Luxury Real Estate Branding: Striking the Right Balance for Your Marketplace
Here is a recent email we received from a prospective client who wants to create/refresh their brand,
"In my marketplace, we have about 800 homes in our two town MLS with only about 16 priced from the mid-fives to about 2.6 million. Affluent buyers want someone who is very well-versed in luxury homes, but with so few available, is it wrong to also be a great agent for lesser priced properties? I don't want to be all things to all people, but I don't want to lock myself solely into a niche that may not have sufficient inventory to maintain a viable business. Your feedback would be greatly appreciated.
Here is our answer,
We understand what you are reaching for. It's a matter of striking the right balance. The key is to develop an upscale personal brand that is sophisticated but not pretentious. A perfect illustration of this concept is to view the big department store retailers: Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman are the luxury brands stores, Macy's brand appeals to a wide range of customers. and Nordstrom’s is more upscale. However, Nordstrom's does not intimidate Macy's customers.
Another example of a balanced brand is Ralph Lauren. He is known as the quintessential American designer. He has many lines that he manufactures for every demographic. The clothing line is accessible to everyone who likes his designs.
That is the balance you are looking for.
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