Over the summer, members of the leadership team from Concierge Auctions traveled to China. It was a terrific opportunity to meet Chinese buyers and was inspired by the rapid growth in interest we’ve seen in our properties from investors and buyers located in China. Our travels took us to Guangzhou and Shanghai for a series of VIP events hosted in cooperation with The Wall Street Journal and Mansion Global in advance of our Summer Portfolio sale followed by sponsorship of the LPS show in Beijing and a pre-auction event in Hong Kong to commence global bidding. The sale resulted in a pool of over 50 bidders and nearly $60 million in transactions, and 14 properties sold within a span of just 36 hours — not to mention the ripple growth effect to our brand and database reach, including more than 6,400 subscribers, double site viewership, and nearly 1,000 downloads of the Concierge Auctions’ app.
In today’s world, there are many different ways to communicate — but there is still something special about connecting in person. Our experience was such a success that we are in the planning stages of our next portfolio sale and our return trip to China in early 2018.Some of our key takeaways:Brand names are importantChinese consumers are very attuned to the most prestigious luxury brands. They have a keen understanding of which brands matter most to them. Developments that carry the name of a luxury hotel brand such as Ritz-Carlton or that contain amenities by internationally-known brands have an extra layer of prestige.For many potential buyers, the city is also a brand. We’ve seen strong interest in top-tier cities like New York, London, and Paris. Resort destinations are also a brand with high engagement. Ownership in these locations is seen both as a smart investment and a status market. Relationships matterTrust is still built face to face. This is true wherever we go and one of the reasons that we install our property managers directly onsite for our actions. We traveled to China to cement the connections we had made online. Sharing smiles and conversations with buyers and influencers was critical to this, and they appreciated the invitations to the events. Crucial is our success was our partnership with people who were already established in the area. This network of trust naturally made people we met more receptive and engaged with us. Respect traditionSymbols of good fortune and the power of numbers are important to the Chinese as manners. Taking the time to understand the traditions of culture and to honor them appropriately goes a long way. This is also where having guides is so important. Enthusiasm and listening We were impressed with the beauty of the places we stayed and visited. We made sure to express our gratitude at every turn. Most important to us was the opportunity not just to talk but to listen, to find out what matters most to these buyers, what their concerns are about buying overseas properties and how they see real estate as part of their overall wealth portfolio. Marketing to Chinese investors isn’t a question of one meeting or event. That’s why we’ve translated our mobile app into Mandarin and are planning another sale in order to continue to build the connections we made over the summer.
If you are a seller or agent with a luxury property that you would like marketed to Chinese investors, submit your property by calling 212-202-2940. Space is limited.