May 24, 2021
What Makes Luxury Real Estate Projects Successful?
Luxury real estate projects are expensive investments, and it's important to have milestones throughout the project to ensure demand is growing at the right rate to ensure profitability. But the only way to build and measure that demand is to have marketing resources ready to roll out, even before the community's construction is fully underway.
Corporate Finance Institute recommends knowing both the anticipated closing rate and the marketing costs early on. Finalizing estimates for development costs early in the process is crucial to tracking ROI. However, too many developers and home builders often fail to add branding, marketing, and advertising expenses to land costs, building costs, and other developmental expenses.
When you incorporate a marketing budget into your real estate projects early, you are better able to meet and exceed ROI while making favorable impressions on prospective buyers.
At Milesbrand, we excel at understanding the luxury buyer mindset and creating the right marketing brand so you can support your marketing and projected revenue goals. We can develop your marketing plan in detail early in the development stage so you can determine the best course forward.
In this article, we showcase two of our communities and how proper brand positioning, videography, and design made them successful.
At its core, brand positioning is about deliberately shaping your target market's view of your brand. Your messaging, style, and manner of conveying your messages all determine the benefits consumers associate with your brand and how appealing your real estate project is to them.
In luxury real estate, especially, it's important to position your brand as a larger-than-life opportunity that fulfills your target market's wants and needs for a community down to the last detail. You want to create benefits and emotional attachments such as:
- Luxury: Every image, word choice, and printed material about your brand should be luxurious. This includes the content of the images — such as kitchens with rich finishes, immaculately maintained front lawns, and pristine parks — as well as the quality of the images themselves. Everything your branding features should look like it was chosen for luxury, not utilitarian functionality or cost-effectiveness.
- Distinctive: Branding is your opportunity to paint your community as one-of-a-kind. Position your brand and real estate project as something your target market won't be able to find anywhere else.
- Wealth: Fill your visual marketing materials with indicators of wealth. Prospective buyers want more than physical features and geographies that suit their tastes. They're looking for a community where they can network, raise families, and enjoy their lifestyle. Make potential neighbors part of your brand's unique appeal.
London Bay Homes
Our London Bay Homes project exemplifies those characteristics through luxury brand positioning. One of the marketing themes, in particular, created a demand for this community: "Private Label Living."
This language guaranteed a premium level of luxury and extravagance. But that signature line doesn't just promise quality. It guaranteed a level of customizability and personal, exclusive service that the target market loved. For homebuyers where personal design and endless options were a must-have component, "Private Label Living" immediately communicated a promise to deliver. Any language that ties your real estate community to exclusivity is an excellent psychological hook for luxury audiences.
Highly visual content is a must for any real estate community. But having a wide variety of visual elements in sharp, high-quality forms is essential to associate your brand with luxury. Videos, high-definition images, animations, and 3D renderings that showcase endless options all work together to create an excellent buyer experience, online, and offline.
While video components like virtual tours became important tools throughout the COVID-19 pandemic, they were already popular for their ability to better carry online viewers through a space. We recommend including multiples of these videography marketing materials:
- Video testimonials from past homebuyers
- Tours of homes and community features
- High-production videos for ads or brand positioning
- 3D renderings of construction options, especially for communities with a long construction timeline
Not only do these features showcase your properties, but they build a sense of attachment between your viewers and your community.
However, luxury and extravagance aren't enough to stand out from other real estate communities vying for your target market's attention. It's essential to pair these elements with unique appeal and creative messaging.
You need novel marketing formats, not just brochures. You also need a unique name that captures the essence of your community and what your buyers want most in a luxury community.
Our 1010 Midtown project focused on creativity and unique appeal. Some of the most advantageous aspects of their marketing strategy included:
- Its signature theme "Life on the Curve." This embodied both the style and hip, urban aesthetic of the project. At the same time, it communicated the project's location — along the Peach Street curve in Midtown Atlanta — for an unforgettable connection.
- Luxury items throughout the marketing materials as crisp representations of the theme, such as high-heeled boots, martini glasses, and grand pianos. These conveyed the style and extravagance that appealed to its target market. These images also had elements of the high-rise buildings and modern architectural style overlaid to connect the sense of luxury chic with the building itself.
Partner With Milesbrand for Your Next Luxury Real Estate Project
Excellent branding sets the stage for building measurable interest in and excitement surrounding luxury real estate projects. Creating a cohesive theme that appeals to buyers through luxury, extravagance, and exclusivity sets the stage for generating appeal and selling units to meet your revenue goals throughout the project.
At Milesbrand, we carefully research every property and find just the right marketing angle to create optimal demand and appeal. Every marketing strategy is a unique fit to its property and the target market you're trying to reach.
Contact us today to learn more about our creative and data-driven approach so you can start developing the right brand — and brand appeal — for your newest luxury real estate project.