In recent years, the global luxury real estate market has grown by leaps and bounds, with new foreign markets emerging and the already settled ones seeing increased demand. With this continued expansion has come a massive surge of supply, with developers spotting possibilities and aggressively competing at all premium price points.
Right now, the competition is fiercer than ever. With the stakes so high, it’s vital that you understand every facet of your luxury real estate marketing strategy.
Luxury real estate has a high price tag and caters to a select group of high-end buyers. If you’re successful, you’ll make a lot of money. However, in order to execute effectively, you must combine and refine a variety of marketing elements. Learning how to advertise luxury real estate takes a combination of art and science, and the best way to measure this is to look at real-world examples.
Table of Contents
1) Determine And Comprehend Your Target Market
There are numerous factors to consider when evaluating your target market, ranging from which media channel they prefer, what magazines they read, and what marketing messages they respond to, as well as their expectations of your product.
There may be a few things to look out for:
- Younger affluent purchasers have considerably different demands and expectations than older affluent consumers.
- Buyers from other countries are not the same as those from the United States. Cultural and linguistic differences must be considered and addressed.
- First-time purchasers may have a different perspective than seasoned buyers.
2) Deep Analysis Of The Real Estate Market On Price Point
Prior to entering the market, a thorough financial feasibility analysis of each unit’s pricing point is required. This does not indicate that you must be priced at the same level as everyone else; rather, you must have a compelling reason to explain why your price is higher. More significantly, that story must be ingrained in your buyer’s mind before they are aware of the price point.
As a luxury property, you’ll be able to highlight a variety of additional features, such as higher building quality, larger spaces, better designers, finer furniture, a more exclusive location, a higher-quality gym, access to facilities, and so on.
As you create your price analysis, consider all of these factors and assign a value to each of them. Then, in a clear and concise manner, explain each of these values to your real estate sales and marketing team, giving them the opportunity to communicate this to your prospects.
3) Make Sure Your Story Is Deserving Of Being Told
Design alone is insufficient. To be successful in luxury home marketing, your offering must have a rich and relatable backstory. Putting work into crafting a captivating story will turbocharge all areas of your marketing downstream, from commercials to social media and public relations.
Your story, like any great brand, should highlight what you stand for, how you’re different, and what you care about. These are crucial emotive elements that your target market should be interested in and react to. Have you made any investments in sustainable materials, such as bamboo, or are you reducing your use of single-use plastics? Have you formed any local alliances or collaborations to help your community?
4) Video Marketing
Video marketing is the most popular way to enlist your property since it not only reaches a larger audience but also makes them experience your property in a multimedia verse without actually having to visit. Making the property buyers and sellers feel like they’re receiving more than they bargained for, in a good way is essentially the goal of real estate video marketing.
You can make real estate videos to make an impression to make your estate shine. These are instructional movies in which you answer a variety of typical real estate queries and dispel common misunderstandings. Use a straightforward, conversational tone, as if you were speaking with friends or coworkers.
Essentially, an educational film should be short and sweet, conveying all of the MLS data in a concise manner while highlighting the property’s best features.
5) Give Your Real Estate Prospects The Attention They Deserve
Every encounter is an opportunity to develop a relationship with your buyer and set yourself apart from the competition. This applies to social media, public relations, advertising, phone calls, and emails.
Take your email auto-replies, for example. They should demonstrate that you value details and are willing to go the extra mile. To make it a little more unique, include your own message. The same is true for emails that confirm calls/tours/etc., as well as follow-up emails.
This may take some time, but urge your staff to engage and evaluate every single element to see how it can be made more engaging, creative, and personal.
6) Forge Strong Collaborations
Brand collaborations abound, from GoPro and Red Bull to Kanye West and Adidas. Every brand you include in your real estate project should be treated as a unique chance to add credibility and value to your offering. These brands also set you apart from the competition, allowing you to pitch to the media.
Affluent customers want branded alliances at every level, from the flag connected with your house to the brand of kitchen appliance, television, electronics, and beyond.
7) Form An Exclusive Real Estate Broker Strategy
Brokers will play a critical role in your ability to close transactions, thus they must be included in your marketing strategy. Consult with your broker partners to determine the best way to present your home to their clients. Be honest with yourself and price commissions as meticulously as you do units.
8) Create An Exciting Referral Plan For Real Estate Marketing
Referrals will represent one of your biggest opportunities to grow once you’ve had your real estate marketing up and running and have received press, leads, and sales. This positive feedback loop can be really beneficial, so make sure to reward and turn your customers into advocates.
It’s critical to plan ahead of time and have a clear strategy in place to make it simple for your buyers to promote you. Having a clear mission and unambiguous core values, for example, can make your consumers care about your product and offer them something to talk about with their peers.
Add a simple and clear incentive plan to the mix, which doesn’t always have to be monetary, as many customers may be hesitant to be compensated for recommending anything to a close friend. Instead, you may give them a gift, an upgrade, or access to a special benefit or amenities like complimentary airport pickup or a reduction on the first year’s maintenance expenses. Be creative, and make sure it comes out as caring and generous. If your customers feel valued, they will tell their friends, which can result in some of the most cost-effective and simple purchases you can make.
Conclusion
In an uncertain market, luxury real estate is becoming more popular. Your luxury real estate marketing plan should be as diverse as your clientele. Recognize market trends and use data to fine-tune your plan. You can raise your conversion rate while lowering your costs by doing so. Happy Selling!