Luxury is an experience, not a price point

Snow-capped mountains greeted delegates at the annual Christie’s International Real Estate Owners Conference, hosted in Aspen, Colorado, on 4-5 April.

Owners from around the world joined peers at the annual gathering where affiliates in the world’s leading luxury real estate brokerage learned the latest in real estate trends.

Brokerages from several Caribbean countries were also represented, including Provenance Properties from the Cayman Islands.

This was the first time that owners had gathered since @properties, a Chicago-based real estate company, entered into a 100-year brand licensing agreement with Christie’s in December 2021. @properties is among the fastest-growing brokerages in the United States, accounting for 75 offices in 13 states prior to the Christie’s acquisition.

@properties introduced a series of new opportunities that will be available to Christie’s brokerages, including an enhanced and technology-rich marketing platform designed to extend the network’s reach, a bespoke coaching and mentoring programme for agents, and the introduction of new offices in key markets, including Miami, Chicago and New York City.

Branding
Steve McKee of McKee Wallwork + Company talked about the "storyteller’s six" in power branding and the importance of telling stories in the order of "why, who, what, how, where and when." He reminded owners that branding is an investment, not an expense, and that it should be considered the sum and substance of every interaction that people have with an organisation.

McKee said it was critical for luxury brands to understand that luxury is an experience, not a price point.

Market outlook
Mike DelPrete, a global real estate tech strategist, addressed the impact of companies like Zillow, Open Door and Compass on the real estate market.

He noted that Open Door and Zillow have lost US$3 billion and that Compass has raised – and lost— $1.5 billion, suggesting that these large real estate companies will be facing headwinds as they move into softer market conditions in 2022 and beyond. He argued that these companies are using money powered by venture capital investments to solve problems, which produces unsustainable profitability.

Perseverance
The conference concluded with a presentation by Lance Allred, the first legally deaf player in the NBA and a former member of a polygamist commune until his family escaped when he was a teenager. Allred told of the adversity he faced in achieving his dreams of becoming a professional basketball player and reminded owners that the power of perseverance and grit should never be underestimated when working to achieve success.

2023 Owners Conference
The conference concluded with the announcement that the next Christie’s Owners conference will be held at The Ritz-Carlton, Grand Cayman in February 2023 and hosted by Provenance Properties.

This article was originally published in the May/June 2022 print edition of Camana Bay Times.