This month we are pleased to share with you an interesting article by Donna Lee Laue from Unique Global Estates.
Marketing of Luxury Properties in Today's World
Our world has changed...yet some things remain the same. A colleague of mine sums it up in one sentence "I used to shop with my wallet ...and now I shop with my brain". I think that this is a truism even more for the luxury consumer. In our new world, 'value' is an all important word to communicate to the luxury consumer. They are shopping for exactly what they need...a word that is quickly replacing the word want in their vocabulary. This said they still prefer to shop and look for value in a top luxury store (or website) where they are comfortable, and they will wait until their need and the value of that need come into alignment.
How does this translate to the real estate business? Consumers, now more than ever, demand the best professional to hire whether they are buying or selling their properties.
In representing a buyer, luxury consumers want to know that the professional they choose will have the experience and skills to introduce them to the exact properties that fit their wish list without wasting their time. Complete and absolute product knowledge, including local market knowledge, is essential, especially for properties that are discretely marketed (not on the MLS) - a common practice at the upper tier of real estate - and for formerly marketed properties. Once the property is identified, their representative is expected to negotiate, negotiate, negotiate on price, terms and amenities. Now more than ever competition for the loyalty of the luxury consumer is hard won by seasoned professionals.
The bar for marketing of luxury real estate has been raised and has evolved. Our research indicates that one of the first steps a seller takes in determining the right fit for a listing....is to Google the agent and to see where and at what level the agent's listings appear. Approximately 87% of all real estate sales begin on the internet; I would suggest that when the seed of the idea to sell or purchase is born in a consumer's brain, they begin their due diligence...on the internet. Once they have narrowed down the top contenders for the position, they will arrange interviews and each agent will have the opportunity to convince the seller that they are the one to get the subject property into the hands (eyes) of the consumer who is serious and can afford to purchase. I have often been quoted as saying that "It Pays to be Seen in the Right Places" and it is the number one task for the listing agent to convince the seller they have this ability and then perform. The seller will be checking.... and comparing his property's placement to comparable others on the market and informing you, their agent, of what they find . Alliances such as ours with Point 2 enable member's properties to be submitted to Unique Global Estates via a "feed" as added value.
Unique Global Estates is the largest search site in the world for properties exclusively in excess of $1M. The advertising of these properties is free to licensed real estate agents as is the membership to both agents and consumers. We offer enhanced search placement on Unique Global Estates to our Luxury Ambassador Community as well as the ability to move both Ambassadors and their specific listings to the top of the major search engines including Google. In order to participate, an agent must be both nominated as a top luxury professional and accepted. We invite you to go to www.UniqueGlobalEstates.com and select "Sign Up Now" to read the qualifications for becoming a Luxury Ambassador. We have been in existence since 2003 and are utilized by 25,000 consumer members, who are the wealth of the world and enjoy, through Unique Global Estates, a network of approximately 40,000 of the world's top luxury real estate agents.
If we can answer questions or be of service, please contact customerservice@UniqueGlobalEstates.com.
