Houses priced higher than $1 million, such as the $2.55 million home pictured above, are taking about a month longer to sell in upscale communities like Needham and Dover. Built in 1992, this Greek Revival farmhouse in Dover features over 5,500 square feet of living space, with five bedrooms, four full bathrooms and a custom gourmet kitchen.
In an effort to boost Century 21’s image as a leader in luxury home sales, the real estate franchisor is stepping up its marketing this year.
The real estate corporation plans to advertise in upscale national publications like Architectural Digest, Metropolitan Home and regional publications in cities like San Francisco and Chicago. The print advertising campaign is part of an effort to reintroduce the Century 21 Fine Homes & Estates program in light of the greater number of luxury homes sold under the brand.
Last year, the Century 21 system increased home sales of $500,000 or more by nearly 50 percent from the prior year, according to the corporation. More than 70 percent of the Century 21 homes sales of $500,000 or more last year were concentrated in six markets across the country – Boston, Chicago, Los Angeles, New York, San Diego and San Francisco.
The campaign couldn’t come at a better time for some of the Century 21 offices in the Bay State that are part of the corporation’s Fine Homes & Estates program. Local Realtors are reporting that luxury home sales have eased and marketing time has increased by as much as a month in some regions. And some brokers feel that the additional exposure in publications with more affluent subscribers will enhance Century 21’s image.
“I’ve heard amongst other companies here that Century 21 is not perceived as being a higher-end real estate group,” said Bob Romeo, owner of Century 21 Franklin Street Assoc. in Lenox. “The extension of the Century 21 into fine homes has not been promoted as strongly as, I, as a franchisee, would like to see it.”
Romeo is nevertheless optimistic that the additional advertising, and the training that the corporation offers to agents to help them specialize in luxury home sales, will help to raise awareness of Century 21 as more of a full-service brand.
“What I think is being recognized, and rightfully so, is that the higher-end market requires a different marketing strategy. It requires a different image and it requires a different presentation than … the typical lower-end homes,” said Romeo.
‘Really Exciting’
Fifty of the 163 Century 21 franchises in Massachusetts qualify to be part of the Fine Homes & Estates program. The program, established in late 1996, has its own logo, stationery and marketing material and offers training to agents to help them serve buyers and sellers of luxury properties. Century 21 offices can qualify to be part of the program if they close five or more transactions over $500,000 during the previous calendar year.
In Lenox, Lee, Stockbridge and some of the other surrounding communities in the Berkshires, 25 percent of the homes are priced over $800,000, according to Romeo, who defines higher-end homes in his market area as those priced $750,000 and higher.
The Century 21 media campaign this year will provide advertising opportunities in national publications for Romeo and other franchisees that they wouldn’t be able to afford otherwise.
“I couldn’t advertise in Boston Magazine, Unique Homes, This Old House or Bon Appetit,” he said, referring to some of the targeted publications.
“To have Century 21 make the commitment to the broker-owners to have a program like this is really exciting,” said Kathleen Byrne, a broker-owner of Century 21 The Alexanders in Needham.
In the Needham market that Byrne serves, where the median price for a single-family home this year is $609,000 and the average selling price is about $900,000, a luxury property is any home priced over $1 million.
From January through the beginning of April, it took about 126 days – or a month longer – to sell luxury homes listed for sale in Needham and Dover than the same period last year, according to Byrne.
Byrne said the additional exposure in national publications like Architectural Digest will increase brand awareness among more sophisticated and upscale consumers and help attract more business to the offices that sell luxury properties.
“It helps us to get the listings – to assure our sellers that we’re doing the best possible job for them to get their home sold in the shortest amount time with the least amount of stress and at the highest price,” said Byrne, whose office is one of less than 45 Century 21 franchises in Massachusetts that are part of the Fine Homes & Estates program.
Aglaia Pikounis may be reached at apikounis@thewarrengroup.com.
