For this our first article in the Profiles in Branding series I am featuring Frank McKinney. Frank is one of the most fascinating business personalities in the real estate arena. His unique approach has earned him the titles of “the real estate rock czar” and “the maverick daredevil real estate entrepreneur”.
While Frank’s achievements in the real estate arena are impressive, today we will focus on his unique ability to build a personal brand that positions him as the undisputed king of ultra high end residential real estate.
I first met Frank McKinney when he addressed the monthly meeting of the Dade Real Estate Investors Association in Miami a couple of years ago. I had never heard of Frank before. The flyer of the meeting described him as an unconventional real estate developer who built multi-million dollar mansions entirely on speculation (without a guaranteed buyer).
I was sitting among a sellout crowd when the song “Jump” by Van Halen started pounding through the speakers. I could have sworn David Lee Roth (red jacket and all) was rushing to the scene amid roaring applause, but no: it was Frank McKinney.
What followed was a fascinating personal account of one man’s journey from rebellious teenager to millionaire real estate investor, and how a mix of hard work, vision, drive and attention to detail took him from $50,000 fixer uppers to $100 million mansions, forging in the process what we now know as the Frank McKinney brand.
Frank has since written two books: “Make It Big: 49 Secrets to Build a Life of Extreme Success
” and “Frank McKinney’s Maverick Approach to Real Estate Success”. Following is a selection of takeaways from his life and business philosophy as they relate to branding:
On Carving Your Niche
To make money you have to go where others don’t. Frank started his real estate career renovating dilapidated houses in crack neighborhoods, where he faced little competition. Years later, he started building multi-million dollar oceanfront mansions that many said could never be sold. By seeing value where others didn’t, Frank has created markets where none existed before. Frank’s approach represents the ultimate in differentiation and niche marketing: create a new category and position yourself as the leader from day one, setting the standard for everybody else to follow.
On Knowing Your Target Market
Frank McKinney has his target market identified with laser precision and knows exactly how to cater to it. He knows that there are only 50,000 people in the world who can afford his mansions. Frank knows these people’s tastes, standards, buying habits, decision making patterns, etc. Once, when told that many people find his houses gargantuan and excessive he confidently answered: “those people are not my buyers”.
On Creating Your Brand Identity
Frank McKinney is technically a real estate developer. However, he understands that to brand yourself you need something bolder and more original: you need to create your own unique identity. Frank defines himself as “an artist whose canvas is the sun-drenched pristine beaches of Florida’s Atlantic coast”. This strong, differentiated brand identity drives all his other branding signals, and explains the uncompromising commitment to the highest standards that drives all his projects.
On Getting Your Employees’ Buy-In
Frank knows that for your brand to be consistent, everybody in your organization must know and understand your brand values. Before every project, Frank circulates a document called “Vision and Passion Statement”. It is a written statement that captures the drive to reach higher and do better every day, not just exceeding expectations but exploding beyond what others think can be accomplished. Every member of his organization carries this document with them for the duration of the project. Frank’s employees have internalized the “Frank McKinney Way”, a useful shorthand for a focus on quality, standards, accomplishments, and striving to be better.
On Personal Branding: Living Your Brand
In his business, Frank is always stretching the limits: breaking the barriers of what conventional wisdom says people will pay for a house, and continuously establishing higher standards of luxury and sophistication. Frank understands that he is the number one ambassador of his brand, and that his persona must reflect his brand’s attributes. The Frank McKinney brand is edgy, extreme and unconventional, that is why Frank:
- Wears his hair long and dresses like a rock star.
- Enjoys driving his candy apple and green Kawasaki, the world’s fastest production motorcycle.
- Ran and finished the Backwater 135 marathon, labeled as the toughest footrace in the world: 135 non-stop miles under 130+ degree heat.
- Didn’t set his office in a conventional office building, but on a treehouse that he built in the back of his house, overlooking the Florida sea.
On Protecting Your Brand and Leading by Example
Frank goes to extremes to nurture and protect his brand. He still walks through his properties carrying a rag and a bottle of glass cleaner, wiping every surface that is not 100% immaculate. He also routinely checks the electrical plates of the light switches to make sure that the grooves in the screws are aligned north-south, and inspects the bathrooms to check if the toilet paper has been folded in a diamond-shaped tip.
He also personally writes the copy of the advertising for his properties, always shows his properties to prospective buyers in person, and even performs as an actor in the elaborate themed productions that he organizes for the grand unveiling of his mansions.
Following these principles and many others has allowed Frank to create a life of extreme success. I invite you to learn more about Frank McKinney and make some time to read his books, since they are full of insights on branding, business and life.
Finally, as a footnote, I want to let you know about the Caring House Foundation, an organization created and headed by Frank, that has the noble mission of building houses for the poor (Frank and the Caring House Foundation have built entire villages in Haiti, providing adequate shelter to thousands of people in need).
G. Kofi Annan is a man on a mission. As a marketer and entrepreneur he is attempting the ultimate challenge: to change his target market’s perceptions through an elaborate exercise of re-branding. But wait, there’s more: what Kofi is trying to re-brand is not just a product but a continent: he is trying to change the negative stereotypes about Africa.
