What is a Boutique?
\bü-ˈtēk\ 1 a: a small fashionable shop b: a small shop within a large department store 2: a small company that offers highly specialized services or products <boutique wineries> <an independent investment boutique>
While attending Texas A&M University, I took many, many classes. I changed my major many, many times. In my career at A&M, I always gravitated towards marketing classes. I LOVED marketing! One of the most important facts to take away from the most basic of marketing classes is the principle that in opening a new business, if you can’t be FIRST, then be DIFFERENT!
Throughout my research and brainstorming phase of opening up our own real estate brokerage in McKinney, TX, my business partner and I kept that statement in mind. And the question always came back to – How can we be different?
Our real estate market in McKinney is dominated by what we call the “Big 3”... RE/MAX, Keller Williams and Ebby Halliday Realtors. We belonged to 2 of those brokerages at one time or another before leaving to pursue the dream of owning our own company. Having the benefit of knowing the corporate culture and mindset behind these successful franchises, we left to make something different for ourselves and for our clients – past, present & future.
This is how the idea of branding ourselves as a Boutique Real Estate Firm came to be. I’ve been asked (OK, kidded) by some of my former colleagues and they’ll ask about the “boutique” concept. It makes total sense. Here’s WHY:
When you think of the word “Boutique”, what comes to mind?
- A Small Space. Rather than isles upon isles of merchandise (like in a SuperStore), the products offered are minimal. The space is small to encourage a more intimate shopping experience and therefore a higher level of customer service.
- Desirable Location. Many times the high fashion Boutique clothing stores are located in trendy, new, popular place. Often times they are near other attractions and may benefit from walk-in traffic.
- Concierge-Level Customer Service – think, “above & beyond”! This one’s a no-brainer.
- Select or Specialized Merchandise – you won’t find generic pieces in a boutique. You find custom, tailored pieces. By becoming the area Expert, your specialized services are your knowledge about the market you live and work in. It’s the tailored home marketing plan that you develop for each property you sell.
The concept of running a Real Estate Brokerage like a Boutique makes perfect sense! For many buyers & sellers, the appeal of a boutique real estate office makes sense! How many people do you know that desire specialized products?
- You can get coffee anywhere, but Starbucks can charge 4 times as much because of the environment they provide.
- You can get nice heels anywhere, yet Jimmy Choo’s and Manohlo Blahnik command sometimes over $1,000 for a one-of-a-kind pair.
- You can drive a Ford Focus and get from Point A to Point B just fine, yet consumers desire the luxury and service that Lexus provides.
Now, here’s the genius part. The 3 examples above require that you PAY MORE for the alternative. In a Real Estate boutique, why not give the same exemplary customer service FOR THE SAME PRICE as the alternative?
In today’s changing economy, real estate brokerages must begin to think differently. Offering your community a Boutique may be just the thing consumers want. Is anyone offering this choice?
Be first, or be different!
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