The Language of Luxury

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It's Time to Spend More Time in the Real World - Part 2

Dennis Hanlon, Park City Utah

Professional networking on Facebook and other social media platforms can contribute to your success as a luxury real estate marking professional. But, participation in these venues simply does not replace in-person face time and consistently staying in touch with your colleagues in meaningful ways. We think it’s time to spend more time in the real world.

One of the best examples of professional networking in luxury real estate is the Western Mountain Resort Alliance (WMRA) that was spearheaded by Dennis Hanlon, a visionary broker in Park City Deer Valley, Utah, in 1996. Dennis, who was the president of his local board, suggested a meeting of six ski resort board presidents to explore ways that they could benefit from an alliance.

According to Dennis, who also served as president of the WMRA through 2010, “ We all discovered that we had so much in common and that we faced the same kinds of issues. We realized that marketing and selling resort real estate requires specialized knowledge and our clients demand a high level of expertise”.

It became apparent that sharing sales information from the various resorts would benefit all members. Another benefit is sharing best practices for resolving common problems.

Hanlon said, “An example of a common issues in mountain resort areas is finding suitable employment housing. We typically have limited space for development. Some other important challenges include how to address minimum revenue guarantees imposed by the airlines and how to obtain financing for condominiums”.

One of the great outcomes of WMRA was bringing their network model to the attention of the National Association of REALTORS® (NAR) who started their own resort committee in order to help resort REALTORS® gain resort specific education.

Professional networking can help you solve problems that are also faced by your peers in their luxury real estate markets. It can also exponentially expand your referral base. Facebook may be a good way to facilitate professional networking. But, there is nothing better than in-person, face time and staying in touch in meaningful ways. It's time to spend more time in the real world!

View our articles on some of the WMRA members: Park City/Deer Valley, Telluride, Big Sky, Steamboat Springs and Jackson Hole. These articles are part of our series, 50 Top Luury Real Estate Markets in the USA.

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50 Top Luxury Real Estate Markets in the USA: Big Sky & Bozeman, Montana

The great outdoor lifestyle, with its myriad of recreational activities, is highly revered among those who live and play in Big Sky and the nearby, upscale enclaves of Bozeman, Montana. The spirit of this area was captured in the film, A River Runs Through It. Shot on location in Montana, it starred Brad Pitt and was directed by Robert Redford. You get the sense that nature actually takes on the leading role in the story and fly fishing, becomes a path to zen-like meditation.

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Marketing Luxury Real Estate: The Ultimate Service- Providing Peace of Mind

Recently we were reading some of our clients’ testimonials, and one of them inspired this post. Here is a direct quote, “This individual (agent) is truly a professional who can manage all the details involved in selling my home, and does it so effortlessly that I never had to worry about a thing.”

Given the rapid rate of our lives, we all want someone who gives us service at the level where we do not spend time worrying. Worry is defined as: “ thoughts, images and negative emotions in which mental attempts are imagined and discussed to avoid anticipated potential threats.”

What is peace of mind? The dictionary defines it as: “The absence of mental stress or anxiety, and the presence of serenity, calm, quiet, comfort of mind." That is exactly what a buyer/seller wants when working with you.” Ultimately, they are signing with you because they feel that you will provide them with a seamless flow in reaching the grand finale of selling or buying a house.

How valuable is peace of mind? It is so valuable that many agents who give this type of service are given a constant stream of referrals. And, in many cases their clients are also giving them a closing gift.

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Luxury Real Estate Marketing Tip: Put a New Twist in Your Marketing Approach

Remarkable service with a twist that distinguishes you from your competition can create an indelible impression and enchant your clients.. Look for evidence of enchantment, times when you have enjoyed exemplary service in your daily life, and reach for ways that you can incorporate enchantment into your own luxury real estate marketing practice.

Saint Alexandra’s Day (Alexandra’s Name Day) provided the perfect opportunity to seek out evidence of enchantment marketing. We googled “the best steak house in Thousand Oaks” (nearby Santa Barbara and close to Malibu) and found an entire page dominated by great reviews of Mastro’s. Since we very rarely order beef we wanted to find the best place.But we were seeking an restaurant just outside of town so we could turn it into a new adventure.

Mastro’s, we discovered, has multiple locations in Arizona, Nevada, California and Illinois. It definitely lived up to its reviews. Here are some of the quality cues that lead us to a very favorable opinion of this fine establishment:

We were served an assortment of scrumptious artisan breads that were fresh out of the oven. That could have been a meal unto itself. Our favorite was the pretzel bread.

Our server reminded us of a European professional waiter who really knew his wines. We were allowed to taste a couple of them prior to ordering and the dialogue was educational.

He was equally knowledgable about the extensive menu. He had definite personal opinions about it when asked.

We ordered creamed spinach and the crunchiest snap peas as our vegetables. We asked if the creamed spinach was made with bacon. Our server said, “No. But, everything tastes better with bacon”, and he disappeared only to return with some of the best bacon we had ever tasted.

We did not order dessert. But, we were presented with an enormous slice of St. Alexandra’s Names Day cake and a side of whipped cream that must have been more than a pint. With only room for a couple of nibbles, we were more than delighted.

When we left the restaurant, the valet brought our car and handed us some bottled water for the road with the Mastro’s logo on the bottle. We had previously been given a shopping bag with handles to cary three box full of food items that we could not finish.

Seek out quality cues, evidence of enchantment marketing in peripheral aspects of your life, not just in your field. Get a sense of how it feels when you are treated exceptionally well. Then incorporate as many ways as possible to enchant your clients. It will put a twist in your marketing approach that will help you to standout from your competition.

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Marketing Luxury Real Estate Tip: Staying on the Leading Edge Part 2

Fear of change is another of the top vulnerabilities of market leaders. For luxury real estate marketing professionals who are bent on gaining or sustaining market leadership you need to keep evolving as an individual, a team or as a company. The common adage of “if it ain’t broke, don’t fix it”, or “I am doing well, why rock the boat” does not apply if you intend on maintaining your position.

We are experiencing a tidal wave of change on a daily basis in every aspect of life. If you want to successfully keep moving forward, you have to keep reinventing yourself. One of the most important elements in this process is to be willing to break down your business model on a regular basis and reexamine every aspect through a magnifying lens. You may have to throw out what “ain’t’broke” altogether and adopt and adapt consistently. You have to stay nimble and be able to turn on a dime. If you don’t do it, your competition will rapidly surpass you without any hesitation, or find a way to profit from your passivity.

Some companies capitalize on the “fear of change” and develop business models which take advantage of this mentality. An example of this is “show rooming”. Many consumers visit showrooms note model numbers, and then find the identical item on line using their Smartphone’s and purchase them for a lot less. What caused this? Fear of change and the unwillingness to adapt. Companies such as Best Buy are now looking for ways to prevent the show rooming epidemic. In real estate lending, companies such as the Lending Tree captured consumer leads for loans, routed them to the banks and received a commission. They understood that banks are not quick to respond to change, and they could step in and profit.

What must not change are your core values, your integrity and your commitment to superb service for your clients.

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