This Louis Vuitton bag costs $2,020.
And this Colette bag costs $64.99.
Both bags are basically the same.
They’re both handbags that look pretty.
And they both serve the same purpose.
But they are NOT designed for the same people to purchase.
If you buy the Louis Vuitton bag, you’re making a statement.
A statement about who you are and what you prioritise.
And if you buy the Colette bag, you’re also making a statement.
A statement about who you are and what you prioritise.
Now, I don’t know if you’ve ever walked past a Louis Vuitton or Colette by Colette Hayman store, but if have, you might have noticed something…
The Louis Vuitton store is quiet, uncluttered and has very few customers inside.
Yet, the Colette store is loud, sparkly, filled to the brim with handbags and accessories, and has thousands of people in store (okay, maybe not thousands!)
And if you judged each store by how loud they were and how many customers they seemed to serve, you might easily assume that Colette is performing better.
But the numbers tell a different story.
In 2018, Louis Vuitton was reported to have brought in a record $53.5 Billion.
And in the same year, Colette was estimated to have brought in $93.9 Million.
Here’s what Louis Vuitton knows.
They’re not for everyone.
They’re for the person who wants the status of owning a Louis Vuitton handbag.
But you know what’s crazy.
Both the Louis Vuitton AND the Colette Bags are non-essentials.
They are luxury purchases. With very different price tags.
No body needs a handbag like either of these.
If you truly need a bag to carry your belongings, you could just purchase an $11 bag from Kmart or a 15c bag from Woolworths.
You don’t need a fancy handbag. You want one.
And the truth is, investors don’t need a property manager.
Technically, they can do it themselves.
And, according to research by finder.com.au 25% of Australian property investors do manage their own properties.
So for 75% of property investors left over, they want a property manager.
Some of them want a “Louis Vuitton handbag” property manager.
Some of them want a “Colette handbag” property manager.
And some of them want a “15c Woolworths reusable shopping bag” property manager.
There’s a place for each type of property management service in this market place.
The trick is to know which one you are.
Are you the Louis Vuitton handbag? Can you charge 10 times the price of other property managers? Or better yet, what would your service have to look like in order to charge 10 times the price?
Are you the Colette handbag? Charging about the same as everyone, operating in a shopping mall of competition, but getting heaps of people coming through the doors…
Or are you the 15c Woolworths reusable shopping bag? Cheap and cheerful, gotta remember to bring it with you, or you have to pay extra to get another one…
The truth is, it’s okay to be ANY of those types of property management services. You’ve just gotta know which one you are, and get clear on who you are here to serve.
Louis Vuitton knows they’re not for everyone. And they’re okay with that.
Do you know you’re not for everyone?
Or better yet, do you know who you are here to serve?
Need more ideas for how to grow your rent roll? Join my Masterclass: 5 Ways To Grow Your Rent Roll
Now, if you haven’t seen my last blog titled 3 Steps to Making Your Customers Smile be sure to check that out next!
