It might seem counterproductive to have digital marketing and luxury real estate intersect – after all, isn’t luxury real estate all about establishing a look, and a feel? Can digital marketing be really that effective for luxury marketing? These are some of the questions posed when it comes to this topic, and answering these questions requires some careful thought. There is indeed great success to be had if digital marketing efforts are leveraged correctly, but it must be executed with a style and feel fitting of your unique brand.
When thinking about digital marketing and real estate, consider this:
“Given that 92% of all buyers use the internet to search for homes, utilizing the best digital marketing tools will ensure your home truly stands out in a highly competitive marketplace.”
The internet has become the primary search tool for prospective buyers, and this is not something that will change any time soon. With so many prospects using digital tools at their disposal to find a home befitting their lifestyle, it means that luxury real estate companies must adapt to this as well.
There are a multitude of tools and methods to use digital marketing to really showcase what makes your specific brand stand out in a competitive marketplace.
1. Create a narrative, and a ‘mystique’ around your brand
Constructing a narrative behind your brand is essential for successful results. Having the right story, and visual to create your “brand” is incredibly important, as is understanding who it is you are trying to appeal to. Once you understand who your buyer is, what is important to them, and what resonates with them – use that material to construct a narrative around your property and why buyers need to become a part of it.
Marketing luxury real estate is all about creating an experience, a story that others can identify with. It requires creativity yes, but also nuance and thought.
The other component of this strategy is to construct a narrative that has a layer of mystery, and excitement to it. In order to really capture attention, you must create a certain ‘mystique’ around the property. This will highlight its distinguishing features, while retaining that crucial sense of luxury wrapped around it.
Consider this statement when thinking about your narrative: “High-end buyers are interested in purchasing not just any property but rather a “lifestyle residence” that piques their interest…Incorporating this “lifestyle” marketing strategy is key to the successful sale of luxury residences.” Use this as a way to kickstart brainstorming to understand what appeals most to your buyer, and how best to tap into that.
2. Utilize multiple channels
Any digital marketing strategy is remiss if it does not consider multiple channels for its deployment. Rather than sticking to just one medium, use a combination to make sure you get maximum awareness and visibility. According to an article by Hilton & Hyland, “By utilizing print, online, and other available channels, a luxury home for sale can gain the level of exposure necessary to target and bring in buyers.”
In this process, do not be afraid to get creative and use out-of-the-box methods to really tap into the right market. An article in the New York Times demonstrated how successful luxury real estate marketing can be if you are willing to branch out and use different methods to target your audience. For example, the article discusses inviting Instagram “influencers” to view and take photos of apartments and how that may help your property to gain exposure to more niche demographics.
3. Invest in the right resources
Your luxury real estate marketing strategies will rely heavily on having high quality marketing materials to ensure your brand stands out. Spend extra for high-end marketing materials, including photography. The latter is especially important, as in the digital world, pictures are a buyer’s first impression.
Also consider the vehicle of display for your marketing materials. If you spend a lot on photography, but your website lacks sleekness and modernity, the effort will go to waste. Your website and photography must reflect your brand aesthetic, and communicate a sense of luxury and sophistication throughout to maintain consistency.
4. Create a custom marketing program, integrate online and offline marketing
Another key point to remember is that when it comes to marketing, there really is not a one-size-fits-all approach. One strategy may work for a project, but you might find that it does not work as well when applied to other situations. Rather than trying to cut and paste the same efforts, work on creating a custom marketing program.
Within this program, highlight some important points that are focal to your efforts such as:
- • Buyer persona
- • Your narrative
- • The “mystique” surrounding your property
- • What marketing materials will go best with this narrative
- • What channels you are using to execute this campaign
Along with the points above, it is also essential to have an integrated strategy between online and offline marketing efforts, in order to cover the scope as best as possible. Having both online and offline marketing efforts simultaneously ensures that you are reaching the maximum amount of people possible, and gaining exposure and visibility in the market.
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.