Marketing Luxury Real Estate: Study the Pursuits of Your High Net Worth Clients

Studying the pursuits of your clients is extremely important to your success as a luxury real estate marketing professional. Although this may not apply to all of your clients or to all luxury real estate markets, the quest to possess the finest and the rarest objects in the world is definitely one of the exciting sports of high net worth individuals.

For those of you and your clients who fancy fine champagne, here is some interesting news. A group of divers exploring a ship wreck in the Baltic Sea happened upon a bottle of champagne that is believed to be produced in the late 18th century. It could very well be the oldest champagne in the world!

The divers were hoping to determine the year the ship sank by dating the champagne. Experts believed that, based on the shape of the bottle, it was made in the late 18th century. They were 98% certain that it was one of the first vintages of Veuve-Clicquot that was established in 1772.

Remarkably, when the bottle was opened, it was drinkable and retained its very small bubbles. It was suggested that the vessel was most likely on its way to St. Petersburg, which was then the capital of Tsarist Russia.

Researching those subjects that interest your clients the most and then speaking their language can make the difference between getting the listing or not. Knowledge is not just power. It can translate into gold.

Speaking of gold, you may also be interested that a white gold covered 3 liter bottle, a jeroboam, of Dom Perignon sold for $17,000 in 2008. At the time, it was the most expensive bottle of champagne in the world.

Dive deeper into the pursuits of your high net worth clients. This is a requirement for those of you who seek to achieve top-of-mind status in your luxury real estate marketplace.

Luxury Real Estate Marketing Essentials – Internationalize Your Practice “Overnight”

One of the most frequently asked questions by luxury real estate marketing professionals today is: “how can I gain more exposure of my listings to buyers outside of my immediate marketplace?” Agents who work in second home markets, especially vacation destinations, are asking the additional question: “how can I reach more international buyers?” We discovered a very exciting answer that not only can help you attract more qualified buyers, but also can help you stretch your marketing dollars: Proxio, the international MLS and global referral network.

Proxio has a singularly focused mission: to make it easier for you generate more referral income. Proxio empowers you to simultaneously promote yourself and your listings to referring agents in neighboring towns or across the globe. You can enter a listing in one of seven languages and it can be searched or sent to clients in any other language. Proxio can also provide a search engine on your personal or company website so your entire local IDX/MLS feed can be displayed in multiple languages for consumers. In short, Proxio makes it possible for you to expand your market reach and internationalize your practice overnight!

One of the reasons that Proxio is growing so fast is that entire MLSs, associations and prominent real estate groups are enrolling all their members at once. For example, Proxio recently added the Institute for Luxury Home Marketing and the Realtor Association of Miami Dade County as new Proxio groups. This alone added more than 10,000 new agents to those who were already participating in 50 states and over 60 countries.

Plus, Proxio is getting the attention of the media and industry pundits. Stefan Swanepoel has cited Proxio as a key player in internationalizing the real estate industry in his 2009 Trends Report. Bernice Ross, real estate coach, speaker and columnist at Inman News, featured Janet Case, Proxio’s CEO, at her recent AFIRE (Awesome Females in Real Estate) conference in Savannah, Georgia and in her most recent column.

Basic Membership is free on Proxio. Standard Membership, which allows you to share your listings in multiple languages and build your personal global referral network, is only $79 dollars per year (that is about $6.50 per month). You can also gain more visibility by upgrading your account so that your listings and your personal profile are displayed on top of property and agent search results. The cost for upgrading is very reasonable and well worth it. To learn more about Proxio visit www.proxio.com.

Real Estate – Luxury Real Estates in The USA

There is no hard and fast rule for defining luxury. What seems luxurious to you can be mania for others and vice versa. Many people are striving for luxurious vacations. Some people are mad to wear luxurious jewelry. Many people are possessed with a desire to own luxurious real estate. Real estate business is ever flourishing business in the world, since the population is increasing with every single second; same do the prices of properties. It is quite hard to set up the standard to lifestyle because of inflation. People truly believe that there will come a time very soon when people will not be able to own one bed-room apartment.

There is another side which can’t be completely called darker one, because it is part of business and many people’s obsession. It is the possession of owing luxurious property. There are many places which do not help people with many services yet have high prices. These luxury real estates are basically luxurious from the location point of view. If you find any apartment or house which is near to any coastal area or more precisely near to any beach or a famous spot, definitely the price will be higher than your expectations.

We come across many luxury apartments and houses which cannot be afforded by any ordinary person, only the richest can buy them. There are many places and cities which are famous because of the luxury real estates. The prices are extremely high as compare to other adjacent cities. As mentioned earlier, this price difference is because of the location. Here are some most luxurious names for the cities those own most expensive and luxurious real estates and properties in USA. Beverly Hills is the most expensive city to own the property in. In this city you can expect to pay $1,342 per square foot and the average of $9,010,125 per house.

In Laguna Beach per sq ft rate is $1,207 and you got to pay $4,312,567 for a luxury apartment. Indeed, it is extremely expensive to own beach’s spectacular views. This is not all, a luxury apartment in Captiva worth $6,203,048 with $1,071 per sq ft. Since luxury is hard to handle. A person needs to be strong enough from every point to deal all the extravagancies. Newport Coast is another extremely luxurious place to own a property in. An average house can be expected as expensive as $6,370,192 with about 6,606 per sq ft. There are yet many other places for luxurious real estates.

Luxury Real Estate Marketing Essentials – Visionary Thinking

Visionary thinking is one of the most important components of the luxury real estate marketing. If market leadership is your quest it is essential. A championship mindset is what will set you apart from the pack. When asked about his mental preparation for the Olympics, swimming champion, Michael Phelps, responded that he trained not only his body but his imagination. He consistently envisioned himself winning gold!

What is visionary thinking in luxury real estate marketing? It is challenging traditional marketing practices, examining and re-examining your beliefs. What worked in 2004 in a hyperactive market may not apply today. It is knowing, that in the deconstruction of your ideas, you may keep all, or part, or none of your current marketing methods.

Here is an example of visionary thinking in luxury real estate marketing. One of our clients is the market leader in Napa Valley, California. She needed a different approach to sell a particular high end listing. She noted that the seller was a car collector and often exhibited his prize possessions at the Concours d’Elegance. This is where owners the most beautiful and rare automobiles are invited to showcase their cars on the famed eighteenth fairway of Pebble Beach Golf Links, in California. Connoisseurs of art and technology congregate to ogle over these magnificent driving machines. How did she know about this? She takes the time to really understand her clients, learning what they value most and what they like.

Instead of advertising this property in a glossy magazine (the usual fare), she had the property on a billboard at the Concours. And, she had a flyer with the giveaways at the event. This was a great strategy. She knew that the demographic gathered there could afford the house. She did this unbeknownst to the seller who was supposed to be out of town during the event. But, his schedule cleared up. Imagine his surprise seeing his home advertised just where it should be seen! The house sold, our client was hailed as a genius, handed referrals and other car enthusiasts contacted her as well.

It is exploring new possibilities. It is being willing to make the impossible possible. It is fluidity in motion without containment; it is allowing maximum freedom of creativity. It is exploring the edge as in Star Trek’s opening monologue, “to boldly go where no man has gone before”. Star Trek accomplished this in the show itself by featuring a multi-racial ensemble cast, a first in television, in 1966. Equality was the norm on this show.

Our client’s example illustrates the importance of innovative thinking as a luxury real estate professional. Each home is unique and may require a unique marketing strategy. Studying what has already been done in luxury real estate marketing may not yield the strategy you are looking for when marketing a multi-million dollar home. Networking with marketing professionals in other fields and gleaning ideas, is now a requirement for luxury real estate market leaders. It is important to study innovative marketing in other luxury industries, in particular.

For example, BMW recently unveiled a roadster model that was built to illustrate this type of thinking. They refer to it as GINA principle. The acronym stands for Geometry and Function In Adaptation. The company is promoting innovate thinking and maximum creativity. This car was not built for production. It was built to challenge previous solutions in car design. The BMW Gina Light Visionary Model is made of engineered fabric composed of mesh netting. This netting is stretched over an aluminum wire substructure. The structure moves, stretching the fabric and changing the shape of the car. It even adjusts for the passenger. What is important here is that this exercise in innovative thinking may someday lead to a fabric that will be crash resistant and safe, and be environment friendly. It opens the door for more innovation and more solutions to come forth. It enlists the creativity of more people in the process and creates new industries.

Studying innovative marketing strategies in other fields can spark innovative ideas in your luxury real estate marketing practice. Market leadership is all about standing out.