Reinventing the wheel? Nope.

By
Real Estate Agent with Crawford Luxury/KW Luxury International

Over the past few years of marketing luxury homes, I've discovered the greatest secret marketing technique of all time. It's so secret that I'm hesitant to release my new found discovery, but for my ActiveRain friends, I will.

 

Shhhhhh. Here goes....

 

Open Houses.

 

Huh? Those don't work, do they? My experience has been that in the lower priced markets, they're usually only good to pick up buyers.

 

However, in the past year I've started to hold open houses at some of my luxury homes and I've been shocked at how many people show up every time that have the ability to buy the home cash. It's amazing. I'm finding that many luxury buyers are so busy with their businesses and personal lives that they rarely have buyers agents looking for them. When free time pops up, they just jump in the car and head out to a community they're interested in. When they're out there, I'm usually the only open house, so I'll always get them into the house.

 

I often take my computer and files out to some of my luxury homes and office out of them for the day. That way I've got the house open and am still accomplishing the same amount of work I'd be accomplishing at the office. And sure enough, it could be a Tuesday at 2pm, but I'll get buyers inside.

 

Marketing materials are great, but people have to experience a Luxury Home to buy it.

 

Open houses have helped me on my luxury homes more than any marketing materials/publications/internet ads.

 

 

Comments (9)

Eric Kodner
Wayzata Lakes Realty: Eric Kodner Sells Twin Cities Homes - Minnetonka, MN
Wayzata Lakes Realty: Twin Cities, Madeline Island

Kevin, if you're making it work in your area, go for it! 

I've heard it suggested that agents try to co-op marketing of a luxury home with products like luxury cars, boats or other high-end items.  For example, an agent may persuade a luxury auto dealer to place a Lamborghini in the driveway for a weekend (with his company ad displayed in the window, of course).  I'd be interested in knowing how this has worked from someone who's tried it.

May 17, 2008 05:36 AM
Kevin Crawford
Crawford Luxury/KW Luxury International - Boerne, TX

It's something that I've also heard about and definitely considered. Haven't had a chance to try it just yet, but I'm going to be holding an evening open house/art show in a couple of weeks, and that may be a good chance to break that out and try it.

May 17, 2008 07:19 AM
Eric Kodner
Wayzata Lakes Realty: Eric Kodner Sells Twin Cities Homes - Minnetonka, MN
Wayzata Lakes Realty: Twin Cities, Madeline Island

Kevin, the art show tie-in sounds like a very good idea. 

I would recommend to agents who sell in the upper brackets that they make friends with people who sell other luxury items (jewelry, cars, boats, aircraft and so forth) and network with those individuals as part of their marketing strategy.

May 18, 2008 06:46 PM
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Excellent idea -- & one that isn't always thought of, in this price point.     Makes sense, though -- we're all in time famine!

Li

Jul 05, 2008 04:32 AM
Sharon Simms
Coastal Properties Group International - Christie's International - Saint Petersburg, FL
St. Petersburg FL - CRS CIPS CLHMS RSPS

Kevin - we've had other luxury purveyors co-host a brokers open, with limited success. We've also invited other luxury sales people to our small topical gatherings and that has worked well.

Jul 06, 2008 12:49 PM
AMBER NOBLE GARLAND - Top Real Estate Expert, Property Tax Appeal Specialist & Author
Strategic Marketing Expert & Relocation Specialist Serving New Jersey and nationwide! - Marlboro, NJ
- The Agent You Can Trust To Deliver REAL Results!

I believe networking amongst other luxury item experts (i.e. Mercedes, jewelers, country club directors, etc) does work. Have you ever heard the saying, "like attracts like?" Well if they're dealing with people with big bucks and good credit, then they're talking to the same individuals we want to attract to a luxury listing, right? Can't hurt...I say go for it.

Nov 23, 2008 12:07 PM
Stacie Robbins
Mammoth Properties - Mammoth Lakes, CA

I was just sitting a luxury home open house today.  I'm in a resort market and the home is completely vacant.  From 1pm-4pm I had about 6 groups of people come through.  None were in the price range for the house, but curiousity brought them in.  Once we got to talking about the market and the area, I find they are in a much lower price range but I made the contact and they asked if they could contact me about the lower priced properties and I was like "absolutely, in fact go to my website and search listings for yourself" and then they left me their email address and asked me to keep them updated with the market.  I consider this a successful open house day.  A lot of buyers just can't pass up the opportunity to 'see how the other half lives' as I hear them say.  Price range is not a factor to me, I'll work with anyone and be equally attentive.

Stacie Robbins

stacie@ownmammoth.com

Mammoth California Property For Sale

Nov 28, 2008 01:38 PM
Victoria Murphy
Sotheby's International Realty - Santa Fe, NM
Santa Fe, NM

I have had the most success picking up buyers and new luxury homes at my open houses.  But the highest amount of traffic is when I work in conjunction with other brokers who have listings in the area and we have 3 to 7 all open at the same time. 

Mar 19, 2009 06:12 AM
Jim Norbuta
RE/MAX Traditions (Cleveland, Ohio) - Chagrin Falls, OH

Kevin,

Would you believe we got some good responses to newspaper ads.  Usually, if you don't expect much, that's what you get.

What next?

Many Blessings,

Jim & Joan

May 16, 2009 11:52 AM