Luxury Real Estate

By: Clémence Robin of RP3

Currently marketing Lionsgate in Bethesda, MD

RP3 has emerged as the next generation of Rosenthal Partners, originally The Dan Rosenthal Company, one of the most award-winning ad agencies in the DC-metro area. After 19 years of success, Rosenthal Partners will be closing its doors this month when President and Executive Creative Officer Dan Rosenthal retires. RP3 takes forward the legacy of great creative work and casts a new vision with new leadership and new resources specifically configured for today’s ever changing marketing environment.

RP3 will be led by former Rosenthal Partners EVP and 15-year agency veteran Beth Johnson who will serve as president of the new firm, together with Creative Director Jim Lansbury and Strategic Planner Scott Gold. This new management team combines fresh insight into today’s empowered consumer, mastery of the newest engagement tools and techniques, and a passion for powerful creative ideas that make marketing dollars work better and faster.

“The advertising industry has changed more in the last five years than in its entire history. Marketers are frustrated with yesterday’s agency models that can‘t effectively connect with customers and prospects today,” said Johnson. “We want to start fresh, rethinking and redefining the way we go about contributing to the business goals of our clients.”

Dan Rosenthal, a fixture in the DC ad community who has been recognized by Forbe’s Magazine as one of the top 100 creative directors in the country, sees RP3 as filling a void in the agency landscape. “Traditional agencies are struggling to embrace the new realities of the empowered consumer, while digital shops are playing catch-up when it comes to brand strategy. RP3 already excels at both,” said Rosenthal.

Rosenthal Partners closes its doors June 30, RP3 opens theirs on July 1. According to Johnson, “With our new structure and solid track record, we’re extremely optimistic. As we like to say, we’re the agency of tomorrow, since yesterday.”

About RP3

RP3 is a collective of forward-thinkers with a long track record of solving tough marketing challenges. Their expertise spans all communications disciplines including advertising, design, interactive, brand architecture, contact planning, social media and beyond. Curious by nature, nimble by design, creative to the core, RP3 generates powerful ideas that fully engage consumers and make every marketing dollar work better and faster.

Learn more soon at www.rp3agency.com.

 

By Shara Enay of Hawaii Business magazine

Being the Best in the Worst of Times

5 Tips from Hawaii's Top Realtors

 

 

 

 

 

 

 

 

 

 

 

 

 Patricia Choi of Choi International

In a slow real estate market, it’s easy to identify the top producers: they’re the ones out in the community shaking hands, developing relationships, aggressively marketing, and sweating the details to make sure their clients are completely satisfied. Many are busier now than ever.

With over 18,000 active real estate professionals in the state and fewer residential buyers than before, agents have to work harder and smarter to secure a piece of the shrinking pie.

Hawaii Business asked the top six residential Realtors in Hawaii, as ranked by sales volume, what it takes to be the best in the worst of economic times.

1) Play well with others

Realtors are some of the most exposed and networked professionals in town. Their names and faces are all over open house signs, ads and the Internet. That’s why top agents must work hard to develop a solid reputation with their clients and their peers.

In a tight market, buyers are extremely cautious because they don’t want to overpay, says Patricia Choi, president and principal broker of Choi International and the No. 1 ranked Hawaii Realtor. The broker who knows how to listen and work well with others will be the most successful.

 

“Sometimes Realtors are nasty if they don’t get the listing,” Choi says. “But you have to always leave good feelings no matter who you’re dealing with because a lot of times the clients that you don’t get today will come back to you later. It’s the same color green, whether you get the listing today or down the road.”

Whatever the outcome, avoid talking stink, says Stephen Hurwitz, president and principal broker of C and H Properties on the Big Island and ranked No. 6.

Nathalie Mullinix, president of Nathalie Mullinix Realty Universal, who is ranked No. 2, says top agents are good about not talking badly about other agents. “When I hear agents bad-mouthing their peers, I know automatically that they’re not a top producer at all,” Mullinix says. “There’s no need for top producers to talk badly because their actions speak to their abilities.”

Bottom line: If you’re good, everyone will know it.

When transactions go smoothly, the client benefits and will remember it the next time they’re ready to buy or sell. “In this business, you have to work with a lot of people — brokers, lenders, contractors and landscapers,” says Tracy Allen, vice president of Coldwell Banker Pacific Properties and the No. 5 Hawaii Realtor. If people don’t perceive you as enjoyable to work with, especially in a market that has a lot of inventory, they’ll pick an agent with a better reputation. “And word travels fast in this town,” Allen says.

Smart Realtors consider every person they meet a potential client or referral and know they can’t afford to burn any bridges. Other experienced agents stay connected with the community and network with people from different backgrounds by sitting on boards and participating in community organizations.

“You have to be out there and understand that your networking is far-reaching — it doesn’t just serve your personal interests; it also benefits your client when you can tell them exactly who to call, say, if they’re looking to buy a place in New York or want to know a good contractor,” Choi says.

Power Brokers: Three of Hawaii’s
top Realtors (from left):
Patricia Choi, Tracy Allen and
Sachiyo Braden
Photo: Olivier Koning

2) Build Relationships

Many Realtors are known for having their own signature style when it comes to closing deals, but all good agents make servicing clients their top priority. Especially, in the high-end market, where investment buyers are likely to buy and sell multiple properties, it’s all about developing and nurturing relationships. Choi estimates that about 75 percent of her business comes from repeat clients and that half of her clients originally came as referrals. She easily secured the No. 1 spot on our list for the third consecutive year, with 2008 sales of $72,692,999 — almost $30 million more than the No. 2 producer.

“I’ve sold properties to clients four, five, six times,” Choi says. “Some clients buy properties all over the world and I go with them. Affluent people are always looking for good opportunities no matter what the market is like, that’s why it’s so important to maintain good relationships and deliver quality and service every single time.”

Choi’s philosophy has served her well. In 2006, she was recognized by the Wall Street Journal as the No. 3 luxury broker in the nation. “It takes time and a lot of hard work to develop relationships, but they provide you your revenue,” she says. “If there’s one thing you’ve got to do well, it is understanding your client’s needs. Whenever people spend this much money, there are going to be a lot of emotions and other factors involved. As their agent, it’s my responsibility to provide them with the best possible service and present them with the most attractive options for their lifestyle so they can make the best decision.”

Sachiyo Braden, president and principal broker of Sachi Hawaii Pacific Century Properties, Hawaii’s No. 4 Realtor, says she’s formed solid relationships with clients, most of whom are from Japan, because she is honest, direct and compassionate. “Since a lot of my clients are not from Hawaii, they put a lot of trust in me, so I always look out for their best interests and answer all of their questions openly, even if it means not making the sale.” She says a transaction is not a success unless all parties involved walk away happy.

3) Build your brand — it’s you!

You have to love what you do to be willing to work 10 to 12 hours a day, often seven days a week. “It’s seriously like being a doctor who is on call 24/7,” says Allen. She says one of the biggest misconceptions of the real estate business is that selling homes is fast, easy money. “This is incredibly tedious work. You’ve got to know your market inside and out; pay attention to details; be extremely organized; and know every aspect of the buying and selling process to be a top producer. If you’re not willing to do all that, plus work on the weekends and miss your kids’ games once in a while, choose another profession.”

Choi says for agents to build their brand, they have to be visionaries. “You have to look down the road and always be thinking,” she says. “Experience is always your greatest teacher. I’ve always got a five-year plan and am thinking about what I need to do to get there. I think a lot of Realtors don’t plan professionally, like you would a business. But you are a business. You have to look at it like you’re the CEO.”

It doesn’t end there, Allen says. “A lot of times we’ve got to be guidance counselors, psychologists, interior designers, and most importantly, friends. You’ve got to remember that everything you do and how you interact with people all connects back to building your brand — and that brand is you.”

Robert Hansen, a Realtor for Coldwell Banker Island Properties and No. 3 in the state, says perseverance is the name of the game. “You have to be organized and have good communication skills,” he says. “But above all, you’ve got to be consistent and persistent.”

4) Market knowledge

When Tracy Allen drives down a street in Hawaii Kai or Kailua, chances are she knows how much the most recent home on the block sold for and even whether it had a cesspool or sewer system. If she doesn’t, she’ll do her homework. Being the best means doing research and knowing your market. It’s about being prepared and foreseeing what problems could arise, and then providing solutions. For example, when Allen walks through a home for the very first time, her mind is already hard at work thinking of ways a large family could expand the kitchen or create a larger dining room to accommodate guests. She also knows what schools are in the area and where to get the best Chinese takeout.

“You’ve definitely got to have great market knowledge and be in tune with what’s going on in the neighborhoods that you focus in on and that your clients have homes listed in,” Allen says. “You have to be up on the latest sales and the new properties that have come up on the market, where they’re located, why that block sells for more than the block neighboring it, and whatever the certain attributes are for that specific location and that specific house.”

Taking educational courses to increase your knowledge, familiarizing yourself with the surrounding area prior to hosting an open house and being familiar with listings on the MLS are all part of the job.

“It’s all about thinking one step ahead,” Braden says. “You have to know about permitting, financing, termites, everything. The more knowledgeable you are of your market, the more successful you will be and the more useful you will be to your clients.”

5) Aggressively market to your market

Once Realtors carve a niche, how they market to their market is crucial. “If I had to give advice to a new agent, it would be to remember that you are your own business within yourself,” says Mullinix. “Don’t look for handouts. See what market you want to be in and then figure out how you’re going to produce.”

Braden says Realtors need to present their properties correctly, whether it’s through ads, open houses or online. “You need to find out where the fish are before you go fishing or you’ll end up wasting a lot of time and money.”

Allen, who is known for her immaculate, staged homes, takes at least one month to prepare listings before showing them or photographing them for advertisements.

“It starts with the ad,” she says. “If you don’t like that photo that you see in the MLS or on the Internet, nobody will be interested. I spend a lot of money on photography, but to me it’s worth it because the client is owed that right.”

Over the past decade, technology has transformed communication in the real estate industry and opened access to real estate information. Face-to-face interaction is still best, Choi says, but “80 percent of people are going to look at a property on the ’Net before they ever see it or call for an appointment. That’s why we market hard and we spend a lot of money on technology. We know that our Web site is our image — both in Hawaii and worldwide.”

Hansen estimates he spends about $50,000 each on print advertisements and Web site development and maintenance. This has allowed him to grow his client base all over the West Coast and in Canada. “We launched our Web site probably about 10 years ago and since then, I think it’s remained one of the best sites to come out of Hawaii,” he says.

By Brian Langhorst

Who’s Who in Luxury Real Estate, a worldwide membership organization, publishes LuxuryRealEstate.com Magazine as an additional advertising opportunity for our invitation-only membership. This industry-leading magazine can be seen in over 40 countries around the world as well as in luxury service providers, storefronts, spas and boutiques throughout the United States. Our next issue will be for winter of 2009.

I highly recommend advertising in this dynamic marketing piece as an effective way to reach high-net-worth investors and buyers through both online and print advertising. We continue to see print advertising driving Web traffic!

The reservation deadline to advertise is: September 26th.

Materials are due by: October 1st.

Please contact me with any questions on how you can reach our high-net-worth audience through membership: BLanghorst (at) LuxuryRealEstate.com


Editor’s Note:
Brian Langhorst is LuxuryRealEstate.com’s Membership Manager. He meets members’ unique needs through the dynamic services LuxuryRealEstate.com provides. As the author of the “green” homes editorial and the City Spotlight on Nassau, Bahamas in the winter 2009 issue of LuxuryRealEstate.com Magazine, I can vouch for the quality of this publication. We publish the magazine in print and online to reach a broad audience. Don’t miss out!

By Brian Langhorst

I have heard many times over that print is dead, but this is false information! Whoever is saying this does not know the audience for luxury homes and their habits. Yes, people look to the Internet for information and, according to a National Association of REALTORS® survey, over 80% of home seekers are starting their search online for real estate.

The main question we should think about is how do they know where to look for real estate online? The answer is print!

I had a very interesting conversation yesterday with Victor Lund, co-Founder of the WAV Group. He said that the typical consumer segment of the luxury property market still looks through newspapers, magazines, and other print media for news and information. Customers need guidance and print provides this guidance to learn more about real-estate opportunities on the Internet. With a proper call to action this high-net-worth audience will be driven to your website through your print advertising campaign.

I look forward to your replies. Let me know how we can help you create targeted print ads to drive more traffic to your website.


Editor’s Note:
Brian Langhorst is LuxuryRealEstate.com’s Membership Manager. He meets members’ unique needs through the dynamic services LuxuryRealEstate.com provides. Victor Lund was so kind and helpful when he came to the Luxury Real Estate headquarters here in Seattle. He had a lot to share about our Web site, which is the most-viewed luxury real estate site in the world, and many other topics like the one Brian just discussed. It’s always nice to meet nice geniuses and well-grounded visionaries. The photo above is from www.flickr.com/photos/joebeone/2528716096 and it is the copyright of joebeone.

By Jean-Yves Piton

The classic marketing mix, with its 4 Ps (Product, Price, Promotion and Place), is evolving to meet current global business needs. It now includes 3 more Ps: Positioning, Packaging and People.

Keep in mind that Positioning should not be confused with Promotion. Although advertising efforts are inherently part of both Promotion and Positioning, the latter P mainly focuses on your competitive position within the marketplace and image amongst consumers.

Are you and your firm positioned as “the luxury real estate expert” in the marketplace? You must ask yourself this question to better compete in the global struggle for differentiated products, services and brands.

How are you and your firm’s products and services perceived by your prospects and clients? In essence, your positioning strategy should assist you with your brand recognition in the marketplace.

Your advertising efforts support your positioning strategy, which, in turn, builds your brand equity.

For instance, BMW has used the slogan “Ultimate Driving Machine” for over three decades now, positioning this tagline as the ultimate one in the automotive industry. BMW clearly advertises its passion and talent for top innovation and engineering, which positions its brand as one of the finest amongst luxury consumers.

In fact, Jack Pitney, Vice President of Marketing, BMW North America clearly articulated that: “BMW has carved out a unique niche in the industry by placing a premium on constant innovation and inspiration and this campaign will reveal the company behind The Ultimate Driving Machine.”

To that effect, while crafting your marketing plan you should carefully select your advertising initiatives to reach and appeal to your targeted audience. Your advertisements should unmistakably position you and your firm not just as “a luxury real estate expert” (one amongst many others), but as “the luxury real estate expert” (the best).


Editor’s Note:
Jean-Yves Piton is the Global Services Membership Manager for LuxuryRealEstate.com. He assists Bente Madtsen, the Director of Global Services, in expanding the LuxuryRealEstate.com brand into even more countries around the world. What a great discussion. It’s definitely important to position yourself, through word and deed, as a standout performer. The photo of the blog apartment building is from www.flickr.com/photos/paytonc/925383449 and it is the copyright of Payton Chung.

By Janice Ridge

There are studies that indicate that both buyers and their agents are attracted to online listings that include photos. In fact, when I am searching MLS for a property for a client, I won’t even look at a listing that doesn’t have photos! And I am a real-estate professional! Truth is, most MLS photos are not that good. That’s why most real estate professionals go directly to the agent’s website to see better photos. I imagine the online consumer does, too.

In general, you would think that with the huge marketing opportunity of presenting photos online the quality would be better, but it isn’t. At LuxuryRealEstate.com, we are committed to making our photos stand out. I think we do a great job, don’t you?

But what I want to know is this: Does anyone know of any studies that show that videos on the Internet help to sell real estate? Is this something in which LuxuryRealEstate.com should invest for our members’ listings? Or are you as happy as I am with the quality of the online photos on LuxuryRealEstate.com?


Editor’s Note:
As the Director of Membership & Relocation at LuxuryRealEstate.com, and herself a licensed REALTOR®, Janice Ridge is devoted to coordinating the efforts of all of the LuxuryRealEstate.com membership and Account Managers, so that each of our members is given superior service. Photos are essential for advertising luxury homes for sale, whether in print or online media. I can’t think of a better photographer than Ilya Moshenskiy, the Principal Photographer of Ilya’s Photography. He is one of the finest luxury photographers in the business, and he can bring out the most amazing qualities in your homes. Jim Walberg recently gave some wonderful praise for Ilya’s fine photography. The photo above is an example of Ilya’s work and it is copyright of Ilya’s Photography.

By Joey Pauley

We are pleased to announce LuxuryRealEstate.com has negotiated a monumental deal with LuxuryLifestyle.com that we are able to offer to you. The price is only $750 a year for an Enhanced Company Profile and 10 Enhanced Properties on LuxuryLifestyle.com. At Luxury Lifestyle’s normal rate, this would cost $10,500.

This offer is exclusively for members of Who’s Who in Luxury Real Estate.

Are your home sellers asking, “What are you doing to advertise my home?”

Are you looking for somewhere, in addition to LuxuryRealEstate.com, to advertise your exclusive properties online?

Do you want to advertise outside the real estate market?

Are you looking to supplement your link-building – an important aspect to Search Engine Optimization?

We have already seen positive results for existing members who have placed properties on LuxuryLifestyle.com for Search Engine Optimization. What are you waiting for?

Email me at jpauley at luxuryrealestate.com or call me at 206.838.2865 to receive over 90% off this great service.

LuxuryLifestyle.com is the largest, most comprehensive, and most exclusive direct-access register of luxury companies, products, and services anywhere on the Internet. They are highly selective of the products and services featured on their website. So selective, in fact, that they are only offering this deal to Luxury Real Estate members – the best luxury brokers in the world.


Editor’s Note:
As a Technical Account Manager with LuxuryRealEstate.com, Joey Pauley helps members with their Web and technology needs. He does a phenomenal job in all of his projects, as you can see by visiting the many websites he has helped design. This is a great opportunity that might have slipped by if you hadn’t checked the LuxuryRealEstate.com Blog. Aren’t you glad you did? Thanks for the great opportunity, Joey!

By Brian Langhorst

The luxury real estate market place is filled with various companies with very strong branding messages for the corporation. What are you as an agent doing to stand out from the other competing agents in your own company?

Editor’s Note:
Brian Langhorst is LuxuryRealEstate.com’s Membership Manager. He meets members’ unique needs through the dynamic services LuxuryRealEstate.com provides. Short and sweet – just the way I like blog entries! LuxuryRealEstate.com can help you stand out with print and online advertisements in The Wall Street Journal, LuxuryRealEstate.com Magazine and more. The above picture is from www.flickr.com/photos/vieuxbandit/499540173 and is the copyright of vieux bandit.

By Courtney Jackson

Our latest ad in The Wall Street Journal hit newsstands today. If you aren't able to pick up a copy of this issue, you can view the ad in color at www.luxuryrealestate.com/wsj.

Editor’s Note:
Courtney Jackson is the Print Director for LuxuryRealEstate.com. She works closely with The Wall Street Journal, Unique Homes and a variety of other publications to help luxury brokers gain domestic and international exposure for their properties. Don’t forget to advertise in print as well as online. Publications like The Wall Street Journal are great for reaching specific audiences as well as online readers. Check it out!

By Brian Langhorst

Did you know that we track the number of listings that you upload that do not have addresses? We are undertaking a membership-wide commitment to improve the quality of the data/listings that are on LuxuryRealEstate.com.

This is a very exciting and strong opportunity for all of us. When you enter your listings with accurate information it helps us to provide tools and accurate search results for your and our end customers – the buyer! So please enter all the information you have on to all of your listing on LuxuryRealEstate.com!

Please contact me to speak more about your listings and how to get the most out of your membership with us. Email me at blanghorst at LuxuryRealEstate.com.


Editor’s Note:
Brian Langhorst is LuxuryRealEstate.com’s Membership Manager. He meets members’ unique needs through the dynamic services LuxuryRealEstate.com provides. We at LuxuryRealEstate.com are committed to providing excellent service to brokers around the world and to buyers and sellers, as well. Be sure to take the time to contact Brian to find out more about how you can make your listings more effective on our Web site.