← Estate of Mind — The Art of Selling Luxury Real Estate
Estate of Mind — The Art of Selling Luxury Real Estate
Luxury Branded Residences
00:34:23
In this episode of hosts Tami Simms and Jack Miller explore the burgeoning trend of luxury branded residences. They delve into the history of this concept and discuss its recent popularity, especially with well-known brands like Four Seasons and Ritz-Carlton. Tami and Jack discuss the appeal of luxury branded residences, highlighting amenities and services such as concierge assistance, valet service, full housekeeping, and access to resort facilities like spas and restaurants. We explore the expansion of luxury branded residences beyond traditional hotel brands, such as partnerships with automotive and fashion companies. We also discuss the sustainability of this trend, considering market demand and the diverse preferences of affluent buyers.
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- [00:00]
Jack Miller
Foreign.
- [00:08]
Tammy Sims
Welcome to A State of Mind, a podcast series all about motivating, inspiring and educating you in the art of selling luxury real estate. The podcast is brought to you by the Institute for Luxury Home Marketing. I'm Tammy Sims, lead trainer for the Institute and a full time real estate professional in St. Petersburg, Florida for more than 20 years. In this episode, we're going to explore the exploding development and popularity of luxury branded residences. But first, today's podcast is brought to you in part by Real Marketing, the only marketing firm recommended exclusively by the Institute. Real marketing utilizes over 25 years of expertise and their products are built and customized for you to dominate any neighborhood anywhere. Go to realmarketing4you.com that's real marketing. The number4you.com. Also look for past as state of mind episodes with CEO David Collins as our guest. Now, I'm here again today with my co host Jack Miller, who is with Parks Real Estate in the greater Nashville market in middle Tennessee. Jack has specialized in luxury homes and relocation services for almost 25 years. So, Jack, welcome. It's great to see you as always.
- [01:29]
Jack Miller
You too, Tammy. Good to be here.
- [01:32]
Tammy Sims
So we're going to talk today about something that's kind of an interesting phenomenon and that is luxury branded residences. Now, I think that many of us are familiar with the Four Seasons and the Ritz Carlton brands that combine four and five star hotel level amenities with exclusive private residences. Now, doing some research for this, I discovered that this kind of residence dates back to the Sherry Netherlands Hotel on New York's Fifth Avenue, which sold 165 of these type of units in the 1920s. But it didn't have wide popularity though, until the Four Seasons debuted their Boston residences in 1985. Now, if we're talking about those really well known brands, Jack, I know that you've got a Four Seasons residence in Nashville, right?
- [02:27]
Jack Miller
We do, yeah.
- [02:29]
Tammy Sims
And so I want you to tell us about the kind of individuals that you've seen that are attracted to that property and what kind of amenities they have, what makes it special, what makes people want them?
- [02:41]
Jack Miller
Well, it's very interesting when you look at the demographic who purchased at Four Seasons here in Nashville. So first of all, we had a lot of folks who live in the suburbs of Nashville, the upscale suburbs, who really wanted to have an opportunity to have a footprint in the downtown market and had the ability to come into downtown and stay for the weekend or for a holiday or a special occasion. And so we had a lot of folks locally who were purchasing at the Four Seasons before The building was ever built because they wanted to have that place to stay when they went to a Titans game, the NFL game, or.
- [03:20]
Tammy Sims
I'm going to. I'm going to interrupt you right there. Wouldn't you just get a room at the Four Seasons for the weekend? Right. This is like a big commitment going for it is.
- [03:28]
Jack Miller
You're right.
- [03:29]
Tammy Sims
Well, I think secondary residents.
- [03:30]
Jack Miller
Well, I think there's two prongs to it because I think a lot of, you know, most of our clients who are in the luxury realm own more than one residence. And so I think they saw that as both, you know, something that sounded fun, okay, like staying downtown for the night, but more importantly, saw it as an opportunity for an investment as well as something that would be fun. So they looked at it almost like a vacation property, even though it's more of a staycation. So you. You actually make a commitment, you're buying this property, and you're able to, you know, walk, in our case in Nashville, walk to the honky tonks, to the nightlife, walk to the Titans game, the Predators games, to the theater or whatever, one most wonderful restaurants that we have downtown. So it gives them the opportunity to have not just that place, you know, 30, 45 minutes away from downtown in the upscale, you know, perhaps gated communities or whatever, but also to have that downtown nightlife experience on demand. So I think that was a big part for the locals. And then we had a lot of folks from out of town who were purchasing because they love Nashville, they like to visit Nashville. And like you said, they oftentimes will come and stay in a hotel, but rather than just stay in a hotel, they're making a commitment to Nashville and they're making a purchase here and they're sharing with their friends back home. Typically in larger markets that we have a place in Nashville at the Four Seasons. And I think with that in mind, a lot of those folks were also buying from an investment standpoint because a lot of them who purchased in Nashville speculatively ended up putting their homes in the market almost immediately for. For sale shortly after the building was complete, after only staying here for a few times. Some of those folks, you know, really use it strictly as an investment because they bought when it was a concept, but they're selling when the building was complete.
- [05:20]
Tammy Sims
So that's right.
- [05:21]
Jack Miller
That's a little bit about the demographic. And I guess the reason. The reason for purchasing before we go into, you know, talk about the amenities, that was the real appeal is it got a great investment appeal.
- [05:31]
Tammy Sims
And that, to me, is the same equation that you'd have in any new construction project of folks that purchase pre construction speculatively and have every intention of reselling, but they're leveraging that brand recognition as something really important. Do you know, off the top of your head, and I didn't pose this question as we were preparing, so you may not know this. Do you know off the top of the head what the, the rental policies are in the Four Seasons in, in your area?
- [06:04]
Jack Miller
Yeah, you, you can rent your unit with a traditional lease. They don't do short term rentals.
- [06:09]
Tammy Sims
Okay.
- [06:09]
Jack Miller
And so, and obviously because you don't want to have, you know, short term rentals at the Four Seasons, private residences competing with a hotel stay at the Four Seasons, that's obviously a conflict of interest.
- [06:20]
Tammy Sims
Sure, sure.
- [06:21]
Jack Miller
They don't offer short term rental options. But yeah, a lot of folks there have been doing, you know, a lot of folks who purchased, have actually rented their properties on a lease. Again, they're holding it for the resale value down the line. Because I think when you talk about branded residences, you know, even though we're talking about a building, it's almost like buying on a golf course or buying on the waterfront, you know. Yeah, there'll be other high rise residences in downtown Nashville. There are plenty of them already here, but there's only one Four Seasons, you know, and we're about to have soon also Ritz Carlton competing. There'll be one Ritz Carlton. So if you're loyal to Ritz Carlton, you're loyal to Four Seasons. There's only going to be one in Nashville. And if you're one of the first buyers early in, early in adopters, typically that's your best opportunity for return on investment.
- [07:10]
Tammy Sims
And I think in my head I kind of answered the question of why not just, you know, rent a suite for, you know, for the weekend or for a week or whatever. When we're talking about these amenities, which we're going to dive into a little bit. So when you've got a Four Seasons residence, then if you're coming in for the week, you can have the concierge stock your refrigerator, make sure that everything is all set and you've got that creature comfort like of being in your own home as opposed to just being in a hotel room, being reliant on outside services. So that to me answers a question that I posed of why, why would you do that?
- [07:50]
Jack Miller
So, well, the other part of it too, if you're making routine visits, regular visits, you know, if we've got folks who do business in Nashville who are here frequently, but they don't live here as a primary residence. And we also have folks who love to visit Nashville and come often. Sometimes it's driven by, you know, following sports franchises or just loving the Nashville nightlife. Other times, it's things, you know, more close to home, so to speak. Their kids go to Vanderbilt University or Belmont University or one of the other universities here in Nashville, and they want to be able to come frequently, but they don't want to drag the suitcase around every time they. They either get on a plane or get in a car. So when they arrive in Nashville to Four Seasons, you know, they pull up the concierge or to the valet and they're greeted by folks who know who they are by name when they arrive. And they walk into their unit and their clothes are there, a lot of their clothes are there. And their refrigerator stock, because they contact the concierge and had it stocked in advance of their visit, and it's ready to go. As opposed to the hotel experience, which is, again, very upscale. If you stay at the Four Seasons or a similar brand. But you've got to bring the suitcase with you and get your room ready and look where things are. And it's always a different room. And here it's the same place at your home.
- [09:00]
Tammy Sims
Got it, Got it. And for me, I always look to make sure that there's coffee in the room right when I. When I get there. And if it's your residence, you've got that covered.
- [09:09]
Jack Miller
Well, they offer. The really nice thing about these branded residences is, you know, all of the. The type of properties that you and I typically discuss in this podcast, whether it's, you know, we had discussions previously about experiences and experience purchasing. You know, we're purchasing on a golf course or a lake or the ocean or whatever. But regardless of what type of buyer is coming in to stay here or purchase here, you know, you're having that ultimate experience when you arrive at a branded residence. Of course it's upscale, but it's not just upscale. When you buy at the Four Seasons or you buy at the Ritz Carlton, you know, from one market to another, there's a certain degree, a certain expectation you have of what that experience is going to be like. You know what Four Seasons experience is. And so a lot of folks who purchased at Four Seasons, they've owned Four Seasons residences in other markets or may own them currently. Yeah, they stated Four Seasons all over the world. They know what that experience expectation is.
- [10:11]
Tammy Sims
Yeah.
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Jack Miller
And so we'll talk about a Little bit more, I'm sure in a minute about again, what those amenities look like.
- [10:16]
Tammy Sims
Yeah.
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Jack Miller
But it's not just the amenity, it's the entire experience associated with it.
- [10:21]
Tammy Sims
Yep. So it makes sense that individuals who have the means to experience that kind of luxury in their residence would appreciate those brand affiliations, that brand loyalty that you just mentioned. But it's, it's surprising to me to see the other types of brands that are entering that arena. Right. So we've been talking about Four Seasons in the Ritz Carlton. They, they have that residential, they have that lodging component. But here's a couple of, of others that, that caught my eye doing the research. So Aston Martin in Miami's Biscayne Bay, those residences, when you purchase one, you have your choice of an Aston Martin DB11 Riverwalk Edition or a DBX Riverwalk Edition, which is Aston Martin's first suv. So there you're getting the place, the brand and a car. Right. Not just a car in Aston Martin. And then on the automobile theme. So Bentley is building a private residence in Miami where some of the prime condos are going to have their own private car elevators which will allow them to drive straight into the building and up to their apartment without getting out of their car. So let me ask you a question about that. Yeah.
- [11:39]
Jack Miller
So are there when they did? Because we don't have those types of private residences in Nashville, at least not yet. If you buy a Bentley residence, do they ever pair the traditional Bentley product with the Bentley branded residences where you're purchasing a package, do they repair the car with the residents?
- [11:56]
Tammy Sims
Well, just like the Aston Martin package that, that I was just mentioning in this particular residence, I didn't see any evidence of that. But I understand that some of the Porsche buildings also in that Miami area, we're going to hear that again, that, that while they're, they're capitalizing on folks that are already owners of that brand, I imagine that there's all sorts of arrangements for upgrading one's automobile in conjunction with that. But that's a really interesting question on Bentley. And they didn't mention that. Now let's shift from the cars to clothing brands. Armani, Armani is also in the Miami area. And so the, the building, all of the interior design, decor, all of those features were individually designed by Giorgio Armani. And in this particular instance, they have a 300 foot stretch of private beach on Miami. Right. So you're getting that brand and also some other exclusivity. And then of course, I think most of our audience has probably heard of the Waldorf or Astoria. Right. And I would have thought, I would have thought that that would have been the first one. Right. I was kind of surprised with the Sherry Netherlands, but the Waldorf in New York is currently being completely refurbished to bring life back to those prestigious residences. Right. And I think we, if we think back, great old movies, Right. So somebody would have an apartment. It was actually in the hotel tower. Right. I think it's a new phenomenon that we have the separate towers, the separate structure for the residences. But. Right. You know, I'm thinking of famous movie stars in their robe with feather trim and their martini. Right. Enjoying their apartment in the sky.
- [14:00]
Jack Miller
But so you're invoking roaring twenties and.
- [14:04]
Tammy Sims
Right, right. Having a little fun in my head there. I hope that the, the audience just got a nice little visual in their head too. But so you mentioned, Jack, that, that you're not in a market that has these types of residences beyond the two that you mentioned. And honestly, I'm not either. Although I'll mention in a little bit there's a couple of them cropping up that are within an hour of my market. You also mentioned that some of these clientele also own second homes that may indeed be these, these, these brands that they have loyalty to. And so I'm wondering how and if there's an opportunity for us to, to promote these types of second homes to our clients that might want that level of service. Have you thought about that at all?
- [15:00]
Jack Miller
Well, yeah, and I think, I think the, the folks who are marketing those brands and residences, wherever they're located, they know that too. They're tracking obviously where their buyers coming from, just like you and I do, they know where their buyers come from, which markets are the biggest feeder markets. And that's why when you look in, for example, if you look at print publications in our market or you look at websites that focus on real estate, residential real estate and the luxury brands, you'll oftentimes see marketing for some of these private residences, luxury residences that are branded in other markets, where Nashville is a feeder market. So they know people are coming from our area and purchasing in other areas. So I don't know that we've done a necessary, necessarily done a good job at promoting brands and other markets to our consumer here to our buyers and sellers in our market. It comes up in conversation a lot, but seems to be more of a dinner, you know, a dinner party topic then, then a sit down conversation about, hey, you know, talk to you about this branded resins in another market. You know, it Comes up casually, I think, more than by design, if that makes sense.
- [16:05]
Tammy Sims
Which is, which is perfectly fine.
- [16:07]
Jack Miller
Yeah. Oh yeah, yeah. I'd love to hear from you about what types of things you're seeing. I can share some of ours too. What are you seeing in the brand of residences? Because here I mentioned, of course we have the Four Seasons and we have the, the Ritz Carlton is under construction currently. We've also got some branded residences in the suburbs. Troubadour is one that comes to mind. Very upscale to Williamson county and that's a Discovery Land product. And they've got, you know, they've got communities all over the country. And so once again, it's that people who, who live in those communities, they know what to expect before they come to the gate. They know and they understand the basic concept and the level of luxury that they would expect in purchasing there. But what types of things are you seeing in the brand of residences in your market in St. Pete?
- [16:54]
Tammy Sims
So I'm glad that you asked about the amenity levels, Jack, because while we don't necessarily have a lot in my market, I have in my travels representing the Institute encountered a lot of, of different luxury branded residences around the country. And so the, the kind of amenities that they're offering. Obviously you've got the, the type of conc. Service that we just talked about about stocking your refrigerator and that sort of thing, but you also have access to 24 hour concierge service, valet service, certainly full housekeeping services, which you know, typically wouldn't, wouldn't come with a condominium residence. And then also you have access to the facilities of the resort which would include like 24 hour room service, if you will, right. In apartment dining, grocery, dog walking, spa services. Certainly, you know, a lot of these, these residences will, you know, be, be affiliated. And if the hotel has a spa, of course you get, you get access to that rather than maybe having their own. Right. Like we're used to a luxury condo building that has a fitness center and a, you know.
- [18:10]
Jack Miller
Right.
- [18:11]
Tammy Sims
Catering kitchen and all that. But if you've got access to the fully staffed, fully used services of, of the, the resort in particular. And I imagine that those other types of branded residences that we, that we mentioned that aren't resort affiliated probably offer some of those services, maybe contracted versus full time staff. But, but that's probably a kind of a variable. So what kind of, what kind of other services do you think you might find in these places? Maybe we're brainstorming to give some ideas to the next generation of developers.
- [18:48]
Jack Miller
Well, I know. I know what we see here. One of the things that's kind of fun, I know that with. With Four Seasons in natural, it's located adjacent to a dog park downtown, and there's a doggy spa within the Four Seasons, so you can bring your dog in by appointment to have your dog, you know, bathed and groomed and all that sort of thing.
- [19:06]
Tammy Sims
At the Four Seasons.
- [19:07]
Jack Miller
Yeah, at the Four. At the Four Seasons. Right. So you have a doggy spot in addition to the, you know, the wellness spa for both guests and for residences. And that's the interesting thing, too, is that. So I know this is. As I've spoken with colleagues in different markets, the. Some of the branded residences have independent amenities when there's a hotel and private residences in the same building. And that's something some of our listeners may not realize. So some of the Four Seasons, for example, are strictly hotels, depending on what market you go to, while others, like the model we have here in Nashville, is both hotel and private residences. They have completely separate lobbies. So if you're a guest at the Four Seasons, you have access to all the Four Seasons amenities, but you can't access the private residences. However, if you are an owner within private residences, you have access to all the amenities for private residences. And in addition, you can walk seamlessly through one lobby into the next and have access to everything that guests of the. Of the Four Seasons have access to as well. And so there is some redundancy. So, for example, at Four Seasons Hotel, there's a beautiful, you know, workout fitness facility overlooking the river and downtown. It's. It's wonderful, as you would expect. But there's also a private fitness facility just for private residences. It's not as large. Also super nice with a spectacular view where you can work out, you know, treadmill, whatever, and look downtown, look across the rooftops of all the honky tonks and all the party down below while you're working out. It's very entertaining. So some of those have duplicate amenities and some are shared. So again, there's a sky deck for the hotel. There's a sky deck just for private residences. So if you want. You and your guests want to go down and have grill out, have a cookout on the rooftop, you're not competing with folks in the Four Seasons Hotel.
- [21:05]
Tammy Sims
Got it and.
- [21:09]
Jack Miller
Like that.
- [21:09]
Tammy Sims
Yeah. And it makes perfect sense. You know, the fitness center that. I hadn't thought about that before. Right. So you would want to share the spa with anybody else that was enjoying the spa.
- [21:22]
Jack Miller
Yeah.
- [21:22]
Tammy Sims
But you would want your own fitness center as opposed to sharing that with, with hotel guests. So that. That makes perfect sense.
- [21:30]
Jack Miller
Yeah. I think the other thing too is I remember when we've sold I think probably half a dozen or so units at Four Seasons and it's only about a year and a half or so old. But one of the things I know that their on site sales really pitch is not just the, the brick and mortar, not just the building, not just the amenities, the list of amenities, but the level of service. That's what I think people are looking for. These branded residences. It's not just that they have a concierge, but it's the ultimate concierge.
- [21:58]
Tammy Sims
Yeah.
- [21:58]
Jack Miller
And the example that was given, I think is really neat. I remember the, the girl that worked here on site during pre sale was sharing that at one of the. Because she had moved around from one project to another, all within the Four Seasons family. And she said to get an example of the level of service we had, one of our homeowners had left and forgotten his briefcase and jumped on a flight without his briefcase for an important presentation. And their concierge happened to know they had a pilot in the same building who's going to that same city on a regular basis, contacted the pilots. Yeah, I've got a, I've got a flight going today going to Chicago. So they got the, they went and got the. His briefcase brought to the pilot. He put it on the plane, brought it to the, brought it to the airport and they picked it up with the courier and brought it to the Four Seasons in Chicago. That, you know, this is not a routine experience.
- [22:44]
Tammy Sims
Yes.
- [22:45]
Jack Miller
The level of experience. So they really were selling that story saying our guys know whatever it takes to please, you know, our, our guests and please our owners. That's what we're selling.
- [22:56]
Tammy Sims
Yeah.
- [22:56]
Jack Miller
It's almost like you, when you talk about the, the Disney experience, you know, the Disney. It's not just about the ride, it's about the entire experience. That's expectation.
- [23:05]
Tammy Sims
Right, Right. And that, that scenario that you just described, right. The briefcase, like it totally was like a James Bond episode going off in, in my head. Right. So it's funny that this topic has evoked so many different visual im. But isn't that what experiential living is about? Right. You think about this level of wealth, you want that level of experience. Right. That level of, I don't know, excitement, all of that. But it also makes me think that this is a pretty limited pool of buyers. And as we were talking, as we opened up. These developments just keep coming and coming. And so for example, there's a new St. Regis residence in the works in Miami. And even in my neck of the woods I just saw an announcement for a serviced residence in Sarasota affiliated with Sota Residences and Hotels. And there's yesterday I saw something about a new Ritz Residences in Tampa. And then here was an interesting one. I saw about a resort that is set to open this year in the Abacos that only has 50 residences and you have to get there by helicopter. Right. And so there, there, there are all these things. And so Forbes in an article that, that they released recently said globally There are about 700 branded residences with nearly the same number in development, all scheduled to launch by 2030. And yeah, right, that's, that's huge. Non hotel branded residences, including those associated with restaurants, automobiles, fashion and jewelry are expected to increase by 40% within seven years. And that's going to be comprising then when they're completed, about 20% of the world's branded residence stock. That's an awful lot of these properties for not an awful large pool of buyers. And so I'm just curious, Jack, do you think, do you think this level of development is sustainable?
- [25:24]
Jack Miller
You know, it's a good question. I think it's sustainable in certain markets. And that's really what's, what drives all this. You know, you can't have a Ritz Carlton in every market. You just can't. Every market won't support you can't have four Seasons in every market. It's really, you've got to be, it has to be a market of a certain size, but it's also got to be a market with a certain amount of wealth and a market that's on a certain trajectory. You know, there's, there. When you look at certain cities across the country, it's very clear there are certain cities that are booming. The growth is amazing. You could do crane watch. There's cranes all over the cities. And we're very fortunate. We have a ton of cranes. Downtown Nashville's a booming place. We're not in New York, we're not la, we're not Miami, but we're on that trajectory. And so investors are seeing that in a place like Nashville. And that's why we have a four season, that's why we have a Ritz Carlton in progress. And there's more on the way and there's lots of cities like ours who are in that same. These are the growth opportunities. So I think when you hit the markets that are in this growth trajectory. There's absolutely room for, for all the above. There's also places that are, that are not doing so well. And you know, and that's, that's the dynamic of our economy. You know, it's just how it works is supply and demand.
- [26:35]
Tammy Sims
And it, it also strikes me some of this buyer pool has the means to own more than one, right? So it's not that they're, they've got to choose one out of these 700 or soon to be 1400. They can choose one in each market, right? So in addition to what you described about the market, the area that it needs to be, it also needs to be a destination, right? An attractive destination for somebody to want to have a second home. And that could be, that could be geographical, right. Beaches, that sort of thing, but also could be good metropolitan areas in terms of business and commerce. Right. Destinations where somebody might be traveling for business, as you mentioned. And then I'm thinking about, you know, so, so there, there's this whole list of the, the other types of brands like Amman and Bulgari, Baccarat, Fendi, Auberge, right? Those are all brands that have a different kind of brand loyalty than we talked about with the, the Ritz and the, and the Four Seasons because they're different breeds. But they, if we think about what we, what we talk about in the training of the, the, the fact that how long someone has had their wealth plays into their attitudes about spending and about luxury brands. And so people, let's call them the nouveau riche, if you will, the affiliation with that outward facing luxury brand is something that they want, right. That tells the world, look at me, I'm successful. But then there were some of these other developments, like the one in the Abacos, right. I didn't recognize the name of that brand. And there's a whole long list that you can find if you do some research of brands that I'd never heard of. And that to me speaks to the bespoke, the quiet wealthy, those folks that have had a significant level of wealth for long enough that they're looking for luxury brands that are exclusive and bespoke, that only somebody at their level of wealth would understand that brand. And so that kind of comes to mind and you think about how that relates to some of the, the clients that you have in terms of just their mindset and. Right. Like who might, who might go in which direction?
- [29:09]
Jack Miller
Well, it's very interesting. Yeah. The thing that we do concentrate on here a bunch is, you know, because we started out in this podcast talking about marketing these brands that are in other markets to our clients here. We haven't done much of that, as I mentioned earlier, but what we do focus on, we've got a lot of clients who, who are wealthy and live in upscale communities and the outlying areas in the greater Nashville area who are the perfect candidate to purchase these branded residences downtown because they have the means to do it. And, and there's a lot of folks who love the idea of going downtown and spend the weekend downtown Nashville or sharing that residence with their friends who are coming to visit. You know, a lot of us, I've heard this from a lot of my clients, they love having visitors not necessarily in the house, but nearby. And so when they buy, when they buy a Ritz Carlton or they buy a Four Seasons downtown, it's almost like having extended, an extended guest house for your property. It's like, come visit us in Nashville. Hey, stay at our Four Seasons unit. We'll meet you downtown for dinner. Then you go back to the Four Seasons and we'll go back to Brentwood. You know, I've heard a lot of my clients sharing stories like that, you know, that they use it for that or they use it to gift their friends who want to visit the area or whatever, gift clients. Another thing is bringing clients into town. If you have that kind of sales force where you can gift them to stay at the Four Seasons or stay at the Ritz Carlton or whatever the particular brand is. There's lots of opportunities here. And so yeah, we definitely capitalized on that. That's why we did as many units as we did in such a new building because of clients who live here in the area who thought that sounded like a terrific idea.
- [30:53]
Tammy Sims
Yeah. And you know, as we, as we wrap up for, for this episode, it makes me think back to how we can capitalize on this concept of brand loyalty and high level service as commodity is not the right word, but if we know that those, those concepts are causing people to pay more money than they would pay for, for something else. As real estate professionals, if we focus on delivering that level of service and building that essentially that brand loyalty within our sphere of influence, that can absolutely play into to our success and growth as real estate professionals, wouldn't you think?
- [31:47]
Jack Miller
Oh, absolutely, I agree with that. Yeah. And I think anytime that we have an opportunity to bring representatives from these, you know, from these brands into the fold and partner with our real estate firms who, you know, focus on the, the luxury home community, that's a great co branding opportunity. Anytime we can do that, Matt. As a matter of fact, I mentioned to you before the podcast, I would love to bring some of those folks into our podcast perhaps and talk to some folks from some of these branded residences and let them share their experience. Because a lot of those folks have moved from one community to another, one market to another, and they have different experiences in one market versus another. Interesting insight, I think.
- [32:30]
Tammy Sims
Yeah. And so I'm going to invite our audience, if, if you'd like us to drill deeper on this and maybe bring on somebody who's a representative of, of one of these, these luxury branded residences. So, and let us know if you want to take this a little further. But for today, I think that we have covered the high points and hopefully just heightened the curiosity of our audience about, about the concept of luxury branded residences and, and the opportunity that it affords us. So any, any last thoughts that you want to share, Jack?
- [33:11]
Jack Miller
No. Except, yeah, I'll say this. Anytime I have an opportunity to have a meal or a drink at a brand new residence is always wonderful. So when, if I'm in a city I'm unfamiliar with again, you know, if you recognize that brand, you know, it's gonna be wonderful, you know?
- [33:25]
Tammy Sims
Yep. Absolutely. Absolutely. All right, well, thank you all so much for joining us on this episode of A State of Mind, the art of selling luxury real estate. If you're interested in learning more about the institute, you can find out more at www.luxuryhome. and if you like what you just heard, please share it with a friend. And don't forget to subscribe, rate and review this podcast. And as always, if you've got a hot topic that you'd like us to discuss in a future podcast, feel free to let us know. Send an email to infoluxuryhome marketing.com thanks so much for listening.