Luxury Real Estate Marketing: The Advantages and Challenges of Boston’s Booming Luxury Condo Market

Of course, the benefits of Boston’s luxury housing boom don’t necessarily extend to developers. Here, it means more competition, making it absolutely vital to build a marketing strategy that is designed to attract international investors…

Boston is experiencing a real estate boom. But it’s not just any kind of boom; the entities rising the fastest are luxury apartments and condominiums.

As detailed by Forbes, foreign investors are increasingly recognizing the unique opportunities that Boston presents in this real estate market niche. As a result, new developments are starting almost by the minute, while housing prices are rising faster than almost anywhere in the United States.

For developers, Boston is a hot market with an increasing interest amongst buyers. This influx brings increasing competition, which is why it makes sense to look more closely at the implications of this luxury real estate boom. In fact, doing so uncovers the need for strategic, integrated luxury real estate marketing and advertising strategies.

The Reasons Behind the Boston Luxury Real Estate Boom

No matter where you look, the consensus is the same: the real estate surge in Boston is driven largely by foreign investors looking to enhance luxury opportunities in the city. The reason, of course, is growing demand; as WBGH News found, a large part of individuals buying new property downtown is made up of empty nesters looking to enjoy their free time in the city rather than the suburbs.

But even more common are foreign investors who look at downtown Boston property as a unique combination of profit and convenience:

“Frequently, members of this group buy an attractive property where their children can live while attending school in Boston—then sell it for a tidy profit after they graduate.”

Why Boston over other major U.S. cities? One, it’s in close proximity to some of the world’s most elite universities. In addition, the fast-rising global connectivity of Logan International Airport, along with its immediate access to downtown, make it the perfect fit for high-wealth international buyers and suburbanites alike to find a temporary home.

What Can We Expect in the Local Economy?

Of course, the benefits of this development reach beyond the individual buyers and investors. In addition, most experts presume a significant benefit to the Boston-area economy thanks to the increased presence of highly affluent residents.

Earlier this year, Gov. Charlie Baker noted that the increase in international flights to Logan Airport alone had accounted for a $1 billion regional economic benefit annually. New forthcoming flights to the United Kingdom and Paris will only add to that economic benefit.

And it doesn’t end there. A booming housing market tends to indicate a healthy economy, which is why it makes sense that Massachusetts was considered the healthiest regional economy in the United States just last year. From job creation to additional tax revenue and business activity, new real estate developments tend to play a major part in that growth.

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The Need for a Marketing Strategy to Enhance Visibility

Of course, the benefits of Boston’s luxury housing boom don’t necessarily extend to developers. Here, it means more competition, making it absolutely vital to build a marketing strategy that is designed to attract international investors as well as regional luxury buyers.

Luxury real estate marketing, of course, differs from its more common counterpart. Here, every part of your message has to convey the type of exclusivity and style that your finished apartments will embody. In other words, an integrated strategy that ranges from your website to social media campaigns and direct email efforts is absolutely vital.

The key is to start with an intimate understanding of your audience. Not just demographic and geographic information, but their needs, wants, and pain points. The more you understand about why they’re looking for luxury real estate in Boston, the better you can build a marketing strategy designed to address and satisfy those needs.

Naturally, high-quality visuals are also vital. Perhaps more than any other industry, real estate marketing relies on visuals to communicate the nature of its product. That’s especially true in the luxury market, where high-end, immersive visuals can be the decisive point to draw your audience to you over other luxury developments.

Finally, integration is key. It takes as many as 10 marketing touch points for audience to internalize a value proposition, and that threshold can be significantly higher in luxury real estate marketing. From your website to social media and digital advertisements, everything should focus on your centralized message as a go-to development for anyone seeking out luxury real estate in Boston.

How Millennium Tower Took Advantage of Luxury Real Estate Marketing

One marketing strategy that embodies the points above is our partnership with Millennium Tower, a 625-foot luxury skyscraper that features condominiums ranging in price from $850,000 to $37.5 million. The key to success was building an interactive experience for potential buyers, who could tour the building and visit 3D representations of individual apartments even before the building was finished.

The strategy highlighted the need to immerse luxury buyers in the real estate experience. It was so successful in communicating its core message that a year before the construction of Millennium Tower in Boston was complete, more than 90% of the building’s units had already been sold.

In an increasingly crowded Boston real estate market, how can developers help their offers stand out to potential buyers? The case study of Millennium Tower offers one potential solution. But in reality, possibilities range much further.

As long as you understand your audience and the external environment psychologically, you can build an integrated marketing strategy designed to address their needs and maximize your building’s potential. Your website, digital marketing efforts, and visuals can then be the tactics you use to solidify your space in the midst of Boston’s luxury real estate boom.

How to Elevate Your Luxury Brand Advertising with Facebook

Luxury brand advertising can be challenging, particularly if you want to stand out from lower-level brands seeking your audience’s attention. Social media, for instance, has rapidly ascended to the top of the food chain for advertisers looking to effectively reach their digital…

Luxury brand advertising can be challenging, particularly if you want to stand out from lower-level brands seeking your audience’s attention. Social media, for instance, has rapidly ascended to the top of the food chain for advertisers looking to effectively reach their digital audience. But should you really promote your luxury product or brand in the same environment that department stores vie for clicks and conversions?

As it relates to Facebook, the answer is a definite yes. The world’s largest social media network allows you to not just effectively highlight your brand, but target narrowly enough to reach only audiences interested in your exclusive brand. Finally, luxury brand advertising on Facebook can benefit from the significant influencer marketing opportunities on the network.

Facebook’s Efforts to Attract Luxury Brands

On the surface, Facebook seems to have an exclusivity problem. How can your luxury brand stand out, and reach the right audience in an environment that has more than 2 billion users every day? To answer that question, the network has made significant efforts designed specifically to help top brands succeed.

The key to success, as indicated at Facebook’s inaugural luxury forum earlier this year, is a tactic of digital support. Most customers for luxury brands continue to expect and rely on a personal experience for the final conversion. Facebook cannot replace that experience; it can, however, enhance it.

Virtual reality experiences, for instance, can transport customers to in-person events and showrooms across the world. At the forum, creative strategist Spencer Mandell highlighted this example in particular when showcasing the test drive of a new Bentley, entirely through the lens of VR.

Most customers in this price segment won’t use a Facebook ad as their motivating factor to buy your product, but that doesn’t mean they don’t use the network. In fact, 80 percent of luxury shoppers use social media on a daily basis, and 58 percent of them acknowledge that digital exposure influences their buying decisions.

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Targeting Opportunities that Match Your Audience

What makes Facebook so unique are the targeting options that make it an ideal fit for luxury brand advertising. Unlike most other digital channels, advertisers can choose exactly what type of audience will see their content.

For instance, thanks to a variety of third-party data partnerships, brands can target their potential customers using income levels, recent travel destinations, and recent purchases. Building a persona based on these variables allows you to set a target that remains exclusive and narrow enough for your luxury brand, focusing in on a niche portion of the network’s vast overall audiences.

And the possibilities don’t end there. Facebook also offers lookalike targeting, matching the demographics of an uploaded list of your current customers to users on the network who share similar characteristics. The result is an audience likely to be as invested in your product and content offerings as your current customers are.

The Power of Facebook Influencer Marketing

We’ve written in the past about the potential power of influencer marketing for luxury brands. Facebook and its close cousin Instagram are in many ways ideally suited to put that power into action for your brand. The concept of working with popular figures in your audience’s sphere of influence is absolutely crucial in enhancing your brand’s credibility, while at the same time adding to the air of exclusivity that is so vital for successful advertising in this field.

As AdWeek shared in a recent infographic, luxury jewelry, food & drink, and wedding brands find particular success in working with influencers on the network. But, that doesn’t mean other industries cannot benefit.

In this case, the popularity of Facebook becomes especially beneficial for luxury brands. Finding the influencer most relevant to your brand, and building a marketing strategy designed to reach and include them, is thus both easier and more streamlined.

Case Study: Maserati Excels in Facebook Luxury Brand Advertising

Combine the above, and the realization of Facebook’s potential use for luxury brands becomes more obvious. Around the globe, brands are increasingly taking advantage of the possibilities offered by the world’s largest social media network. One case study, however, offers particular insight into the results a successful campaign on the platform can actually bring.

To bring visibility and sales for its new Levante SUV, Italian automaker Maserati embraced both Facebook and Instagram. A two-phase Facebook campaign was designed to both highlight the car in an immersive video, and allow users to request a quote of the model through the network’s native lead generation ads.

Targeting for the video ads took advantage of the above-mentioned possibilities, such as lookalike audiences. Users who watched the full video then received a second ad that allowed them to request a quote. Over the course of the campaign, this two-pronged approach resulted in 21,000 leads, and 217 vehicle purchases that could be related back directly to the campaign.

Building Your Facebook Luxury Brand Advertising Campaign

All of the above is theoretical. But of course, as is the case in all marketing and advertising, the execution of a plan matters significantly. When building your Facebook campaign, you have to make sure that you get a number of variables just right, including:

  • Understanding exactly who your audience is, and building a targeting strategy specifically to reach only that segment.
  • Choosing from the various types of ad content (from VR video to canvas ads) that match your brand image and audience expectations.
  • Developing copy and visuals that pops immediately in your audience’s newsfeed, standing out from the hundreds of posts they read each day.
  • Understanding the metrics you have to use to measure the success of your strategy, and make adjustments as needed.

Don’t be discouraged by the broad reach of Facebook, which seems to act counter to the exclusivity you want to communicate. Instead, take advantage of the network’s advanced features, and maximize your marketing and advertising potential as a result. Used correctly, Facebook can be a major part in advertising your luxury brand.

Marketing luxury real estate is complicated and forming strategies that are unique to each project requires extensive research and planning. It is worth establishing benchmarks and metrics for both online and offline marketing, in order to understand which is more effective overall. Having these metrics will help drive long-term marketing strategy, and will provide a good blueprint of where resources need to be directed in order to gain maximum return on investment.