Luxury Real Estate Marketing Tip: Try Basecamp for Listing and Marketing Coordination

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Luxury Real Estate Marketing Tip: Fight or Take Flight?

December 4, 2012

As a luxury real estate marketing professional it is essential that you understand that luxury is a relative term. The word has been strongly associated with the lifestyles of the rich and famous and primarily with conspicuous consumption and being ostentatious. But, there is so much more to the meaning of luxury than glitz and glamour.

Perhaps you saw the recent 60 Minutes TV show that featured two extreme stories about luxury. One story was about a Korean prison camp escapee whose concept of luxury was eating boiled chicken because he was only fed cabbage and gruel his entire life. Certainly, we have heard of extreme poverty in underdeveloped countries. But, never have we heard of three generations of prisoners who were being punished for the political crimes of their forefathers.

The other story was about a psychiatrist who realized a dream of creating the first airplane powered solely with solar energy, one that could fly at night using the stored solar power from the previous day. To this visionary, luxury was the satisfaction of achieving his individual potential.

It is utterly amazing to conceive that such extremes can co-exist in modern times. But, such is the current state of human nature. How is it possible that one man can fight so fiercely just for the right to find nourishment, while another man can let his imagination take flight, beating all odds to make the impossible, possible?

Abraham Maslow was best known for creating the hierarchy of human needs. He addressed these extremes when we expounded upon the spectrum between the need for physical health and safety through the need to belong, the need for self-esteem (and the esteem of other) and the need for self-realization.

The upper tiers of this hierarchy is where you find most luxury real estate buyers. Yet, throughout each tier is the yearning of the human spirit to take flight, to rise above it all, physically, mentally and emotionally. The rewards of satisfying one’s needs, each step of the way, is what true luxury is all about.

Take the time to genuinely understand the needs of your clients. Understand what luxury means to them. This will serve you well and will enable you to serve your clients better than ever.

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Luxury Real Estate Marketing: The Luxury of Eggs/The Gift that Keeps Giving

November 29, 2012

One of the most important aspect of gift giving, as a luxury real estate marketing professional, is knowing what is meaningful to your clients. It is easy to listen for the clues about the things they like, the hobbies they are involved in or the ideas about which they are passionate. These listening moments will surely lead to finding the perfect gift that keeps giving.

As we were perusing the various gift catalogues that fill our mailbox this time of the year, we were intrigued by Williams Sonoma’s offerings under “Made By Hand: Agrarian celebrates a lifestyle of healthy living, and all things homegrown and handmade.”

This offering is no doubt in response to the healthy living trend. Our favorite is the chicken coop (or in this case a luxury two story chicken manse with a glassed in veranda). It reminded us of our Napa friends who have a chicken coop with beautiful Ameraucana chickens whose eggs shells are a bluish green. Occasionally our friends would call us on a Sunday morning and asks us to join them for omelettes made with their chicken’s eggs. Fresh picked eggs are one of the most delicious and luxurious treats

The other gift we loved is a beehive. We recently had dinner with new friends who have a beehive in their yard. The honey is unlike any honey they have ever tasted (and they are real foodies). By keeping a beehive, they are helping to increase the waning bee population. Their neighbor reported to them that since their bees arrived, his avocado trees are improving. To view these healthy lifestyle delights which include a cold frame for your edible garden, gardening tools, cheese making kits as well as various honeys, go to the agrarian section of their website.

If you give someone what he or she really is interested in (fresh eggs, etc.) you can consider yourself a great gift giver. Listening to your clients all year-round, not just at Holiday time, and making a note under their name in your contact records is the key. It is so much fun to see someone smile as they say, “Thanks, this is one the best gifts I have ever received.” That in and of itself is a delightful reward. But, the buzz you generate as a great gift giver can also lead to excellent referrals because you will most likely be on their mind whenever they cook with eggs.

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Marketing Luxury Real Estate: One Way to Stay on Top of Your Game

November 27, 2012

One of the ways to stay on top of your game when it comes to marketing luxury real estate is watching HGTV when they feature extraordinary homes and million dollar rooms. It will help you expand your “vocabulary” in the Language of Luxury.

For example, in a recent episode of Extreme Homes, an absolutely stunning custom designed, multilevel home was featured that was built on a cliff overlooking the Southern California coastline. The homeowners are truly passionate not only about fine architectural design but also automotive design. In fact, when they drive one of their cars into the garage (on the upper level) the floor of the garage can descend into the lower level of the home where the car can be showcased like a work of art. (See the photos above).

Understanding what your clients are passionate about can help you find them the home of their dreams. It can also give you a competitive edge in a listing presentation when you can connect with homeowners on their level.

The more you are familiar with the many facets of the luxury realm the more you will have in common with your ideal clients. The faster you can build rapport the faster you can build trust. This also translates into the acceleration of referrals. And, that is a great way to stay on top of your game.

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Luxury Real Estate Marketing Trends: My Kitchen has Bedrooms

November 20, 2012

As a luxury real estate marketing professional you understand the importance of an outstanding kitchen design when it comes to marketing luxury homes. You would be the first to advise your seller to remodel or upgrade the kitchen in order to get maximum value for their home.

An interesting trend has emerged in building or remodeling high-end homes. According to the National Association of Home builders, the average square footage of kitchens has increased by about 50% in the last 30 years (from 303 to about 450 square feet on average). In the fourth quarter of 2011 the American Institute of Architects Home Design Trends Survey also noted that the size of the kitchen’s footprint in a home was growing.

Joanne Hudson, a Philadelphia based kitchen designer, says: “This trend is partly driven by a shift toward a more casual lifestyle, where people often want to prepare food with company either watching or helping them cook the meal. More people are cooking at home for health reasons—as well as wanting to show off the latest in increasingly pricey commercial-grade home cooking appliances.”

Toll Brothers has added an option for a 440 square foot kitchen in their model homes. Other builders, such as KB homes and The New Home Company have remarked that kitchen sizes, on average, account for about 15% of its homes' total floor plans in a typical 4,800-square-foot model. This is up from 10% of a similar home's plan seven years ago.

What comprises a supersized kitchen? These kitchens now include a great room, a family room and are often connected to an outdoor kitchen. It is as if the kitchen has bedrooms and that make it a home.

How much does a supersized kitchen cost? Investing in a major kitchen remodel in an upscale home costs $111,000, on average. 57.4% of the costs typically are recouped in a resale, according the most recent annual Remodeling magazine report.

An extreme kitchen home in Beverly Hills is currently in escrow with an asking price of $58 million. The home has a 5,000-square-foot kitchen with seating and dining areas, a glass walk in refrigerator and freezer as well as a butler’s pantry. The entire room opens on to a beautifully manicured formal garden.

Become knowledgeable not only about kitchen design but also about top-of-the line appliances. That way you can advise your clients about the potential value they can add to a home either as a buyer or a seller. Your expertise in this arena will also add value to the service you provide and enable you to run circles around your competition.

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Luxury Real Estate Marketing Tip: Pick Your Niche Wisely!

November 19, 2012

Courtesy of Microsoft

Identifying an undeserved or uncontested market niche, then dominating that category is the fastest route to market leadership in the field of luxury real estate marketing or any field of business for that matter. To be successful in your chosen category, however, it must be a category that you or your company, can serve better than anyone else.

When Steve Jobs first introduced the iPad he presented perhaps the best demonstration in the digital age of this fundamental principle of brand strategy. On the screen behind him was an image of the iPhone and a MacBook laptop, with a space between them. He posed this very important question: “Is there room for a third category of device in the middle?

In this article we are going to use Steve’s logic to analyze whether there is room for yet another category in the middle between a smartphone and a laptop. This is the question to which Microsoft answered, “yes”, with their new Surface device.

According to Jobs, to qualify as a legitimate third category the iPad would have to do some things far better than either of the other two devices. For example, browsing the Internet, or using the device for email, photos, video, games and eBooks would have to be a far better experience than doing the same thing with a smartphone or laptop.

At the time netbooks were selling like hotcakes. But, Steve summarily dismissed the netbook as a “cheap laptop” not a new category. With over 100,000,000 iPads sold to date consumers have confirmed the need for this distinct third category.

When you are on the lookout for a luxury real estate category to dominate keep this netbook example in mind: You need to define a niche that is clearly distinct from other categories, a niche to which you or your company can add extraordinary value.

Microsoft’s Surface is their first foray into the category of tablets and laptops. In fact it is a hybrid of the two categories. A flat keyboard (which costs extra) can snap into the tablet, while the tablet is in standing mode, and turns the tablet into a laptop. But, at the end of the day, doesn’t that turn their tablet into a netbook—another cheap laptop?

No doubt Microsoft is following in Apple’s footsteps in attempting to control the entire user experience from hardware to software. Surface runs on Windows 8, which is a completely overhauled version of their flagship product that now works with touch screens.

Windows 8 may help Microsoft become a distant third major player in the tablet arena in the same way that #2 Google became a challenger to #1 Apple with their Android platform used by multiple manufacturers of tablets But, the Surface itself does not create a new product category because it does nothing far better than a laptop (that can also run Windows 8) or any other tablet on the market. As such, it confuses consumers as to which devise category it belongs. Is the Surface a tablet or a laptop?

Select your luxury real estate marketing category wisely. Pick an underserved or uncontested market niche that you can serve better than anyone else!

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Luxury Real Estate Marketing Tips: These Boots Are Made for Sparkling…

November 13, 2012

Co-branding is a synergistic marketing strategy involving two or more brands that can each benefit by expanding their marketing reach because they share the same target market and the same brand values. The challenge of successful co-branding is picking your co-branding partners wisely so that you do not confuse your ideal clients or customers. Co-branding is an excellent strategy for leveraging your marketing dollars and it is underutilized by luxury real estate marketing professionals.

The idea behind co-branding is to act cooperatively and leverage the strengths of each brand. It is a great way to differentiate products and services in a highly competitive marketplace.

We offered an example of successful co-branding in our post about two Italian brands, Pellegrino and Bulgari, who teamed up to create colorfully bejeweled bottles of the sparkling water at holiday time. An example of a co-branding fiasco was covered in our post about Barney’s (an edgy New York based high fashion brand) and Disney (traditional family brand) who triggered extreme controversy that tarnished each of their brands in the process.

This picture (above) is an example of a co-branding that is harmonious and works extremely well. Stuart Weitzman is an international high end shoe company. This company is known for using unusual materials in manufacturing shoes such as cork, vinyl, Lucite, wallpaper and 24kt gold. Their attention to detail has created a worldwide following.

Stuart Weitzman teamed up with Swarovski, the premier manufacturer of crystal. Swarovski is well known for their sparkling crystals designs in sculpture, chandeliers, and jewelry. This is a perfect match. Adorning evening and holiday footwear with Swarovski crystals fortifies the unique shoe perspective of Stuart Weitzman and also promotes the sparkle of Swarovski.

How can you co-brand with luxury services and products that are harmonious to your luxury real estate marketing practice and leverage your marketing dollars by doing so?

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Marketing Luxury Real Estate: The Big Reveal in Beverly Hills, Before & After

November 8, 2012

In April, we wrote a post illustrating how remodeling is creatively camouflaged in Beverly Hills. We featured the Bulgari jewelry store who, in keeping with their brand identity, had designed a bright golden opulent camouflage while remodeling their store. True to their identity, the store board was colorful and attention getting. We feel it is spot on its brand signal. It is perfect for who they are!

And now, here is the big reveal. They still have work to do. The windows were being washed early this morning. Paper is covering the front door and the windows. No doubt they are working on the finishing touches.

Below is the side view on Brighton Way and Rodeo Drive, and these windows are paintings of the latest brooches they are selling. We thought it was a beautiful store. Here is the detail of what is creating the pattern behind the glass.

These are made from metal colored platinum, silver, and gold. The very center has a polished line and there are hung on metal lines positioned to create a pattern. We feel the look is in keeping with their brand, elegant, innovative, and edgy. What do you think?

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Luxury Real Estate Marketing Tip: The Luxury of Consistency

November 5, 2012

luxury real estate marketing

We just got off the phone with our SEO/SEM expert, and he mentioned that consistency and fresh relevant information is the key to maintaining a high ranking on Google. That made us think of one of our favorite restaurants in Santa Barbara, which is Cielito in the La Arcada center. Last Friday, after an arduous week, we decided to have dinner there. They exemplify consistency and fresh relevant interesting food.

The picture you see above is of their new appetizer, a crostini with avocado mousse topped with "uni" aka Santa Barbara sea urchin, topped with microgreens and tobiko (fish roe) with a wasabi dressing. They change the menu to reflect the season's availability, and whatever is on the menu is brilliantly prepared. We also tasted their chicken mole, and we both agreed it was the best mole we have eaten. It had just the right hint of chocolate and spice. We have been there for lunch and dinner, and we always walk out delighted and surprised at another new taste. Of course, the service is superb, the wait staff works as team and they are all knowledgeable.

As a luxury real estate marketing professional, your web content/blogging has to be relevant, fresh and consistent, so that your readers will look forward to the next installment.

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Marketing Luxury Real Estate Tip: Why Psycho Graphics Matter-Part 6

October 26, 2012

As a luxury real estate professional, it is important to know and understand the psycho graphics of your marketplace. One way to do this is to analyze why and how you buy luxurious products. Here is an example:

We were just at our local wine warehouse store, Carpinteria Wine Company, to purchase a bottle of Champagne or Sparkling Wine, if made anywhere else, for a very special celebration this evening. They have a great selection, and being students of branding I (Alexandra, here)spotted this bottle of Sparkling Wine called Goat Bubbles. It certainly stands out at first glance. It would make for great conversation, and the reviews stated "it was a silly name", however the product was good and "pinot esque", which refers to the Pinot grape.

On second thought, the brand became a turn off for us, in this instance. Although we love fun names and fun brands, we have a reverence for Champagne/Sparkling Wine of all countries. For us, it means "special and worthy of toasting an achievement, an anniversary, a birthday, a wedding, or just because you appreciate your mate." We were not the right psycho graphic for this sparkling wine, and we are certain that there are many who will find the name and the wine "perfect!"

So we opted for a French Champagne "Henriot" grown on the chalky soils of the Champagne region in France, which we have visited and enjoyed exploring many of the great Champagne houses. It is the proprietor's favorite, and she recommended it for the crab cakes made with fresh Louisiana crabs, which will be served with this meal.

Know your psycho graphics before you market yourself or your company.

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Luxury Real Estate Marketing Tips: Understanding the Mindset of Your High Net Worth Clients - Part 5

October 24, 2012

Courtesy of Apple

EXCEPTIONAL MESSAGING

Messaging, the way in which you communicate your extraordinary promise of value to your ideal clients is one of the most overlooked components of personal and company branding for luxury real estate marketing professionals. To sharpen your own marketing message, look to other industries for evidence of exceptional messaging.

Successful messaging is focused and laser sharp because it specifically addresses the attitudes, interests and the opinions of your target market, i.e., their precise psychographics. Once you know the way your ideal client thinks you must speak to them in their language and in their own “dialect”.

Apple announced its new iPad Mini today. Apparently, there are a lot of us who would prefer a smaller tablet because it can be held comfortably in one hand. Now, you can essentially get most of the benefits of a larger iPad with faster Wi-Fi for about $160 less. Here is the essence of the iPad mini marketing message: “The Whole Package. In a Smaller Package—Mini is Mighty”.

But, in our opinion, the really big news at Apple today was not the iPad Mini, although, this new product is destined to be a huge success. It was the new iMac! The marketing message for this totally re-engineered personal computer: “Performance and Design. Taken right to the edge”.

Whereas, the iPad Mini speaks to a much broader audience of consumers, the new iMac speaks to an entirely different psychographic profile: Those who would choose to buy a Ferrari, for example, or aspire to own one. It also appeals to those who value spectacular innovation in design—“The desktop in its most advanced form ever”, according to Apple.

At a time when mobile devices are overshadowing the stodgy PC and the PC market is declining, Apple gives us some very compelling reasons to fall in love with the PC again. You may not need the extreme performance of the new iMac. But, if you want to work on a computer that is also a piece of art you MUST HAVE one. Nothing else out there can hold a candle to it.

First, it has 40% less volume than the previous iMac. It is only 5 mm thin at the edge of the screen! There is 75% less glare. And, each screen is individually calibrated for vivid color using equipment “tuned to color standards recognized around the word for precision and accuracy”.

From an economic standpoint, if the PC market is eroding, does it not make sense to come up with a way to “own” a bigger slice of the remaining pie? 58% of all PCs are purchased in stores, according to the Wall Street Journal. The iPad and the iPhone drive traffic into Apple stores where the customer experience is far superior to stores like Best Buy in every way. That is, if you have the psychographics of Apple’s ideal customer.

Learn how your ideal clients think. Understand their psychographics—their values, attitudes, interests and opinions. Then make an effort to hone your marketing message by communicating in their language.

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Luxury Real Estate Website Design: Successful Single Property Websites Tell a Captivating Story

October 22, 2012

Successful luxury real estate website design must tell a captivating story about the homes you represent and it must also romanticize the marketplace in which you work. This is particularly true about single property websites. Here is a story within a story of the production of successful single property website.

We got a glimpse of quality online professional networking at its best on Active Rain, which is one of our distribution channel for the LOL Blog. “AR” is the largest online professional platform exclusively for real estate related professionals.

Gayle Rich-Boxman, a fellow AR member (and LOL member) in Oregon, reached out to us with a special request. She and her husband Larry were getting ready to put their own home on the market. Their exquisite lakeside estate is on Fishhawk Lake, which is a private, lake community about 1.5 hours drive from Portland International Airport. Gayle asked if we could help her create a marketing strategy just for this property.

Although, our primary work is developing luxury real estate brand strategy for agents and independent brokerage firms who are bent on gaining or sustaining market leadership, we decided to make an exception, for Gayle. When we flew out to meet the couple we became instant friends.

They invited us to stay at the their home and experience their fabulous lakeside lifestyle first-hand. During our visit we hatched the marketing strategy and the marketing plan. The strategy included developing a state-of-the art, mobile-enabled single property website that we share with you here in this post. (Click on the link below to view the website).

Shortly after our visit Gayle invited several other friends that she met on AR for a retreat at her home. Debb Janes created a video that was mostly shot on Gayle and Larry’s electric-powered pontoon. Kris Ginsberg took some wonderful photos for the website, video and the property brochure. With our art direction and supervision our Napa Consultants’ web design team went to work to create the site, incorporating all of the contributed components.

The site just launched and was immediately well received. The camaraderie and sense of community was heightened between network members who participated in the production of the site and have all become friends in the process.

Remember to tell a captivating story with your luxury real estate website design and also romanticize your marketplace. Do not be afraid to reach out and get input from others who can also help you tell the story.

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Luxury Real Estate Marketing Tips: Understanding the Mindset of Your High Net Worth Clients - Part 4

October 22, 2012

How "Social Currency" Can Give You the Competitive Edge

In marketing luxury real estate one segment of your target demographic comprises entrepreneurs and employees of start-up companies who have recently been acquired by a larger company, or have gone public. For example, when Facebook went public many of their employees became millionaires overnight. If you are a luxury real estate marketing professional in the Silicon Valley area of California, the probability of encountering this kind of buyer is quite high.

When we were in commercial real estate in Beverly Hills and the West Los Angeles area we enjoyed learning about some of the latest trends, technologies and new ventures before the general public even heard about them. Our expertise was high-end retail and the entertainment industry. We worked with investors, developers, restaurateurs and companies who needed to purchase or lease their retail space or office buildings. This exposed us to the leading edge of what was to come in retail, technology, entertainment and restaurants. Imagine being one of the first to know that Apple was going to start opening retail stores!

When it comes to selling a luxury home to this demographic segment you need to also understand their psycho graphics. To increase your chances of winning their business you must be able to quickly build rapport with them and speak their “dialect” of the Language of Luxury: Innovation. You need to be up on the latest trends in their fields. This gives you "social currency", which adds value to your professional practice and gives you an edge over your competition.

Here is an example of the kind of social currency in the realm of innovation. Later this fall, Mozilla, the non-profit group who created the Firefox browser, is coming out with a free web-based video editor that will change how we tell stories on the Internet. It is called Popcorn.

In the same way that you edit video content now using a time line to combine video clips, audio elements, special effects and photos, Popcorn allows you to pull content right from existing web sites. For instance, you can use a Google map as the background for an inserted video clip of you describing specific locations on the map. You can also add call out boxes containing information about those locations that are hyper linked to more information or additional videos about those points on the map. Viewers can click on the call out boxes and watch those additional videos or view a photo gallery or a web page about it.

It is fun to stay ahead of the curve by keeping up with new trends that affect your target market and ideal clients. This kind of social currency can give you a competitive edge when working with those clients, whose personal values include being innovative, which is a key element of their psycho graphics.

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Luxury Real Estate Marketing Tips: Understanding the Mindset of Your High Net Worth Clients-Part 3

October 18, 2012

In our last post, we stated, “It is very important, as a professional, not to be critical about your clients’ attitudes in regards to abundance or scarcity. Get beyond these judgments and grasp what is at their root.” In this post we propose that the best way to connect with your target market is to learn the various “dialects” of the Language of Luxury.

One of the ways you can have fun with those clients who may not be a match to your personal priority values is to learn their particular “dialect” of the Language of Luxury. The ones whose priority is how others perceive them will likely want to talk about the latest and greatest finds in the luxury world. They probably know each luxury brand, what is on trend this season, and who the “hot” artists are, for example. So, if you stay informed on these subjects, you will have plenty to talk about, in their dialect. They will be thrilled to work with you because you “understand” them; you are simpatico. In some cases you will discover a truly delightful individual who is well versed in their dialect, but also down to earth.

I (Alexandra, here) met one of my first commercial real estate clients while showing him an office building for his entertainment business. He arrived in a bright red Ferrari, carrying an alligator briefcase, dressed in the latest brands. On his wrist was a beautiful Piaget watch. I had admired that watch because of its intricate design of woven individual gold pieces. I commented on it, and we became the best of friends in that moment. I understood exactly what type of offices he would love. And, he agreed.

I also met the partner of one the world’s premier recording stars. He was very low key in terms of appearance. As we toured several offices in the building, he explained that he was not looking for flashy offices; a modest one on a lower floor would be perfect. He was looking for value. We had a delightful time discussing philosophy, places we had lived, our mutual love of travel, and discovered that our fathers may have actually known each other. This rich conversation reflected his dialect of the Language of Luxury.

To be a market leader you need to learn all dialects of the Language of Luxury that pertain to your target market. As shallow as some dialects may seem to some of you, you must respect your clients’ attitudes when it comes to their wealth and what is important to them.

For example, it will serve you well to know that every Rolls Royce has a cleverly hidden door-mounted umbrella in each door of the Phantom model. That way, when a valet opens the door he can reach in and pull out in the umbrella to protect you from the rain. You might also want to be up on this trend: in 2012, the yellow diamond has become more sought after than white ones and Harry Winston Jewelers specialize in colored stones.

All high net worth clients speak a dialect of the Language of Luxury. Tune into their values and their attitudes, and become fluent. Understand their lifestyle. That way, you can still have fun with them even if their priority values are dissimilar to your own. I leave you with our slogan: “Get Fluent. Get Affluent!,TM”

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luxury Real Estate Marketing Tips: Understanding the Mindset of Your High Net Worth Clients - Part 2

October 17, 2012

Psychographics is the study of personality, values, attitudes, interests and lifestyle. Understanding each of these components is key to building your luxury real estate marketing practice.

It is very important, as a professional, not to be critical about your clients’ attitudes in regards to abundance or scarcity. Get beyond these judgments and grasp what is at their root.

Some of the wealthiest and most kindhearted people are those who “count their blessings” every day. Others are petrified that they can llose it all overnight. Some are so busy comparing their net worth to others that they miss opportunities that are right under their noses. It all comes down to a mindset of abundance or scarcity, which is not dependent on their net worth so much as their sense of self.

What is most amazing is that you can have an abundant mindset regardless of your demographic profile. Conversely, you can have a scarcity mindset with millions in the bank!

At the core of the abundant/scarcity mindset, is either personal insecurity, or a sense of being OK with ones self. Much of the pretentiousness that is often associated with the wealthy really comes from personal insecurity. Generosity, when it is genuine, comes from a strong sense of self. Neither is right or wrong. And, that is the perspective that will help you earn more commissions.

Have you heard the lyrics of the song “ Got the Sun In the Morning and the Moon at Night” from the 1946 Irving Berlin Broadway musical, Annie Get Your Guns?

Got no diamond, got no pearl,

Still I think I'm a lucky girl.

I've got the sun in the morning

And the moon at night.

Got no mansion, got no yacht,

Still I'm happy with what I got.

I've got the sun in the morning

And the moon at night

Sunshine gives me a lovely day,

Moonlight gives me the Milky Way.

Got no checkbooks, got no banks,

Still, I'd like to express my thanks.

I've got the sun in the morning

And the moon at night.

And with the sun in the morning

And the moon in the evening

I'm alright.

Got no butler, got no maid.

Still I think I've been overpaid,

I've got the sun in the morning

And the moon at night.

Got no silver, got no gold,

What you've got can't be bought or sold.

I've got the sun in the morning

And the moon at night.

Sunshine gives me a lovely day,

Moonlight gives me the Milky Way.

Got no heirlooms for my kin,

Made no will but when I cash in

I'll leave the sun in the morning

And the moon at night.

And with the sun in the morning

And the moon in the evening

I'm alright.

As a luxury real estate marketing professional it is extremely important to understand the difference between the abundant and scarcity mindset of wealthy consumers. This explains why you must take into consideration both the demographic and psychographic profile of your clients. Most important, you must suspend your judgment of pretentiousness when you encounter a scarcity mindset. Get beyond judgment and into a deeper understanding of what is at its source. If you do you will win more business and referrals.

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Luxury Real Estate Marketing Tips: Understanding the Mindset of Your High Net Worth Clients - Part 1

October 16, 2012

As a luxury real estate marketing professional, the more you know about the mindset of high net worth individuals the more able you will be to meet their needs. Understanding their affluent mindset will also help you attract more wealthy clients.

Never assume that knowing your client’s demographics, i.e. gender, home ownership status, employment status, location, etc. is sufficient. Demographics may help you qualify potential clients. But, demographics alone does not give you adequate insight into the decision making process of high net worth individual, which is the key to winning listings and successfully selling expensive homes.

There is an important term to grasp when marketing luxury real estate, and that is psychographics, the study of personality, values, attitudes, interests and lifestyles. We use psychographics interchangeably with mindset. You must have a command of both demographics and psychographics if you want to command the lion’s share of your marketplace.

The television series, “Lifestyles of the Rich and Famous” focused on the extravagant lifestyles of wealthy entertainers, athletes and business moguls. While "champagne wishes and caviar dreams" may represent the mindset of a certain segment this demographic it certainly is not the mindset of all high net worth individuals.

Actually, the majority of people in this demographic do not care to flaunt their financial status. Instead, they live modest, unassuming lifestyles. They are the “millionaires next door” who drive practical cars, live in modest homes and do not take exotic vacations. Warren Buffet, one of the wealthiest men in the world, still lives modestly in Nebraska. Sam Walton drove a beat-up truck long after Wall Mart became a household name.

To better serve and attract more affluent clients, follow our series on psychograhics: The Advantages of Understanding the Mindset of Your High Net Worth Clients.

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The Luxury of White Peach Champagne, Venice, Love and a Great Gift

October 12, 2012

Yesterday, we were in Beverly Hills bright and early for business meetings. The conversation turned to champagne as a gift, and we remembered one of our favorite aperitif (cocktail) champagnes-peach champagne. Inspired by the famed Italian version (the Bellini, which is now the official cocktail of the International Bartenders Association), the French have bottled this wonderful elixir.

The Bellini was invented in Venice by Giuseppe Cipriani at his restaurant called, Harry’s Bar in Venice, in 1934. Legend has it that Signor Cipriani made the first Prosseco (Italian sparkling wine) and white peach puree cocktail for his beautiful girlfriend, and named it “Bellini” because it reminded him of a painting by the 15^th century Venetian artist, Giovanni Bellini.. This was the seasonal specialty at this quintessential Venetian restaurant that was frequented by Ernest Hemmingway, Sinclair Lewis and Orson Welles.

We were first introduced to this delight at a fresh fish restaurant in Paris. We ordered the sea food platter with oysters, clams, langoustine, and pink shrimp. Our waiter suggested peach champagne. Both my mother and Ron laughed at me when I ordered it. The moment it arrived and I tasted it, I was in love. When Ron and Mom tasted it, I had to pry out of their hands…they also ordered it.

When we returned to Los Angeles, I promptly called every wine store to find this champagne. I located it at DuVin in West Hollywood across from the Pacific Design Center. It is a wonderful wine store specializing in European wines tucked behind a garden. The owners are a delight and introduced us to many delicious French and Italian wines. When we lived in Napa, I had them deliver a case to our home for holiday gifts several times. In a wine savvy community, everyone was absolutely delighted and could not thank us enough for this amazing champagne treat.

Wishing you all a great weekend, Cheers Ron & Alexandra

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