High net-worth (HNW) individuals in the US rate Sotheby’s International Realty as the most prestigious real estate company in the world, according to the preliminary results of the 2008 Luxury Brand Status Index (LBSI) survey from independent ratings and review body the LuxuryInstitute.com.
Respondents claimed that they would recommend Sotheby’s International Realty as they have “high-end properties”, “exclusive listings”, “great customer service”, and an “excellent reputation”. Christie’s Great Estates was rated a close second and the Corcoran Group third.
“This year, even luxury real estate is starting to face major challenges,” said Milton Pedraza, CEO, the Luxury Institute. “In these critical moments, wealthy consumers are looking for the most expert and trustworthy real-estate brands and agents to handle their transactions. Our surveys are conducted with independent panels of wealthy consumers, tabulated by third party analysts, and are the purest expression of the voice of high net-worth consumers.”
The LBSI survey is the only measure of the prestige of leading brands among wealthy Americans. A national sample of 1,666 HNW consumers were surveyed online. The average income was $348,000 and average net-worth was $3.7million. The LBSI asked respondents to rate brands along, what it called, four ‘pillars’ of brand stature: Consistently superior quality; unique and exclusive; social status as a product consumed by people who are admired and respected and self enhancement, in that the brand makes the consumer ‘feel special’ across all aspects of the customer experience.
Survey results were weighted to match demographic and net-worth profiles according to the latest Survey of Consumer Finances from The Federal Reserve.
The top 10 real-estate companies rated by wealthy consumers (alphabetical order)
1. Century 21 Fine Homes and Estates
2. Christie’s Great Estates
3. Coldwell Banker Previews International
4. Corcoran Group
5. ERA International Collection
6. GMAC Elegant Homes
7. Prudential Real Estate
9. Sotheby’s International Realty
10. Weichert Capital Properties and Estates