We read the world wrong and say that it deceives us. Rabindranath Tagore (Wisdom Quotes)
The actual physical experience is more valuable than reading about it. (like …kissing). Glossy property flyers, individual websites, photographs, virtual tours, video—-the entire real estate agent marketing arsenal— ALL create the illusion (an intellectual experience) of home ownership and that’s usually the best we can offer. But is it?
I saw The Illusionist last night on the big-screen TV. Kettle popcorn, Raisinettes and Vanilla Pepsi (yeah Jay, I got cases) by a roaring fire. Turned on the surround sound (even used the sub-woofer). Just me and Sandra. Co-zee. Cocooning at its best. And I wondered—-could you use an experience to market real estate—to show people, via an experience, how great it would FEEL to own this home—- How would you do it? Invite prospective buyers over for a Movie Open House? A Cocktail Party Open House. Hmm, themed Open Houses. But would anyone sit through a two hour movie, even with great snacks, or get liquored up at a cocktail party (wait, that might work)? Would they even care about the house? I don’t really think it could work—-I guess it’s just the Vanilla Pepsi talking. Nevermind. But wait….it’s no illusion.
Realty check: How Experience Sells Real Estate
It turns out experience marketing is used to sell real estate. It comes in the form of free overnight stays and invitation only special events. The free overnight, a staple of timeshare & fractional ownership marketing, is now being applied to selling luxury and vacation property. Prospective buyers get to spend a day or two in the property, to get the feel of the place. Try it on for size. Party planners are putting on invitational only special events at posh properties. And it works! What other ways might experience be used to market a listing?
BTW, The Illusionist stars Edward Norton, Jessica Biel, Paul Giamatti and Rufus Sewell. An excellent movie. It was nominated for a 2007 Academy Award for Best Cinematography. I highly recommend it. Anyone see any good movies lately?– I have to put in my Blockbuster order (yeah I fell for the commercial comparing it to Netflix).
Further Reading:
Experience Marketing: Strategies for the New Milleneum, Ellen L. O’Sullivan, Kathy J. Spangler
Technorati Tags: Open House, Real estate, Experience Marketing, home, Sellsius
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Urban Timeshares: NYC Luxury Hotels
Ahh…but what about a video covering the experience? We had a guy do this: he and his wifey do a cocktail hour every day at 5PM, with or without company. They did a video of one of the times that they did have company, and used it to better market their property. How a house entertains is a big deal, and the video nailed it.
That’s a great use of video—-just like being there.
And that’s the distinct advantage of video–it gets you as close to a real experience as possible.
the producers of a new show being taped for HGTV contacted us a couple of months ago about a new project of theirs - Sleep On It. The program follows a buyer through the house hunting and the buyer gets to sleep over in the home they want to buy, then they assesss the effect getting to sleep on it has on the sales process.
The fractional ownership route is going to be a huge wave for boomers that want to experience more of the world.
NYC has a few fractional ownership hotels. They offer an overnight 1 or 2 day stay for below market rates in exchange for a sales pitch—the typical timeshare marketing strategy which has worked for years. The Sleep on It strategy will work for fully deeded property as well–heck maybe even for rentals. It’s the age old “free sample” applied to real estate marketing.
John,
I agree very much with your assessment: to me, it seems way more fun to have a hall pass around the world than to just buy the second home and settle in. Gotta keep those legs going.
I held an open house for a guy that built home entertainment systems for high end clients. His system was about $40K, and it was awesome…during the open house we had about 10 people at all times on the couch watching “Star Wars, episode 1″.
Usually they say don’t watch t.v. at an open house, but this really made people want this place.
That’s an amazing story Matt.