How Luxury Real Estate Marketing Differs from the Mainstream
Luxury real estate marketing sometimes mirrors traditional real estate marketing. However, it often involves methods and markets that realtors dealing with cookie cutter single family homes wouldn’t dare employ. For example, only the home builder will put out TV and radio ads for a new subdivision, but a luxury realtor might feature a property on cable TV. Let’s learn a few other ways luxury real estate marketing differs from the mainstream.
Both luxury and mainstream real estate marketing regularly utilize print marketing. However, there is a larger marketing budget when selling luxury homes. This is why print ads for middle class homes may be a single page or less, whereas the ad for a luxury home may span two full pages. At the opposite end of the market, six to ten homes are listed in the classified section when promoting the property to budget buyers.
Another difference is where these print ads are found. You put ads where they’re going to be seen by your target audience. Middle class and working-class homes can be found in free parenting and community magazines in displays at restaurants and public libraries. Ads promoting the realtor themselves will appear in a variety of publications. Luxury homes only appear in publications targeting likely buyers. This puts them in “society” magazines that relatively few read.
Online marketing is being used to promote real estate across the board. The ability to target customers with hyper-local search terms makes it easier for realtors to reach relevant customers, no matter where they currently live. Search engine optimization for luxury real estate marketing tends to include additional terms such as luxury and upscale. It can also include marketing based on the price of the home and references to desirable upper-class neighborhoods.
The Realtor’s Branding
The branding for a Corona Del Mar realtor specializing in luxury real estate will be very different than the branding for the lower end of the market. For example, realtors who work with middle income clients focus on “getting the most for your home” or “sell your home fast”. They’ll promote homes as perfect starter homes for couples and young families.
A realtor working with the lower end of the market talk about volume selling that permits them to accept a lower commission. Alternatively, they frame it as selling the house before foreclosure or in dire need of repairs the homeowner cannot afford.
Luxury real estate agents talk about knowing the luxury market and being able to attract the right type of buyer. No one wants to hold a series of open houses where curious locals see their own version of “The Lifestyles of the Rich and Famous”. Luxury realtors are more likely to advertise with services aimed at relocating executives who want to tour two to four ideal homes, buy one and move in on their next visit to the area. In other cases, they market luxury condos to investors who want to buy such properties to hold or house family members when they move to the area. No other type of realtor group ever markets nationally or even internationally.