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Want to succeed in the international real estate market? Know your audience.
That’s according to panelists at Inman’s Luxury Connect event in Las Vegas Tuesday, who spoke at a session called “From City to City: Trends & Opportunities in Emerging Luxury Markets.”
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“When a high-net-worth individual in our network is referred, this is a person that is referred with a lot of care and I respect that,” said Daniel McVicar, ambassador and global director for Santandrea Luxury Homes & Top Properties in Milan, Italy.
“In the luxury market, it’s essential that people are taken care of. You don’t want to lose a client because you referred them to the wrong person. You don’t want to lose a friend because you referred them to the wrong person. I consider them friends and family when I receive the referral.”
Eloy Carmenate, a broker associate at Corcoran in Miami, agreed.
“Your client is trusting you to connect to somebody who is important,” Carmenate said. “Network is everything. You have to know the right people.”
In order to do that, you have to become an expert on your clientele, according to Carmenate. He knows where his clients live, where they have second homes, where they travel, how many kids they have, how many times they’ve been married.
“We know a lot about them,” Carmenate said.
You also have to travel to the places you hear your clients talking about, he added.
“Typically, it’s Spain, France, Italy and the U.K.,” he said. “Athens is emerging and we’ve all heard about the phenomenon that’s going on in Portugal.”
You also build your network through the people your clients introduce you to, Carmenate said, noting he had met a recent client with a Swiss connection at an American wedding.
“You never know where the next one is going to come from,” he said.
Victoria Levitam, managing partner at The Agency in Panama City, Panama, knows what her clients want and is using that to sell them on buying in her “very special country.”
“Panama is not just a destination; it’s an incredible opportunity,” Levitam said. “It’s the Singapore of the Americas. Everything in real estate is about location, location, location. Panama is the heart of the world, the heart of the Americas. The connectivity is amazing.”
“We have one of the seven wonders of the world, which is the Panama Canal. It has for several decades been one of the best-kept secrets for local elites and top business leaders around the world where they have chosen Panama because of its capable business environment, logistics and connectivity and security as well.”
Carmenate jumped in. “I’m going to be using you for my referrals. She’s sold me on Panama. I’m going to be visiting there very soon.”
McVicar, who is also a television actor, drew a connection between performing for a broader audience to performing for a client.
“There’s a big crossover,” he said. “Really, you’re a public figure when you’re a real estate professional.”
He advised agents to be themselves, but a version of themselves they create.
“Create a character for yourself to be that character,” he said. “And of course, the secret to acting is listening.”
Asked about emerging markets, Carmenate named Singapore, Dubai and Milan, all of which have good weather, tax conditions and healthcare. He advised agents to stay informed.
“If you’re going to raise the bar with your own clientele, you have to know what you’re talking about,” he said.
“You have to know what’s going on in the world.”
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