The personal journey in the unabashed pursuit of market leadership can be among your most exciting lifetime experiences. If you, indeed, have a proclivity for luxury real estate marketing you can reignite your career by applying the most powerful principle from the bestselling business book, Good to Great, by Jim Collins. That principle is known as the “Hedgehog Concept”.
The hedgehog concept was derived from a fable about a fox and hedgehog and illustrates the strategic difference between the two. Foxes are dispersed strategists. They will try any strategy that they believe will give them the immediate competitive edge. But, these strategies will not yield sustainable results. Hedgehogs are focused strategists. They fend off predators (think competitors) by rolling up into a ball which fully exposes their sharp quills or spines. (more…)
If you practice luxury real estate marketing in a vacation destination marketplace you know that high net worth travelers can become buyers overnight. Get the idea that a couple arrives in your town from a neighboring state that is ready, willing and able to purchase a luxury home. They would like the assistance of a competent real estate professional who really knows the local marketplace, but they do not know one in particular. How do they select one? How do you they find YOU?
Perhaps, if you have an inviting storefront, they may wonder in randomly. If your office is dusty, gloomy or in disarray how long will it take them to make an about face and walk out? (more…)
It is time for a wake-up call! According to a 2009 NAR report 60% of agents have a website that is 5 years old or more. According to Vinton Cerf, one of the founding fathers of the internet, the internet changes and grows in “dog years” not human years. That means that most agents’ websites are over 35 years old. How old is your site?
Think of your top three closest competitors. Take a close look at their websites. Are they up to date or obsolete as well? Does yours stand out? Or, do all of your sites look similar?
When you acquire a new listing, you take a fresh look at the home from the buyer’s perspective, and advise your clients about maximizing its appeal. This may involve re-arranging the furniture and staging to reduce clutter. Sometimes the best advice is a new paint job and making some minor repairs. Statistics back the fact that a home’s superior curb appeal can translate into thousands of dollars of added value at the close of escrow. (more…)
Recently, a 3D floor plan company was called to our attention that takes virtual tours to a new level. As former commercial real estate brokers we appreciate the need to help clients visualize how their office space will lay out. Space planners offer renderings with elevations to accompany floor plans that help the visualization process, marginally. For major tenants they build 3D models which work much better. However, they are expensive to produce. So, 3D web graphics may be just the ticket. But, will this work when marketing luxury real estate?
Perhaps, if a buyer of a luxury condo needs to compare floor plans this would be helpful. Or, possibly a second home buyer from outside of the market place could save a trip by being able to better visualize the views from certain rooms. Or, maybe it would helpful to see the potential of remodeling, and the advantages of removing certain walls to rework the flow of rooms.
The old bottom line questions that luxury real estate professionals need to ask about the new wave of innovative interactivity still apply:
- Will this new technology help me get more listings and sell more homes?
- Will investing in this technology give me a genuine competitive advantage?
- Is this the next fad, or is 3D here to stay?
(more…)
Dedication to excellence has almost become cliché. Many companies and professionals tout these words, but few set standards of excellence that far exceed the expectation of their target market. Luxury real estate marketing professionals can gain currency with their clients by becoming familiar with some of the best luxury brands of the world and studying their anecdotal stories that truly exemplify excellence. One such company is Loro Piana, a purveyor of the finest wool and cashmere. Here is one of their stories.
The majority of sheep herders breed white sheep. Black sheep occur as a result of recessive gene combinations. They were not traditionally used for wool because their wool could not be dyed in the rainbow of colors demanded by the wool industry. This led to the idiomatic expression used to brand someone as a “black sheep” of the family, or one who is in disfavor with a group. (more…)
