Luxury real estate projects should be marketed in similar fashion to what Cartier, BMW or Rolex are achieving. This marketing approach should be based on demographic and psycho-graphic analysis which equates to extreme attention to customer experience and service; integrated marketing across every touch point, as well as to every function and channel. The formula is straightforward: the right brand, the right location, the right product and the right ambiance for the right customer.
The Project Location as a Showroom
Create a display area on the property that allows your potential buyers to have the emotional experience of what living in the building would be like. It’s about evoking and engaging the consumer. Creating a sense of a desirable lifestyle. Have the showroom accessible for extended hours each day, seven days a week for those whose schedule is volatile.
Seduce and dazzle your clients with the emotional “wow” factor. Create an experience. Very good examples of this are what the “One & Only” resorts and luxury real estate marketing project guru, Michael Shvo, have managed to do respectively. This helps in spreading the word. Associate the property with renowned names/brands/designers as part of the cachet. That’s what helps trigger a sale and at prices beyond what one would expect to pay for the property.
“Irreplaceable Property Marketing” – Unique & Hard to Emulate
Make the look and experience authentic with the impression that it’s irreplaceable – “Irreplaceable Property Marketing”. Selling only “the” amenities is kind of outdated. People want more than that. They want to feel they own something that has a personality and a story. That means more than just the usual appliance upgrades or adding a health club. That said, people are looking for self-definition and a sense of belonging.
New developments and modernized properties should be design conscious and unique – able to cater to the discerning crowd. They should be promoted and presented with panache, flair, color, style and hype than anyone else. A professional marketer, with refined brand image skills and savoir-faire in the luxury real estate domain, can develop and execute a strategy that will make the project and its identity speak and sing for itself.
Moreover, the practitioner should be able to reduce the risk for the developer through a pre-sale process by employing a launch strategy that builds and consolidates demand in advance of a selection event. This methodology allows for decisions to be made about pricing and creates controls. If all conditions are correct, this can lead to higher return on investment (R.O.I.) and a shorter sales cycle.
Attract, Impress and Close
As with any marketing & sales objective, the former aides the latter as they work collectively. Soon as the potential buyer has been compelled to arrive at the “showroom’ he/she should be impressed and persuaded by the ambiance, the “presenters/consultants” and the story-telling to the extent that the sale ought to close with little effort. It’s a team effort, though every player on the team should be trained, competent and on the same page.
Property marketing is essentially “Show Business” with the aim at “Theatre” along with all the levels of drama and passion the brand should be fully capable of carrying.
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