The luxury property market is in continuous evolution and so should be the role of the estate agent. Just in the last 10 years, two important trends have shaped the industry and changed the way the market works. Firstly, the search for properties has significantly shifted online, with property portals and other digital channels gradually replacing conventional media, like newspapers and magazines. Secondly, the percentage of foreign clients has grown significantly across all markets, and looking ahead it is expected to grow further due to long term factors such as wealth redistribution, globalization of trade and easier mobility. This unstoppable trend is stressing the importance of transnational collaborations among agents as well as pushing them to make use of international sales channels. While English is more and more the dominant language, being familiar with other cultures and assisting the clients in other languages may be crucial for a luxury agent.
While certain trends are evident and maturing, others are less apparent. For instance it is not yet clear how much social media channels will be used to actually sell luxury properties in an industry where privacy and confidentiality remain utterly important.
To learn more about how estate agents believe their role will evolve in the future we have questioned a few leading agents who specialize in the luxury property market across Europe.
Photo Credit: W.A. Ellis
According to Richard Barber, head of house sales at W.A. Ellis “the role of the agent is constantly evolving and pro-active personal service is tantamount to a good reputation”. W.A. Ellis operates from Knightsbridge and covers also other central London neighbourhoods such as Mayfair, Belgravia, Kensington and Chelsea. “Most of the successful professionals, both buying agents and selling agents within the prime central London area” says Richard, “work on recommendation and referral and this is perhaps the most specific direction in which the market is headed. Naturally strong marketing exposure on major portals and an easy to use well stocked website are essential tools to support any agency and attract foreign purchasers”. Roberto Magaglio, licence partner at Engel & Voelkers in Milan, emphasizes the importance of training as a way to stay competitive in the market: “The agents’ work is becoming more and more professional and requires a broad expertise: legal, technical, commercial, marketing, communication and IT skills are all required to best assist our demanding clients”.
Photo Credit: GREI Immobiliare
Gabriela Geminian of GREI Immobiliare, a luxury agent specialized in selling exclusive properties in the Lake Garda region in the north of Italy, agrees on the importance of learning new skills and “increasing our specialization, studying also the customs and traditions of our clients. In a more global context it is important to broaden our knowledge of international law to use the same language of our clients and help them understand the differences with local legislation”.
On the other hand Tara Rajan, marketing director at Lucas Fox, one of the largest agents in the Spanish high-end property market, believes that successful agents will tend to focus more on their core skills “As a greater freedom of information allows prospect tenants and buyers to do more searching themselves, the agent’s role will become more about assisting clients during the negotiations and closing deals”.
Photo Credit: Lucas Fox
Thierry Journiac a director of Vitruve associés, a company that handles the sale of exclusive homes in France and Switzerland, highlights how important is for agents to advise their clients during all the phases of an acquisition from the valuation of the property to the after sale service. Thierry also adds “Nowadays internet has become indispensable in order to present a luxury property to an international clientele, so a certain technical knowledge as wells as an understanding of online channels is essential”. Tara agrees on this point “going forward, technology will play a more important role in our business”.
In a follow-up post we have analyzed, together with our experts, which marketing channels are most effective to reach clients looking for luxury properties.
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