For the company directory, press #”.

Since we did not even know the name of the manager, we intuited pressing “O” and got another recording. This time we were prompted to leave a message with the promise of a returned phone call. However, we had to wait and listen to a lengthy message before we heard the sound of the “beep”. We had to endure several completely irrelevant questions to the purpose of our call, like, “if you need our address, the address is …” Does this sound familiar?

What if we were consumers who were contemplating giving the listing of our $5 million dollar estate to an agent in this office, and we wanted to ask the manager which agent would be most appropriate for our needs? In a matter of 90 seconds of our life that were utterly wasted on this call, that company would be crossed off our list. That recording would have cost that company potentially $250,000 (with a 5% commission)!

On the complete other end of the spectrum we recently had lunch our favorite Italian restaurant in Santa Monica, California that made a lasting first impression over 27years ago, and has been impeccably consistent at making remarkable impressions each and every time we return there. Il Forno has fabulous food, outstanding service and a wonderful wine cellar. If feels like “coming home” to our extended family when we dine there.

Il Forno was founded by Joseph Suceveanu in 1985. The Chef, Domenico Salvatore has also been a part of Il Forno since the same year. In addition to Santa Monica, Il Forno can also be found in three different locations in Japan: two in Tokyo, and one in Fukuoka. When they opened in Japan, Il Forno was immediately considered to be one of the top Italian restaurants in the country.

Great first impressions need to be made upon first encounters. But, every single subsequent encounter must be great to create a customer for life.

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Making the Non-obvious, Obvious: The Role of a Brand Strategist

December 21, 2011

A brand is the highly focused, abbreviated communication that conveys the essence of what makes you or your company different from and better than your closest competition. It is the distillation of your extraordinary promise of value expressed graphically and in the fewest words possible so that your target market can quickly grasp that you are a match for them. People like to do business with people like themselves, people they feel they can trust. Therefore, a successful brand accelerates the speed of trust and empowers potential referral sources to easily spread the word about YOU.

In our Language of Luxury blog we often offer examples of non-real estate related products and services that clearly illustrate these branding principles. And, we often are asked how this applies to luxury real estate personal and company branding. The fact that this is not obvious is what prompted this post. The principles of excellent branding and brand strategy are the same for all products and services. And, the role of the brand strategist is to make the non-obvious, obvious.

A strong brand makes what is implicit about you or your company, explicit, and does so with an economy of imagery and words. A great brand is like a flawlessly cut diamond that allows the maximum refraction of light. All of the individual facets of a great brand work together to communicate a singular message that creates demand and compels action to buy products or engage service professionals.

The role of a brand strategist is similar to a diamond cutter who knows exactly how to take a diamond in the rough and bring out its utmost brilliance, which is not obvious to the untrained eye. What is truly unique and valuable about you or your company may not even be obvious to YOU. It is often the case that the precise definition of your ideal client is also not obvious to you. These factors must be discovered and articulated first. Only then can you develop a successful brand strategy.

Our case study of Cuties, a brand of California Clementine oranges, illustrates what can happen, from a strategic standpoint, once you fully articulate your unique promise of value and sharply define your target market. They were able to exponentially expand their target market by accentuating and amplifying their distinguishing value proposition. Cuties now targets BOTH parents and kids as their ideal customers because their fruit is not just sweet and seedless like naval oranges, for example. Cuties are small which means they are easier to handle for kids. And, they are easier to peel for small children than other oranges.

Expanding the target market to include kids as a brand strategy was the non-obvious made obvious. The unique combination of Cuties' features lent itself to a flawless brand strategy that cannot readily be imitated, a strategy that is also expressed in the brand's kid-friendly personality.Cuties now "owns" the brand position and the very concept of "kid-friendly orange", a whole new, uncontested sub-category of oranges that they identified, claimed and now dominate.

The ultimate triumph of a brand strategist is to enable a brand to "own" a single word or brief phrase, in the minds of their target market, within a given product or service category. To illustruate this point, Volvo owns the word "safety", FedEx owns "overnight" and Xerox owns "paper copies".

There is a tremendous amount of focus that goes into crafting a strong brand and also into developing a powerful brand strategy. But, it is an exercise in futility if the aim of branding is not fully understood. The purpose of brand strategy is to achieve top-of-mind status and secure the lion’s share of the business. Brand strategy ONLY applies to what we call the “unabashed pursuit of market leadership”. If you are not interested in being #1 or #2 in your marketplace or a niche therein the purpose of brand strategy simply will not be obvious to you.

Please understand this: Making a good living in marketing luxury real estate does not require being a market leader. But, gaining or sustaining market leadership, if that is your choice, requires expert brand strategy.

At Napa Consultants, International, we make gaining and sustaining market leadership through brand strategy accessible to small business owners and local service professionals. As brand strategists in the realm of marketing luxury real estate, we only work with incumbent market leader or their challengers in a given marketplace (or niche therein).

We seek a 360 degree perspective in the “discovery process” through which we ask dozens of questions to identify what is unique about our client. One of the first things we do is meet our clients, in person, in their marketplace. We ask them to take us on a tour of their world. We want to see the homes they represent, the homes they have sold, and the homes they are targeting to list. We want to understand their neighborhoods, the lifestyle, and meet people that live there. We ask them to treat us like someone who has come to buy real estate in their town.

We immerse ourselves in the marketplace, in the buyer’s/seller's point of view and also in the point of view of our client. Then, together, we analyze the competition, which often reveals what we call “an underserved or uncontested market niche”. We look for the vulnerabilities of the competition and determine how best to position our client as distinct. Finally, we develop a brand strategy that can either secure our client’s top-of-mind status, if they are the incumbent, or displace the current market leader, if they are the challenger.

Only when all of this is accomplished is the new brand identity crafted through graphic design and website design. Their brand strategy usually requires an expertly built and optimized website to execute their strategy which we also create for them.

Making the non-obvious, obvious to a clearly defined target market is our role as brand strategists in luxury real estate marketing and also the marketing of all other products and services. It takes precision to craft a strong personal or company brand. And, it takes an energetic entrepreneurial spirit to embark on the unabashed pursuit of market leadership.

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Marketing Luxury Real Estate: Are You Being Served?

December 19, 2011

Exemplary client service is imperative when marketing luxury real estate if you are intent on gaining or sustaining market leadership. If you are interested in challenging the incumbent market leader you might want to ask some of their clients this question: Are You Being Served?

There are all levels of client service. Great service often begins right on your website where you have the opportunity to make “self-service” an enriching experience for potential clients before they are actually ready to make their first live contact with you. But, the minute a prospect calls you or walks in the door of your office you had better live up to the standard you have established on the web and exceed their expectations. Congruency and consistency is the key. Many current market leaders lack this.

Recently, Alexandra and I (Ron here) needed to open an investment brokerage account at one the major national brokerage houses to facilitate the transfer of funds. Since there was a local office close by we decided to go into the office instead of calling or setting up the account online. Whenever possible we prefer to establish new relationships in person and support our local businesses. Our experience was a disaster in client service.

Instead of being introduced to an account representative who could assist us in opening the account (and with whom we could potentially establish a long term relationship), we were guided by the junior in charge to a computer kiosk to open the account online in “self-service” mode. Shocked, that we were being introduced to a machine vs. a human being, we approached the kiosk where it was necessary to stand up while filling out the online form to open the account. In an instant they lost us as a customer. I immediately decided that the minute my funds were transferred to this brokerage firm I would transfer them elsewhere and close the account.

On the initial screen there were a number of account types and we needed advice as to which type was appropriate for our transaction. The receptionist called an account representative over to assist us. Thinking that perhaps, we had encountered an inexperienced receptionist, we expected that the account rep would invite us into his office and fill out the form for us as he asked appropriate questions. Instead, he told us the type of account we needed and guided us back to the kiosk to make the selection on the screen.

To get the idea of how physically awkward this was, try typing while standing up directly over your desktop or laptop computer that is lying flat on your desk. There is an ergonomic reason that there is a place to rest your palms while typing. After typing in our name and email address with great difficulty, the shock lifted, and outrage ensued. But, I decided to stay positive and give them the benefit of the doubt.

In an attempt to give constructive feedback, I told the account rep that had I not needed to open this particular account, I would have left on the spot, the moment the kiosk was suggested in lieu of human service. The account rep did not even acknowledge my feedback. Nor, did he apologize. Instead, he just cheerfully said “if it would be easier, you could open this account online at home”. Then, he gave me a card with the telephone number of customer service as we walked out the door.

The only consolation prize from this experience was the knowledge that this blog post that you are now reading would be written. When I got home and called customer service, I vented about my experience adding a bit of humor, knowing that the call would be “monitored or recorded”. The phone rep was dumbfounded. Getting back to the matter at hand, she graciously helped me through the form, which I could not have completed without her kind assistance. In contrast, this rep lived up to the standard of exemplary client service which highlights the imperative of congruency and consistency.

Every major investment brokerage firm has an office in our town, given the demographics here. Choices are abundant when it comes to selecting a particular firm and account representative. We hope that you get the parallel here to luxury real estate brokerage firms and agents. You would think that exemplary client service is a given, merely the price of admission into the field. But, for those of you who are intent on challenging the incumbent market leader in your area this extremely important factor of consistently outstanding client service may be the very chink in the armor of your competitor that can give you the edge.

You might assume that your competitor’s clients are being served. But, you may want to investigate this further.

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Luxury Real Estate Marketing: Truth is in the Details

December 7, 2011

In luxury real estate marketing, the first impression of your collateral materials, your web site and your messaging should exude luxury. However, it is the attention to details that solidify the impression and make it eminently clear that you speak the language of luxury fluently.

Truth is in the details. A diamond in the rough definitely has hints of brilliance. When it is cut, faceted, and polished that evidence becomes indisputable as the light will shine through it and attest to its beauty. Each facet is a detail precisely cut to reflect the beauty of the stone.

Details either affirm the luxury or point out that it is an imitation. Art appraisers look for details to authenticate or dismiss a work of art. Luxury is attention to details, it is craftsmanship. This is what makes a luxury item valuable.

Alexandra’s maternal grandmother was the head finish seamstress for Coco Chanel. She was in charge of embroidery, hand stitching button holes, and hems. Hems had to be invisible to look right. This took time and skill and gave the clothing item one of the details of luxury.

When dealing with a luxury clientele you need to be well versed in the details of luxury. Educating yourself on every aspect of what makes a luxury home is key to your success. It is the very thing that will inspire confidence in your clients and will assure them that they have made the right choice.

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Luxury Real Estate Marketing: You Can Have Your Cake and Eat it Too!

December 5, 2011

Outstanding packaging is an important way to express your superior level of attention to detail. For many high net worth individuals this a an indication of the level of quality service they can expect when they do business with you as a luxury real estate marketing professional.

In the arena of competition for market leadership the differences between the #1 and #2 competitor is sometimes marginal in terms of volume of business. Each one claims they have the most in-depth market knowledge, that they have integrity, the best negotiation skills and that they offer excellent service. If they both essentially have the same set of benefits, including their companies’ benefits, on what basis does the consumer make his or her choice to begin a new business relationship given that a referral was not the basis of the introduction?

You have heard the expression, “you cannot judge a book by its cover”. But, more often than you realize packaging is the basis of choice for consumers who are not introduced to a product or service by a trusted recommendation. Many consumers select their wines based solely on the aesthetics of the label and the cleverness of the name, i.e., the packaging.

That is why some wineries pay as much as $80,000 just for a label design. In Napa Valley, there are many fine wines of the same varietal priced similarly. In fact, in a blind taste test, they are difficult to tell apart except for those who have the most educated palates. Which one should the uninformed consumer buy?

Aesthetics play a very big role in romancing consumers to purchase a product or to do business with a service professional. Here is an example of how this plays out.

Most of us love chocolate cake. Get the idea that two bakers use the finest fresh organic ingredients to create a great chocolate cake batter. They use the exact same recipe and the same oven, at the same time to bake their cakes. In a blind taste test, consumers cannot tell the difference between the two.

But, following this example, one baker used an inexpensive bundt pan and the other used a top-of-the-line pinwheel designed pan that clearly made her cake stand out visually from the ordinary shaped caked. This detail that only cost 1/3 more created a superior presentation that also sparked word-of-mouth advertising because it literally was “remarkable”.

In marketing luxury real estate pay attention to the details in your presentation of your personal brand and also in the properties you represent. That alone can tip the scales in your favor to win more clients and out-perform your closest competitor. This goes to show that you can have your cake and eat it too!

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Marketing Luxury Real Estate: What Are You Trying to Say?

November 28, 2011

As a luxury real estate marketing professional, it is important that you get your marketing message laser sharp. You must speak to your target market in a language that they understand using words that resonate precisely with their mindset. The faster you can communicate your extraordinary promise of value in a way that addresses their most pressing needs the quicker they will want to do business with you.

Apart from referrals, open houses and yard signs, your website is the place where most consumers discover you for the first time. Does your website instantly communicate who you are, how you are different and how you stand out from your competition? Think of your website as a retail store. Does your site compel people to walk in to discover more?

We walked by the window of the Louis Vuitton store in Santa Barbara, California on Thanksgiving weekend, one of the most important weekends of the year for retailers. After “scratching our heads”, wondering what this was all about we just had to take a photo and write this post about messaging.

You can see what we saw in the window depicted above. An elephant doing an “hand stand” on a plank that is balanced on a ball with a designer purse on the opposite end of the plank lifting the elephant. What message does convey to you? Does it make you want to enter the store to shop? Does it make you want to buy that particular item? To whom are they attempting to communicate?

Unless this store is a destination for you because you already know the brand and you intend to shop there for the Holidays, this is a huge missed opportunity to draw in new customers. Window design is an art form in luxury retail stores throughout Europe. With so much competition for attention you only have seconds to capture the the attention of prospective customers. How can you expect to increase sales if you cannot draw customers in the store in the first place.

The same applies to marketing luxury real estate and to marketing YOU. Get your messaging spot on and you will dramatically see an increase fin the number of prospects that convert to clients and sales.

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Luxury Real Estate Marketing: There still is Intrinsic Value in Great Locations

November 22, 2011

We are excited by the great feedback received on our new article series, highlighting 50 Top Luxury Real Estate Markets in the USA. For each of our articles we interview many of the top agents in the area and get their take on the positive aspects that make their marketplace distinct. We also showcase their high-profile luxury listings that can instantly be viewed in a slideshow within the article. Some of the recent markets we have covered include the South Central Coast of California (Santa Barbara, Santa Ynez Valley and the Channel Islands), the Hawaiian Islands and Park City / Deer Valley, Utah. Many have asked, “Why did we launch this series?” Here is our answer.

First, for consumers, we wanted to shine a positive spotlight on some of the best marketplaces in the country because there are some outstanding opportunities out there for qualified buyers. Secondly, we wanted to inspire our luxury real estate marketing professionals in our audience. The inspiration comes from their peers, the ones who are not only surviving under current market conditions, but are, in many cases, thriving. Thirdly, we believe that when you can be inspired by the success of others without feeling diminished yourself, that your own success is right around the corner.

Lastly, through all of our research in the realm of luxury goods and services, we have noticed that, intrinsic value vs. getting approval from other for status purposes, is the focus of high net worth consumers more so now than prior to the recession. Generally, they are much more discerning now when it comes to paying a premium for luxury. Therefore, we have strived in our articles to bring out the intrinsic value such as natural settings, the tangible and the intangible aspects that come with living in the most desirable luxury real estate markets in the country.

Thanks to our media and syndication partners, the Language of Luxury (LOL) reaches over one million readers. It is syndicated on 25 channels including many of the finest luxury real estate publications in the world such as Dupont Registry, Unique Homes, Luxury Homes Magazine, Ocean Homes and LuxuryRealEstate.com. LOL (lLanguage of Luxury blog) also appears on other real estate specific media including Active Rain, Proxio, Broker Agent Social, Real Blogging and NewsGenius . Together, our hope is to remind luxury real estate marketing professionals, worldwide, that the old real estate adage, “location, location, location” still holds true. Perhaps over-inflated prices have disappeared to a greater or lesser degree, which is obviously more advantageous for buyers than sellers. But, there still is intrinsic value in great locations!

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Luxury Real Estate Marketing: Practical Luxury

November 17, 2011

We often hear that time is money. Having time to enjoy the good things in life is a luxury. Yet, sometimes we are lured by lower prices or special offers, thinking we are saving money, when doing so can actually waste time. Sometimes, paying more seems impractical. But, think again! Think about the concept of practical luxury. As a luxury real estate marketing professional, how much is your hour worth?

Have you ever been offered a dollar to complete a survey that takes 10 minutes of your time? That means that your time is worth only $6 per hour. At a new upscale shopping center we were offered $10 to complete a survey that only took 3 minutes. That equated to $200 per hour--a much better return on our time spent, especially for effortless work. But, the key here is to stay focused on what your time is worth.

With gas prices skyrocketing, many are lured by gas stations wars. Depicted here are two gas stations catty corner from each other. Union 76 always has lower prices than its competitor, Chevron, across the street. The majority of time, the owner of Union 76 is directing traffic around the narrow pump aisles, making sure that everyone is on the correct side of the pump. At peak times, people are lined up to fill up while their engines are still running.

At the Chevron station there is no wait whatsoever. There are more pumps and wider aisles for easy access. What is your time worth while you are waiting to save a couple of bucks? If your car uses premium gasoline you are spending $2.00 more per fill up of 20 gallons. However, you are quickly in and out of the gas station. You can get to where you are going quicker and in a better mood. Now that is practical luxury! Are you worth it?

The best luxury real estate marketing professionals thoroughly understand the mindset of their clients and target market. This nuance of practical luxury can give you an insight as to why some affluent people do not bother to comparison shop. While, there are those who became affluent because of a very frugal mindset. Neither is better. Some just value their time in different ways.

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Luxury Real Estate Marketing: No-Tech Marketing

November 15, 2011

No-Tech marketing can pack a bigger wallop than internet marketing. As a luxury real estate marketing professional it is important to have a balance of high-tech and no-tech marketing, as part of your strategy to achieve top-of-mind status in your marketplace. Here are two examples.

Gelson's Market Santa Barbara

Gelson’s Markets like many other markets or food specialty stores in the USA prepares a takeout Thanksgiving dinner. You can order in accordance to the number of people you are hosting. The dinner is complete with hors d’oeuvres, side dishes and dessert. Additionally, they will suggest the perfect wines for the occasion. This season, they added no-tech marketing to their promotion. Last Saturday you could come to the store between the hours of 11AM to 2PM, to sample an entire Thanksgiving meal, without wine.

Williams Sonoma-Santa Barbara

Williams Sonoma had a special sale on all the cookware, accessories, and foods one may need to prepare a gourmet Thanksgiving dinner. This included their special cranberry relish, gravy, spices and more. You can even sign up for free cooking classes this week on how to make Thanksgiving easier. During the classes, their chefs will be demonstrating time saving techniques.

The net result in both cases is increased good will and customer loyalty which, in the long term will pay off handsomely for both stores. How can you implement no-tech marketing in your luxury real estate marketing strategy?

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Luxury Real Estate Marketing: What is Your Luxury Brand Personality?

November 9, 2011

As a luxury real estate marketing professional you have to identify the luxury brand personality of your marketplace and make sure it is harmonious with your personality. If it is a match, then it will be a match made in heaven as those with similar likes will be attracted to you. Here are three examples of luxury personalities.

Sophisticated

The Louis Vuitton store pictured above defines a sophisticated luxury brand personality. This is reflected in the look of the store, with fine leather furniture, beautifully crafted wood and glass counters and display cases, and top of the line accessories. The merchandise is traditional and elegant.

Hip

All Saints Company is an example of a hip brand luxury personality. The windows are filled with antique sewing machines emphasizing their quality manufacturing and tradition. The lighting is industrial reminding one of a factory, and the clothes are chic, edgy and hip. The clothing tags are handwritten and some of the beaded garments sport an additional “manually embellished.”

Photo by Pietro Cruciatti, Dreamstime

Fun

Moschino, an Italian designer is known for the fun brand personality in luxury, as seen in the helmet above. His tagline is “A Stylish Attitude”. The motorcycle helmet definitely screams attitude. The clothes are quirky and fun. The jewelry is one of a kind. The picture of the brooch below shows three dangling enameled and articulated fish hanging. The inscription on the top of the circle, says in Italian, “If you sleep, you don’t catch."

What is your luxury brand personality and what is the brand personality of your marketplace? Is it a match made in heaven?

Luxury Real Estate Marketing: New Trends in the Brand Naming Game

November 8, 2011

All Saints Store in Santa Monica

In luxury real estate marketing, it is of paramount importance to come up with the right name for your business. One of the traditional rules of branding has been to keep a name short because they are easy to remember, and easy to spell! As the new century dawned the rules have been challenged and some of the new the names became descriptive of their mission statement, their marketplace or who they are.

Some of the pioneers in the longer version name game can be found in the fashion industry. Here are some of our favorite brand names and the story behind them.

Not Your Daughter’s Jeans: This is a brand of women’s clothing including chic jeans designed to flatter every woman’s figure.

Citizens of Humanity: This is a Luxury Denim & Apparel for Women & Men. A portion of proceeds are given charity.

Band of Outsiders: This is a clothing company for “geek chic”, hence outsiders.

All Saints Spittafield: This is a manufacturer and retailer of quality garments. Their stores are decorated with assorted antique sewing machines. All Saints donates to “Not For Sale” a worldwide movement to stop human trafficking.

Rag & Bones: Fashion for men and women, the name is a British phrase for junk dealers of old with a pushcart who bought and sold and recycled discarded items.

Is it time for you to play the brand naming game?

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