Most people are familiar with branding for luxury consumer items like Gucci or Prada clothing but don’t recognize the role of branding in luxury real estate. Is branding necessary for this division of the luxury market?
Absolutely. More than any other luxury product, branding is critical for new developments in real estate. Especially for a building that is not yet built and cannot be experienced yet, every touch point carries the responsibility of communicating the design, craftsmanship, and lifestyle the building will provide. Unlike luxury goods like fashion or cars that can be held or taken out for a test drive, new developments in real estate convey their promises almost entirely through branding touch points.
In your perspective, for what reasons do you think clients choose to work with The Corcoran Group?
People come to Corcoran for what sets it apart. It’s why the Corcoran company philosophy of “Live Who You Are” has resonated so successfully with clients. Corcoran focuses on the personal, human aspect of the real estate process because buying a home is often the largest and the most significant purchase decision of a person’s life.
Overall, the most frequently cited reason clients share for why they chose to work with Corcoran is its reputation for being the best in the business. That’s a perspective I share!
From a purely numeric perspective, Corcoran is unrivaled in each market it serves with annual sales of over $21 billion achieved.
Also, Corcoran Sunshine Marketing Group, Corcoran’s new development division, is unsurpassed as the top firm in the marketing and sales of new development luxury properties in the United States.
Corcoran has long been involved in the intersecting worlds of architecture and design, especially for new development projects. How has the Group contributed to and changed this intersection in past decades?
In 1995, I founded Corcoran Group Marketing. The division was the first of its kind in New York and created to develop and market new construction properties. It’s now named Corcoran Sunshine Market Group after the acquisition of The Sunshine Group.
Corcoran Sunshine was the first firm to brand and market Pritzker Prize-winning “starchitecture” including work by Herzon & de Meuron, Jean Nouvel, Zaha Hadid, Richard Meier, and Shigeru Ban. It was the first firm to establish an in-house team of trained architects and designers to consult on all aspects of planning and design. Finally, it was the first to integrate branding in lifestyle and amenities.
Branding has been described as “storytelling.” What role should brokers play in the formation or communication of a property’s brand story?
The inter-connectivity of real estate, architecture, design, and marketing is one of the most dynamic mixes of disciplines found anywhere. It’s important, creative, challenging, and ever-changing but never boring.
Brokers influence this mix and a property’s brand story by providing deep and up-tothe- minute market insights. We then help oversee the development of the brand and strike the right tone throughout all of the branded materials and how the story of the property is told.
If a project ignored or belittled branding, what would be the probable consequences?
A great project deserves great branding. If the brand of a property isn’t an accurate reflection of what the project offers, the risk is that the appropriate buyers will not show an interest in the project.
In your mind, when is the best time to involve a branding company on a project?
Earlier than most people would expect. Normally we recommend involving a branding company no less than nine months before opening for sales. In some cases, depending on the complexity of the project and the scope of work, that could be more like a full year before opening for sales.