Many agents and brokerages today have decided to limit or
eliminate their print marketing budgets. In terms of the luxury market,
however, high quality print marketing is not only alive and well; it is a necessity.
What happens when you cut out your print advertising? It can be a costly mistake as the folks at L.L. Bean learned. Because of the Recession, they cut back on their print catalogues. The result was a major drop in sales. When they decided to increase the number of print catalogues that they mailed, their sales took off.
The Case for Print Marketing
I recently interviewed Rick Goodwin, the Publisher of Unique Homes Luxury Media. Tthe luxury real estate market in the United States continues to see strong growth among foreign investors, especially among clients from Asia and Europe. Goodwin argues that quality print publications “Put you in front of people that you need to know, but don’t know yet.” This is particularly true in the international luxury marketplace.
In case you’re wondering who is reading high-end print advertising, Goodwin shared two different studies that showed that the ultra affluent (those who make $500,000 or more per year) read an average of 8.2 luxury print publications per month. Of this group, 20 percent spend 11 hours per week reading print newspapers and luxury magazines. Some of the most widely read publications include the Wall Street Journal, the New York Times, the Robb Report, Wine Spectator, and Luxe Interiors.
Stand Out as a Luxury Specialist
According to Goodwin, when it comes to representing luxury listings, “high quality print advertising is still a strong listing tool. Print provides a way for you to make a name for yourself outside your local market. You need a media mix that combines both print and online.”
Because so many agents have stop using print publications, print has become an important way to differentiate your premium marketing services from those services provided by your competitors.
Granted, there are some limitations with print as Goodwin explained:
“Advertising doesn’t sell houses; Realtors do. If you’re expecting print to generate the buyer for your listing, you will probably be disappointed. What print does do, however, is that it allows you to consistently demonstrate the quality work that you do on behalf of your sellers. It reinforces the fact that you are a high end Realtor.”
Create Effective Print Marketing Materials
In terms of using print marketing effectively, your luxury listings must be beautifully staged. Goodwin says high quality photos are also a must. Attention to detail is also critical. If at all possible, hire an architectural photographer to show the house to its best advantage.
To determine which photo(s) to include, ask your sellers what was it about the house that motivated them to purchase it. For example, if it was the family room with the view out to the pool, chances are that the new buyer will probably respond well to the same features. On the other hand, if the house looks beautiful at dusk with the lights on and the outdoor kitchen lit up by the swimming pool, this will create more of a mood shot. In both cases, this approach will allow your photos to stand out as compared to the typical front shot of the property that most agents select.
High Quality Photos Require High Quality Copy
It’s also equally important that your ad copy match the quality of the photos. This is an area where many agents miss the mark. Goodwin says,
“The big sin when it comes to marketing luxury listings is using your MLS descriptions as your ad copy. MLS copy is just a list of data. Effective copy is more than a list of features. Instead, it complements the photos in terms of creating a sense of what the lifestyle is like for the new buyers.”
Goodwin suggests that one way to do this is to “Put yourself into the action of enjoying the property. How would you interact with this house if you lived there?”
For example, if you were marketing a house that was built 200 years ago you might say, “For ten generations, the owners of this property have experienced the graciousness of this classic Colonial home.”
Costs
Depending upon the publication, the distribution of the ad, as well as the size, you can obtain a quarter page ad for your luxury listing from $750-$1,000. Half pages can run from $1,000 up and full pages from $2,000 and up.
Is It Worth It?
Goodwin says, “Realtors are known by the properties they work with and the quality of marketing that they provide.”
Posted by Bernice Ross, CEO, RealEstateCoach.com