Ivanka Trump at LAX, Photo by HotshotsWorldwide
What is in a name brand? Everything is the answer, if your name is Trump. A new luxury brokerage firm opened in New York, the name said it all “Trump International Realty”. The Trump name is synonymous with luxury real estate and luxury real estate development. The name is also associated with success, experience and victory in the face of defeat. As a luxury real estate marketing professional, would you join this brand?
The Wall Street Journal, October 29, 2012, reported that Trump International Realty launched last week with a portfolio of 300 million dollars in listings. The majority of the listings are Trump holdings, and the organization feels that they will have no trouble in increasing their listing inventory. Ivanka Trump is at the helm of this enterprise. Her father, Donald Trump, said “Ivanka has always felt strongly this is something we can do better than anybody else”
In this context Trump is a direct challenger to Sotheby’s, for example, a firm that enjoys instant brand recognition in the luxury real estate brokerage realm. To succeed, Trump must deliver on an extraordinary promise offered to the brokers and agents they recruit. This is equally important to the clients that they serve.
"Quality of service is more important to us than simply filling offices," Ms. Trump said. She also noted that the firm's brokers will be members of the Trump Organization's "corporate family" rather than being "anonymous member of a 5,000-person sales force." Ms. Trump says the brokerage will use a traditional commission model.
According to Mr. Sneddon, managing director of the new brokerage, “The Trump brokerage plans to focus initially on the New York region and then to expand to the rest of the world. Trump already has brought in a number of brokers from other luxury real estate New York companies.
Will there be a personnel shift in the New York luxury real estate scene as a result? We think the idea of being a “member of the Trump corporate family” may offer just the right incentive for some top agents to jump ship. Time will tell if the Trump name will become synonymous with luxury real estate brokerage, in the same way Sotheby’s and Christies has.
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