In a recent post we have analyzed how the role of luxury estate agents has evolved in response to major market trends such as the digitalization of property searches and the internationalization of the client base. In this post we have questioned the same group of prominent European estate agents to help us identify the most useful marketing channels to reach clients looking for luxury properties.
Thierry Journiac, director at Vitruve associés a luxury agent based in Geneva and active in top French speaking locations across Europe, among which Paris, Megeve, Courchevel and the Côte d’Azur, indicates word of mouth among private individuals and their advisers such as bankers, lawyers, accountants, etc… as the most important source of clients. “In addition, a qualitative presence on the web, possibly in multiple languages, is also essential” says Thierry.
Photo credit: Vitruve associés
Online channels tend to be the most efficient because they capture prospect buyers (and tenants) directly during their search process, which is particularly important because, no matter how wealthy the client is, a property is purchased infrequently and therefore at any point in time only few HNWI are actively searching.
Tara Rajan, marketing director at Lucas Fox seems to confirm “Our most effective marketing channels continue to be online”. Lucas Fox operates in some of the most desired Spanish locations, such as Marbella, Ibiza and Mallorca as well as Madrid and Barcelona. Tara adds “We also feature widely in the international press such as the Financial times, International Herald Tribune, Wall Street Journal etc… which are effective in reaching clients abroad and have a high-spenders readership who can afford to rent or buy the properties in our portfolio”.
Photo credit: Lucas Fox
Gabriela Geminian of GREI Immobiliare, a luxury agent specialized in selling exclusive properties in some of the most beautiful locations around Lake Garda, like Salò, Sirmione or Bardolino on top of other Italian locations, adopts multiple channels “we make use of luxury property portals as well as magazines and newspapers that target a qualified audience”.
Richard Barber, head of house sales at W.A. Ellis thinks that “property portals are a strong source of international interest and are the first port of call for most international applicants seeking property in prime London neighbourhoods like Knightsbridge, Chelsea or South Kensington. However, it is apparent that, at the upper end of the market international applicants, familiar with London and seeking specific high quality property, employ independent search agents to act on their behalf. Due to the complexity of the prime London market, discerning foreign investors are keen to employ property finders who are ‘in the know’ and likely to source sought-after or off-market properties. They are also best positioned to advise on value and more complicated leasehold issues where value can sometimes be found. Therefore it is essential that agents enjoy good relationships with all the finders and search agents”.
Photo credit: W.A Ellis
Besides property portals and our company’s website Roberto Magaglio, licence partner at Engel & Voelkers in Milan stresses that “all our 500 associates in 38 countries can count on referrals coming from our internal network”.
In conclusion, even though the most effective channels may differ depending on the company’s location, size and structure, a mixed strategy which ensures multiple touch points seems to deliver the most. While online channels are now commonplace, given the complex and confidential nature of luxury property transactions, collaborations and referrals are very important to acquire valuable customers.
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