Hi Foreclosure Cleanup Business Owners,
The last issue of the foreclosure cleanup newsletter discussed the sheer number of foreclosures on the market. This issue takes a quick peek at the luxury market and gives insight on how to target this industry.
This issue can help you add another client group (luxury real estate professionals) to your database. Check out article below from Forbes and the tidbit below that guides you in reaching the luxury market:
The Foreclosure Of Patricia Kluge's (Once) $100 Million Estate
"In 1990 self-made media billionaire, John Kluge, and his third wife, Patricia, called their marriage quits. The divorce settlement broke records, which perhaps is not all that surprising since Kluge was, with a$5 billion empire, the world's wealthiest man that year.
Patricia Kluge walked away with alimony payments of $1.6 million per week (the interest accrued on one billion dollars per year at the time). But she also snagged some prime real estate: a hunting lodge in the Scottish Highlands valued then at $20 million and an opulent 45-room Virginia estate called Albemarle.
Last week a new owner took possession of the grand Virginia estate: Bank of America. The bank giant "bought" the eight bedroom, 13 bath, 19th century-inspired mansion Wednesday morning on the Charlottesville courthouse steps. It was the top bidder in a foreclosure auction.
The unceremonious handing off of Albemarle came about after Bank of America, Kluge's creditor for the property, filed a foreclosure lawsuit last month alleging that the socialite - who hosted everyone from former presidents to international royalty at the estate - had defaulted on $23 million in loans. The bank took ownership for the highly discounted price of $15.26 million." ...
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Targeting Luxury Properties with Your Foreclosure Cleanup Business
If you decide to target luxury foreclosures with your foreclosure cleanup business, reach out to real estate professionals who are luxury market experts. As a previous card-carrying Member of the Institute for Luxury Home Marketing, I can attest to the fact that your marketing material for these professionals really needs to be top-notch to raise an eyebrow.
Co-op Advertising Can Save You Money in Reaching Luxury Market!
Consider partnering with more formal, established companies and perhaps devise a marketing campaign consisting of "co-op" advertising so you can reach this client group without spending an arm and a leg.
What is Co-op Advertising?
Co-op advertising is simply when two businesses in a like industry partner in their advertising efforts for a campaign and split the cost. (Though generally used in the manufacturing industry, companies across the board can benefit from this effective advertising tactic.)
In a co-op arrangement, both businesses will get exposure for half the cost.
For more on co-op advertising, click here.
Check Previous Issues
Don't forget to peruse previous issues of the foreclosure cleanup industry newsletter (especially if you are a new newsletter subscriber) at http://www.aweber.com/archive/fcbizowners for tons of solid advice and guidance to grow your business in 2011.
