I just returned from a very special trip to Maui, and I’m still basking in the aloha spirit. Surrounded by island luxury at the The Ritz-Carlton, Kapalua, I had the pleasure of re-connecting with the Chairman’s Circle, which consists of the top 60 companies across the Coldwell Banker® network. While there, we were honored to have country music singer-songwriter and record producer Martina McBride as our guest speaker and entertainer. She blew us all away with an amazing performance and an incredible talk about being authentic and real!
People are craving authenticity from luxury brands more than ever. This is especially true of millennials. By 2030, millennials will hold 5 times as much wealth as they have today and are expected to inherit $68 trillion from their predecessors in the Great Wealth Transfer, according to WealthEngine. This is a massive opportunity for Coldwell Banker Real Estate and our luxury marketing arm, the Coldwell Banker Global Luxury® program, to find, connect with, engage and nurture loyal clients.
How do we do that? By being real and establishing trust.
From brand storytelling and social media engagement to the customer experience and everything in between, the Coldwell Banker Global Luxury® program is actively looking to create real client experiences, both online and offline. Our new branded offices have debuted in Greenwich, Chicago, San Antonio, Seattle, Beverly Hills, Barcelona, Paris, Biarritz, Italy, Ibiza and Thailand, with more offices slated to open in prime luxury markets across the United States and the globe. These offices physically express the legacy and history of the Coldwell Banker Global Luxury program through consistent design — so that no matter where you are in the world, you know that you are stepping into a Coldwell Banker Global Luxury office space. We want to give them a reason to come back again and again. We also ensure that the Global Luxury experience is always elevated, thanks to our Global Luxury ambassador program. Currently, we have 18 ambassadors stationed across the globe, who represent the best of the best. They are the real faces of the Coldwell Banker Global Luxury program. They know how to deliver a memorable real estate experience at every touch point that is 100% on brand. They put our mantra — “Experience Excellence” — into action every day.
Excellence means a great many things to us: expertise, leadership, honesty, integrity. Ethics remains a major point of focus for the Coldwell Banker Global Luxury certification course, plus Coldwell Banker’s parent company, Realogy, has even been named one of the World’s Most Ethical Companies by Ethisphere Institute for the last eight years in a row. Realogy is a company that walks the walk — literally. In fact, one of my proudest moments came in the last 30 days, when I marched in the first-ever WorldPride March in New York with hundreds of other Realogy executives and employees. To be in the greatest city in the world (outside of Chicago), knowing that the parent company I work for truly believes in diversity and equality for all, was incredibly inspiring.
Which brings me back to millennials, and millionaire millennials, more specifically. They are changing the way we do business. They want more from their luxury brands — more connectivity, more service, more authenticity, more compassion, more giving. At the same time, they also want the same thing that other generations have always wanted: excellent real estate representation. The only difference will be how it is delivered to them.
Stay tuned for more in the coming months ahead as we will be examining how millionaire millennials think, act, spend, give and live in a highly anticipated follow-up to The Report: State of Luxury 2019.
Craig Hogan is the vice president of luxury for Coldwell Banker Real Estate LLC and a 20-year real estate veteran. When he is not traveling or offering his insights on high-end real estate trends, he spends time in Chicago, where he enjoys walking his rescue dog Cooper along the lakefront, collecting wine and satisfying his real estate “addiction” with a luxe open house tour or two.