Branding has always been vital to individual real estate projects, but what about the brand of the community containing the real estate?
In other words, what about the brand we call Miami? And what about your personal brand?
Well, I had two stellar experts on the first of two Fried On Business holiday programs to break it down for us. Philip J. Spiegelman of ISG World and Bruce Turkel of Turkel Brands came aboard to talk about the synergy between branding and success.
Now, Spiegelman has 45 years of experience in the South Florida condo market, and ISG has handled the sales and marketing for more than 135 high-rise towers in South Florida. So, when he speaks about the market, I listen.
The market cycle is at a bit of an ebb, Spiegelman said, and has been a little slow for most of 2016.
In other words, it’s a great opportunity to buy.
“Some of the most outstanding real estate in the world is being produced right here in South Florida. The opportunities today are better than ever,” he said.
The inventory is not as overbuilt as broadly reported in the media, Spiegelman said. ISG’s own Annual Miami Report shows the five-year absorption average for each submarket in South Florida east of I-95. In each, there’s less than or equal to 12 months of inventory.
“That’s not an unhealthy market,” he said.
When new projects become ready for occupancy, Spiegelman said, some buyers are opting for small to medium-sized loans with short terms. But the market is largely cash-driven.
Personally, I see a lot of energy in the market. A sizable percentage of the units that close will be put back on the market, and there’s high interest in the developer close-outs.
ISG’s reach now extends even to China, where Spiegelman is trying to set up the same network of professional relationships that he has in other parts of the globe.
Miami’s prospects are nothing but good, he said. As a brand, Miami has international appeal, and ISG is doing what it can to promote the brand in China. ISG Asia has 25 Mandarin-speaking agents working full-time.
The Chinese, Spiegelman said, have put a tremendous amount of money in New York, so it’s easy to promote Miami as being only a quick three-hour flight away. And the quality of life and cost of real estate makes Miami a bargain on the world stage, he added.
The Chinese are primarily focused on education, Spiegelman said, so many conversations revolve around Miami’s universities and the real estate alternatives to living in dormitories.
Branding Miami
Turkel said Spiegelman is right on target talking about Miami’s emotional intangibles – the air, the quality of live, the schools, the proximity to New York.
“Those five letters – MIAMI – have become one of the most powerful tourism brands in the world,” he said.
“And as we know, from an economic development point of view, no one brings their business to a place they haven’t been. So once they come here, that’s when there’s an opportunity for guys like Phillip to be selling properties and for guys like you (Jim) to be financing loans. That’s where it all comes from.”
Spiegelman’s approach to promoting Miami overseas dovetails nicely with Turkel’s recommendations in his new book titled “It’s All About Them!” By the way, the book was recently in the Forbes top-10 list of business books to give as holiday gifts.
The title, Turkel said, can be thought of as a mantra. Repeat it often. Get it into your very soul as a businessperson.
In the old days, it was fine to crow about yourself, he said. But now, with the advent of smartphone technology, your customers know everything about you before they ever start a conversation.
So the key to success, he said, is to make the conversation all about them and their needs. What you know is critical to doing the business, but what about getting the business in the first place?
“Function is the ante that gets you in the game. It’s what you say, do and create for your consumer that matters. It’s demonstrating to them how their lives will be better because they do business with you,” Turkel said.
Added Spiegelman, “We’re all in the service business. To the extent that we respect that, then we’re there to take care of the customer’s needs. First, you have to understand what the customer’s needs are. Once you understand that, then you have to play to it.”
The interview with these two professionals was absolutely fabulous, and we covered a lot more territory, including:
– Think ahead. Sell to who your customers want to be.
– How to leverage who you are to attract business to yourself.
– Don’t lead with information. Lead with the RTB’s – Reasons To Believe. Hearts, then minds.
– Why Miami is like a 3-D chess game.
– How to turn your liabilities into an asset. Make your scar your star.
Click here to listen to the full show featuring Philip J. Spiegelman of ISG World and Bruce Turkel of Turkel Brands.
