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50 Top Luxury Real Estate Markets in the USA: Coeur d'Alene, Idaho

Ron & Alexandra Seigel — Tue, 07 Feb 2012 05:00:47 +0000

Pristine and serene are words that best describe one of the most beautiful lakes in America. Yet, Lake Coeur d’Alene in Idaho is just one of 13 magnificent lakes in a mountainous region that includes the towns of Coeur d’Alene, Sandpoint and Hayden Lake. With 5 ski resorts within a short drive of these towns, the area is steadily gaining a reputation for quality of life that is unsurpassed, especially if you enjoy a full range of winter and summer recreational sports. Located just 30 minutes from Spokane International Airport, the Coeur d’Alene area is not just a destination for vacationers it is a great place to retire or simply call home.

The scenic beauty in the Coeur d’Alene area is absolutely stunning. In fact, Sandpoint was recently named the most beautiful small town in American by USA Today and Rand McNally. Cheri Hiatt says, “There isn’t a day that goes by that I look outside and something catches my breath. The people are beautiful here, too. There is a real sense of community with people who have a passion for life”.

Karen Corcoran states, “As a resort destination, the combination of mountains and lakes in the Coeur d’Alene area has a similar feel to Lake Tahoe in California”. Downtown Coeur d’Alene is a cross between the quaintness of Carmel and the beauty of Tahoe. Living here feels like you are perpetually on vacation. The people are genuinely friendly. It started out as more of a retirement community. But, now it has become more family oriented”.

According to Jan Keener, “Coeur d’Alene Lake is about 28 miles long with over 200 miles of shoreline. If you own a dockside home on the lake you can boat into town. There are wonderful restaurants right on the lake”.

Natalie Leatherman points this out: “One big difference between our area and the alpine resorts of California or Colorado is the lower altitude. You can comfortably go swimming in our lakes and rivers because they are much warmer in the summertime. With warm water and an average temperature of 85 degrees in summer months, boating, waterskiing, jet skiing, river rafting, and fly fishing become that much more enjoyable”.

Bob Schmand adds, “There are no mosquitoes and no poisonous snakes in the area which makes camping and hiking more fun. Golf is also very popular here. The Blackrock Golf Club in nearby Hayden Lake was first made famous by singer/actor Bing Crosby who grew up in Spokane. The Crosby family still has a home there”.

Coming from a wonderful area in Southern California, Pam Jank can appreciate why people want to move to Coeur d’Alene. She says, “We live where you vacation especially if you are into recreational sports. We even play golf in the winter, “mukluk golf” that is! With snow shoes and tennis balls, we have a great time. People spend less time on freeways and more time doing things like this together here”.

Cindy Bond puts it this way: “Why not live where you can play? The Coeur d’Alene area is the perfect scenario for those who are looking to get out of a metropolitan area, enjoy their hobbies and interests in great weather and in a safe community. The people who move to Coeur d’Alene as full time residents and those who purchase a second home are focused on enriching their lives. And, they bring the best of where they came from which enriches us all here”.

“One of the best features about living in Coeur d’Alene, according to John Beutler, is the variety of natural and cultural experiences available to you, plus the convenience of being close to a major city. While you are only ten minutes from the national forest you can reach Spokane, a metropolis of 500,000 people, in a half hour”. Bill Fanning says, “For retirees a big concern about resort living is access to top medical facilities. Spokane has the biggest medical center between Minneapolis and Seattle”.

According to Sarah Mitchell, “The natural beauty of our area attracts artists and we do have a strong local art community. It is like you ‘live in a painting’. We have ‘art walks’ in both Sandpoint and Coeur d’Alene where the galleries stay open at night. We have art in public places, too. You may find a statue of a moose or a bicycle rack that resembles a fork and spoon. There is a very cosmopolitan feeling; I find that people in general here are well read and well traveled”.

What Christy & Randy Oetken appreciate the most about living in Coeur d’Alene is this: “Simplicity of life! People in our community are ready to help each other. It is simply less stressful to live here”.

Luxury Real Estate Website Design: 7 Components of an “Authoritative” Website

Ron & Alexandra Seigel — Mon, 06 Feb 2012 19:15:18 +0000

So much attention has been paid to get website visitors to find you, but what is going to keep them on your site and keep them coming back so you can capture their leads? In marketing luxury real estate online your website should give the visitor a strong level of confidence that you are the expert, the authority in your field. Visitors should feel like they do not need to look any further once they have discovered your site because they have found the most authoritative website in your marketplace or the niche in which you focus.

"Authoritativeness” is also one of the criteria used by Google in the page ranking system. They simply want to match the user with the expert who can best answer the user’s query. The more the user is satisfied with the answers the more often they will come back to Google for search, and that means more eyeballs for the ads they sell.

Here are 7 components that comprise a successful authoritative website:

An interactive “brochure” about you or your company that gives an immediate positive first impression. Your portfolio of sold homes, especially if it is extensive, can quickly establish your authoritativeness.
A strong marketing message in words and graphics that instantly sets you apart from your competition and demonstrates that you are the expert
A user- friendly self-service environment that is easy to navigate
A window to the lifestyle of your marketplace
Original content, content that no one else has
Content beyond just real estate information that offers compelling reasons to keep coming back to your site, especially for local visitors, those who are not currently in the market to buy or sell. These are your potential referral sources beyond just your immediate sphere of influence
Remarkable content that sparks word-of-mouth advertising and builds an audience of raving fans.

If market leadership is your quest, building the most authoritative website in your marketplace or niche therein is of paramount importance. But, website visitors are becoming savvier. If you do not instantly differentiate yourself or your company from your competition and offer original content that is engaging your chances of capturing the all important lead is reduced significantly.

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Luxury Real Estate Web Design: Information Overload?

Ron & Alexandra Seigel — Fri, 03 Feb 2012 19:17:46 +0000

You may have heard the phrase, “sticky website” bandied about. It has to do with the time a website visitor says on your website during a given visit. The stickier the site the more time they spend there and the more chance you have for capturing their lead which is important if you want to gain or sustain market leadership as a luxury real estate marketing professional. But, is there point where providing too much information is detrimental to your succcess?

Content rich websites are sticky to the extent they offer compelling information. But, how much information should you provide? It is possible to overwhelm your visitor with too much content. The key is to find the best balance for your target market. Compelling information is important, but compelling them to reach for more by contacting you is even more important.

Get the idea of feeling satiated after a good meal at a fine restaurant. Any more food beyond that point is an overdose. Now, get the idea of how you felt when the waiter brought you the dessert menu and offered you a choice of coffee or an after dinner drink. You were not satiated, yet. The meal was awesome up to that point and you wanted just a bit more. That is the point you want to achieve in terms of the amount of information on your website.

If you are a Monty Python fan you may have seen the film, “The Meaning of Life”. There is a scene in a French restaurant with an enormous man, Mr. Creosote, who is a glutton. The waiter offers him “one more petit four” and he literally explodes.

Think of Mr. Creosote, when it comes to de-cluttering your website and finding just the right balance of information that keeps your visitors hungry for more. That is an important factor to consider for a luxury real estate website, if you want to capture more leads.

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Luxury Real Estate Marketing: Say “Audi-os” to Vampires

Ron & Alexandra Seigel — Tue, 31 Jan 2012 17:05:51 +0000

Photo by Garytnt

One of the best ways to understand branding is by watching the Superbowl. The Superbowl reaches over 90 million viewers. In this venue, the advertisers’ intent is to generate “buzz”, and to firmly establish the brand position of their product or service in the mind of their target market. As luxury real estate marketing consultants and brand strategists, we pay close attention to how luxury purveyors are differentiating themselves from their competitors.

Luxury car makers such as BMW, Mercedes-Benz, Lexus, and now Audi are competing for the eyeballs of high net worth consumers during the time-outs of the most watched football events of the year. In 2011, Audi clearly wanted to continue establishing itself as the “new” luxury car. Its message was, “escape the confines of luxury.” It showed wealthy people imprisoned (prison with gold bars) by their old standards of a chauffeur driven Mercedes and listening to Kenny G. This commercial translated into measurable post game sales.

This year Audi has turned to vampires. In its new commercial, a vampire driving his Audi S7 on his way to join his vampire friends drinking blood cocktails in the woods around a bonfire. As he approaches the grounds, he eliminates all his buddies because of the powerful LED headlights. These lights are, according to Audi, the closest to daylight.

Here is what Andrew Lipman, communications manager of Audi had to say about this commercial, “Audi’s upcoming spot puts Audi signature LEDs up against the focal point of today’s most ubiquitous pop culture craze: vampires. As the most-viewed television program of the year, the Super Bowl is one of the best platforms to showcase a brand’s creativity and voice. The S7 is the epitome of luxury.”

As viewed by Ron Schott, senior strategist at Spring Creek Group, Seattle. “I think this latest campaign is definitely a way for Audi to actually get a little closer with the average consumer during Super Bowl time, I really don’t think it portrays Audi as luxurious .”

This commercial is humorous and entertaining. However, it does not communicate with the luxury consumer, whose interest in vampires is minimal and who is definitely not the average consumer. Will the luxury buyer buy the epitome of luxury to kill vampires?

This is a clear case of competing on features rather than differentiating from the competition. Mercedes already has LED lights around its headlights. LED lights are not a unique feature, and installing enough of them to mimic daylight is not a differentiator.

As luxury real estate marketing professionals it is important not to lose focus. Stay the course of your brand position by keeping within your niche and by competing on your fundamental difference (not features) in the marketplace.

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Luxury Real Estate Personal and Company Branding: Is Your Slogan on Point?

Ron & Alexandra Seigel — Mon, 30 Jan 2012 21:49:47 +0000

As a luxury real estate marketing professional you can distinguish yourself from the competition with a great slogan. The slogan is effective when you can distill in a few words the essence of your brand. How are you distinct from your competition?

In the highly competitive world of auto insurance, there are many slogans. One company is expressing its unique promise of value using this slogan: “Like a good neighbor, State Farm is there.” Here is Mercury Auto Insurance’s slogan: “It takes more than a good neighbor to save you money!”

State Farm is promising neighborly personal service when you have a claim. That is nice. Isn’t that what is expected from any insurance company? Mercury Auto Insurance is saying that they are not just a good neighbor, they also save you money. Being a good neighbor is important, but isn’t it more important to save you money?

In the smaller competitive world of Farmers’ Markets in Central and Southern California, one of the growers has this slogan, “No baloney just vegetables”. In a venue full of organic vegetables, fruit, etc, this has no validity except for expressing a sense of humor.

A slogan has to be so compelling that in an instant it can communicate its value. In women’s shoes Donald Pliner has a slogan which distinguishes his brand from other shoes made in Italy: “Made in the Mountains of Italy”, which evokes an instant emotional response: the notion of craftsmanship and attention to detail in a small town rather than in an industrial city such as Milan.

What is great about all the slogans mentioned here is the brevity of their communication. The key is getting the entire value proposition condensed into just a few words. That is the art of slogan writing which is what we strive in our strategic branding practice.

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Luxury Real Estate Marketing: Saying Yes to Business and No to Busyness

Ron & Alexandra Seigel — Thu, 26 Jan 2012 19:00:21 +0000

"A 'no' uttered from the deepest conviction is better than a 'yes' merely uttered to please, or worse, to avoid trouble." Mahatma Gandhi.

We keep hearing from the majority of luxury real estate marketing professionals that they don’t have time! And given the condition of the market, they feel they need to do more. Life is out of control. They don’t have time to work on their business (meaning focus on promoting new business) they are so busy working in their business. Many take calls while eating lunch or dinner and are going to bed with their cell phones on their night stand ready to answer regardless of the time the phone rings.

In a recent Harvard Business Review Blog, Tony Schwartz points out that we don’t take time to prioritize our lives, and have a tendency to say “yes” to requests and not mean it. “Think of it as a madness loop — a vicious cycle. We react to what's in front of us, whether it truly matters or not. More than ever, we're prisoners of the urgent…Truth be told, there's also an adrenaline rush in saying yes. Many of us have become addicted, unwittingly, to the speed of our lives — the adrenalin high of constant busyness. We mistake activity for productivity, more for better, and we ask ourselves "What's next?" far more often than we do "Why this?"

Prioritizing our day’s work and our lives takes time. In the face of all the things we have said yes to, we don’t have time to do that. Every to do becomes “urgent”. Recently, we were contacted by a firm who wanted to set aside a day for time out and have a mini retreat to reflect on their leadership and create a fresh marketing plan for the new year. They had to postpone this as every one of their clients wanted something that was deemed urgent, and they could not take a day off to reflect, nor could they see time available in their first quarter.

Even though they are fully cognizant that their pipeline needs to be filled, they feel trapped by all the “yeses” they have committed to. The other aspect of this is that they cannot see the opportunities that are in front of them, and are apt to easily dismiss the very things that would assure their success. They are out of focus! This firm does have time to follow up on referrals or take on new business, which is absurd because it is the antithesis of their revenue goals.

Getting off the yes wagon begins with setting aside time to reflect on the scope of work for the day. Prioritize on a daily basis. The result will be getting more done in less time, and having time to enjoy your lives. Say “yes” to business and “no” more often to busyness.

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Luxury Real Estate Marketing: Is Customer Service a Luxury?

Ron & Alexandra Seigel — Wed, 25 Jan 2012 19:35:04 +0000

“The greatest danger for a luxury firm is to lose its status as a differentiated, premium brand, but wealthy consumer perceptions suggest that luxury overall may be in danger of losing its cachet,” said Milton Pedraza, CEO of the Luxury Institute. “This calls for a renewal of efforts to be unique and exclusive and to execute well on customer service.

The most frequently cited qualities that define luxury-superior quality (76%), craftsmanship (65%), and customer service (57%)-are the areas where wealthy consumers are finding the greatest dissatisfaction. More than half (56%) say that craftsmanship of luxury products is on the wane; 51% say that quality is decreasing; 50% notice a slippage in customer service quality and 48% say that luxury products are losing their design value.”

How does this apply to luxury real estate marketing? Real estate as a profession is a service business, real estate agents and brokers are service professionals. As we interview agents across the country for our series 50 Top Luxury Markets in the USA, we find that those who respond immediately to our queries are thriving in their marketplaces and those who want to eclipse the market leaders. They are easy to access, willing to share their insights, passionate about their marketplace, return calls and emails promptly and are a delight to talk to. One of the top market leaders recently interviewed said that you have to be nice to everybody regardless who they are or what their status in life. He returns everyone’s calls personally. As a result his client lists grows and referrals are plentiful.

Many of the agents we interviewed who are market leaders did not have websites, do not engage in social media, and do not know or care what SEO means or being #1 on Google. They are differentiating themselves on service, manners and excellent communication skills. They knock on doors; they meet people day in and day out. They are relationship oriented. They network face to face. They practice the fundamentals of business. They water plants for their sellers when they are out town. They send handwritten notes, birthday cards, and take their clients out to lunch. Tech is not the priority focus in their success equation and in many cases has been relegated to the back burner.

Luxury by definition implies rarity and exclusivity. Given the results from the Luxury Institute, it is evident that customer service is a key indicator in choosing a brand/service professional. People will remember you for your luxurious service. In our practice as branding and marketing strategists, we feel that customer service should take priority, and technology should facilitate customer service.

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50 Top Luxury Real Estate Markets in the USA: Malibu, CA

Ron & Alexandra Seigel — Sun, 22 Jan 2012 01:12:58 +0000

From the outside looking in Malibu has a very high profile due, in part, to the paparazzi and the media shining a spotlight on its glamorous surface. Certainly, it is known as getaway for many Hollywood celebrities and titans of business. The sitcom, Two and a Half Men takes place here. Even some Malibu real estate agents became local celebrities when they were featured on the reality TV show, Million Dollar Listing. But, beneath the surface Malibu has the intrinsic values of a small, rural California coastal beach town with a Mediterranean climate and a close-knit community. This, plus its close proximity to the diverse amenities of Los Angeles and easy access to the entire globe, makes Malibu one of the top 50 luxury real estate markets in the world.

According to Irene Dazzan-Palmer, “What makes the lifestyle in Malibu so extraordinary is the caliber of people you meet or run into daily. With great people and outdoor living Malibu is like ‘Aspen at the beach’. One day you can go for a walk on the beach, the next day you can go hiking in the mountains. You rarely need to leave town because there are so many wonderful shops and restaurants close by. It is wonderful to spend time in Los Angeles. But, I always love to get back to ‘The BU’ as the locals call Malibu".

Irene partners with her son, Sandro Dazzan, who was recently honored by Forbes Magazine as one of the ‘30 under 30 (years old)’ for closing $100 million in home sales in 3 years, including Malibu's 2011 highest). Sandro says, “In Malibu, you grow up in tune with your environment, especially if you are into water sports. Surfing clears your head. The water is always moving and is teeming with sea life. Sometimes you swim with dolphins or watch the silhouettes of pelicans diving to catch fish against a backdrop of an amazing sunset”.

Chris Cortazzo explains it this way, “Contrary to what many assume, the Malibu lifestyle is not pretentious. It is casual and comfortable. It may be sophisticated, but the hype about pretentiousness is false. It is not about what you have, because not everyone here is rich. It is about being nice. The ocean is definitely a grounding force; it has incredible energy that can bring out the best in you.”

Jeff Certow says, “In the summer, Malibu is besieged with tourists which is great for local businesses. Come Labor Day, however, the entire town breathes a sigh of relief and celebrities can once again return home because the locals do not hassle them. Everyone gets along here in this small town; it just feels normal”.

Malibu does have its private gated enclaves such as the famous Malibu Colony. But, very few of the 12,500 residents actually live right on the beach. According to Jim Rapf, “Although, it is true that some beach front residents own a section of the beach up to the mean high tide line, most of the beaches in Malibu are open to the public. The town itself actually encompasses 21 miles of coastline”.

Shen Schultz points out that, “With fewer homes right on the water, these homes generally hold their value because they are usually in demand”. Yet, living right on the beach does not appeal to many who treasure their privacy. Jack Pritchett says, “Some people prefer the seclusion and solitude of the canyons in the mountains. The tranquility in the hills means no neighbors and large gardens. Besides, you can drive by the ocean any time you go into town”.

According to Ellen Francisco, “One of Malibu’s biggest draws is the public schools. There is tremendous parental and community support for the schools here both in volunteer time and in private funding of projects, activities and sports programs. For example the music department is outstanding. Musicals at the high schools are comparable to professional performances”.

Marcus Beck says “The public schools in Malibu are comparable to private schools. Families here have the same values. Parents spend time in the classroom; they will help grade tests, for example to free up the teachers to concentrate on other things. Fundraisers are very successful and help to provide Malibu kids with an excellent education. The indoor-outdoor lifestyle that makes Malibu so attractive to adults and kids alike, also enriches the children’s education because there are so many outdoor activities”.

Mike Cunningham, says, Malibu definitely has a small town feel that is very much family oriented. The weather is wonderful and it is just gorgeous. There is quite a diversity of successful people who live here from the entertainment industry, to the sports industry to business. Yet, they all have something in common. Once people move to Malibu they do not want to move away!”

Photos Are Courtesy of Top Local Agents & Brokers Interviewed for This Article

Luxury Real Estate Marketing: Luxury on a Dime!

Ron & Alexandra Seigel — Thu, 19 Jan 2012 17:06:53 +0000

In our home town of Santa Barbara, California we are extremely fortunate to be able to shop year-round at outdoor farmers’ markets five days a week (except for relatively few rainy days). It is one of the many amenities that contribute to the quality of life here. To participate, all of the farmers’ produce must be certified organic.

In our local supermarkets and specialty markets like our favorite, Trader Joe’s, you usually have a choice between organic and non organic produce. Organic is usually more expensive. Given the price differential, you could say that organic produce is a luxury. In fact, understanding the buying decision between these two options in produce can shed some light on the very meaning of luxury, itself.

Here is how the USDA (Department of Agriculture) defines ‘organic’.

Organic is a labeling term that indicates that the food or other agricultural product has been produced through approved methods. These methods integrate cultural, biological, and mechanical practices that foster cycling of resources, promote ecological balance, and conserve biodiversity. Synthetic fertilizers, sewage sludge, irradiation, and genetic engineering may not be used.

Many studies have demonstrated that organic is simply better for your health. This could be a justification to spend more on organic produce. Many say that the peace of mind alone is worth it, even if they are not certain that organic produce is actually healthier. The price of illness far outweighs the price differential between the two choices.

Bananas are rarely grown by local farmers. Most bananas are grown in Central American and South America. Therefore, for us, Trader Joe’s is where we purchase bananas. We like to buy them partially green so that they do not get over-ripe before we are ready to eat them. But, up until recently, we purchased, non-organic bananas without thinking much about the difference. That is because bananas supposedly are resistant to pesticides due to their thick skin.

Recently, we could not find partially green bananas in the non-organic stand, so we bought organic as a matter of convenience. Then, we had a big surprise! The organic bananas taste remarkably better. The flavor was more pronounced and so was the aroma.

Now, we only buy organic bananas. For 10 cents extra, the taste is worth it and in the long run, organic bananas are probably healthier. What was interesting here is the decision making process that shed some light on the price differential that made organic banana a luxury. Health, peace of mind, convenience and finally taste, these are some of the “quality cues” and the values that comprise the luxury mindset and justify a higher price point. Now, that is luxury on a dime!

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