With inventory down and prices up in many luxury markets around the U.S., brokers and agents are developing new strategies to win listings, including the use of sophisticated databases of high-net-worth individuals to keep track of potential buyers and sellers.

A 2-year-old Beverly Hills-based firm, the Agency, spends hundreds of thousands of dollars each year to maintain a database of wealthy individuals, built in part off of credit card data, to target potential clients.

Another Beverly Hills firm, Hilton & Hyland, uses its affiliation with Christie’s luxury auction house and its database to secure luxury listings.

“My ability to reach out to the art world, and some of the wealthiest patrons in it, definitely differentiates me from other brokers,” Jeff Hyland, president and co-founder of Hilton & Hyland, told the Wall Street Journal.

Referrals, flashy marketing and invitation-only, cocktail open house parties also win high-end listings, brokers and agents told the Journal.

Source: Wall Street Journal

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription