It's a generally acknowledged fact that purchasing a home is likely the single biggest investment that most of our clients will ever make. Knowing that helps us focus on our fiduciary duties, and gives some real gravitas to the practice of our trade - it's something to always keep in the front of our minds.
But there's another side to that fact that is much less discussed. And when it occurred to me, it was a slightly jarring realization - why hadn't I thought much about this?
A home is, generally, the most expensive consumer product on the planet.
Yeah, you can probably buy a Picasso or a incredibly huge diamond for more, but those are freak purchases, not common consumer products - and I would definitely argue that a home is a common consumer product - home ownership is pretty widespread. And most of the homes in my market are pricier than a Maserati. But homes aren't, as a category, thought of as luxury items. They are more commonly identified as filling a fundamental human need for shelter, or as an investment commodity. That's an interesting combination - hugely expensive and ubiquitous. Why don't we, as an industry, deal with this fact, except at the very top end of our market? Does focusing on this aspect make home ownership seem too forbidding or less obtainable? Does this totally shut down our ability to find a message in the concept that could be used productively? There are those among us who are brilliant at marketing and branding - have they come up with something I'm just missing? Maybe the issue is us. What expectations should consumers have about the sales force that sells the most expensive consumer product on the market? If we focused on those expectations, could we, as an industry, meet them? Could we be - again, as an industry - incredibly competent? Extremely well-versed in our knowledge of the product? Highly attentive? Deliver unmatched customer service? Provide high-quality after-sale support? Not just for the "luxury homes", but for every home we sell? I think it's just easier to ignore the idea. And that's too bad - I have a nagging feeling that there is some important potential there. But if not for the industry, then maybe small companies or individual agents looking for unique branding could do something with the idea. Hmmm.
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Thursday, May 30, 2013
Buying a home luxury or commodity??
Home : Blogs : Dick Greenberg : Mary & Dick's Blog
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