January 05, 2021
Mastering the Art of Luxury Real Estate Branding
Whether it's in New York, London, Shanghai, Cape Town, or Mumbai, there's a numeral in respect to luxury real estate that consistently increases year after year. And no, we're not referring to the average sales price. We're talking about the average total days on market, also referred to as the median days on market.
As real estate prices rise into the luxury realm, the number of days on market tends to escalate as well. According to the World Property Journal, luxury homes spend an average of 62 days on market compared to 32 days for non-luxury homes.
To successfully attract new clients in today's increasingly complex luxury real estate market, close more deals quickly, and continue to grow your luxury real estate business, you have to do a lot more to stand out from the competition. Most importantly, you have to invest in luxury real estate branding.
This article will give you valuable information to help you develop a strong luxury real estate brand that you can leverage to grow your luxury real estate business.
What Is Luxury Real Estate Branding?
Luxury real estate branding is the process of creating an impression of prestige and exclusivity, both regarding the types of luxury properties and clientele you represent. Establishing your real estate brand as one that affluent property buyers seek out is key to unlocking success in the luxury real estate market.
Taking the value of luxury properties into account, it's understandable that you — the real estate developer — would want to get things right. Furthermore, the competition is stiff out there, which makes it all the more important to put forward a positive image of your business through effective luxury real estate branding.
How Does Luxury Real Estate Branding Differ?
Luxury real estate branding is different from any other real estate niche and requires a very targeted strategy. This is because luxury real estate works in much the same way as luxury shopping or dining — your clientele wants to feel like they're getting the very best that money can buy.
Since they may have come from luxury communities/homes in the past and are willing to pay more, wealthy clients usually have higher expectations in terms of features and amenities compared to those who are looking for other homes.
Unlike marketing to a budget-conscious client base, marketing to wealthy property buyers takes more than a mere mention of the number of bedrooms or the size of the lot. The brands that pique their interest are those that talk about gourmet kitchens, ensuite master bedrooms, home gyms, tennis courts, etc.
Besides having a high affinity for the finest things that the real estate industry has to offer, the affluent clients want to know they're working with experts. So, your brand identity should reflect your expertise, and your brand delivery must be refined and upscale to appeal to an affluent audience. This way, potential clients will know they've found the right company for their specific needs.
If done correctly, working with luxury seller and homebuyer clients can be a lot more like finding the Holy Grail. Luxury homes builders and real estate developers who build a solid brand that resonates with opulent clients have a better chance of connecting intimately with their target buyer.
Luxury Real Estate Branding Tips
Creating a luxury real estate brand requires extra effort by the home builder or real estate developer. Here are some tips to help you with luxury real estate branding:
1. Identify the Affluent Customer
With luxury real estate branding, you're not always casting the widest net to capture the attention of everyone. The last thing you want is to target those who are marginally qualified. Instead, you should strive to appeal to a specific audience.
Figuring out how to make your brand visible to the niche you want to serve requires you to put yourself in your ideal luxury clients' shoes.
According to Forbes, millennials now represent the largest cohort of luxury homebuyers. As their wealth increases, they inherit more from aging parents, and their desire for luxury living surges; this generation is not only willing, but is also capable of paying for large and lavish homes.
Other important aspects to consider when creating your buyer personas include things like how much your prospective clients earn, how big their families are, what types of luxury homes they want, and what they do for fun, among other things. Knowing all the possible audiences for luxury real estate marketing will help you to build a brand that appeals to them all.
2. Discover Where Clients Search for Luxury Properties
After figuring out who your affluent clientele is, you should identify the media channels they use to find luxury properties. According to the National Association of Realtors, 44% of all homebuyers look online for properties for sale. The report also indicates that 58% of millennials and 46% of Gen-Xers found their homes on a mobile device.
According to research findings by Pew Research Center, millennials rely on social media to find homes for sale. While social media (mostly YouTube and Facebook) is the most preferred media channel for these homebuyers, effectively marketing luxury homes requires a comprehensive media strategy that includes varying media. As you target millennials on social media, be sure to reach Gen-Xers through traditional media like magazines.
3. Leverage the Most Relevant Media Channels
After establishing where potential luxury property buyers seek information when searching for luxury properties, the next step is to establish your marketing media channels. These channels are the ways in which you'll share your luxury real estate branding with affluent clients. That branding should focus on exclusive and prestigious offerings.
Considering that the majority of property buyers turn to the internet to search for homes for sale, be sure to create a professional real estate website and launch social media accounts. Also, launch effective offline marketing campaigns, such as listing your properties on real estate magazines and distributing printed marketing pieces like business cards, flyers, and brochures.
4. Hire Branding Experts
We've established that the luxury real estate branding process is quite different from standard real estate branding. It's more complex due to the sophisticated clientele it attracts, so you should enter the niche with solid knowledge.
If you don't have the expertise or time to handle your own luxury real estate branding, then hiring a professional who focuses on that is one of the best decisions you'll make for your business. It will not only allow you to leverage valuable industry knowledge, but it will also free your time so you can interact with potential luxury buyers.
Let Milesbrand Handle Your Luxury Real Estate Branding
If you're looking for the best branding experts, the marketing industry has to offer, look no further than Milesbrand. We are an award-winning real estate marketing agency that's dedicated to helping our clients discover and communicate what makes them so unique.
Once you hire us, we'll utilize our resources to breathe life into your luxury real estate brand and showcase it to the right audiences and through the most relevant media channels.
Contact us or call us at 720-543-0617 today to find out how our processes can do for your luxury real estate business.