Sotheby’s IR partners with Juwai to target China
07 Sep 2016
Sotheby’s International Realty Affiliates (Sotheby’s IR) partnered with Chinese, international real estate site Juwai.com, to help Sotheby’s IR generate more buyer interest inside China.
As an international brand, the global representation of Sotheby’s IR on Juwai.com is the most extensive, with listings of luxury properties in 65 countries and territories. China is already second only to the United States as a source of visits to SothebysRealty.com, and accounts for one out of every ten visitors.
The new partnership hopes to increase still further the network’s ability to serve Chinese buyers.
The Sotheby’s IR brand partnership with Juwai.com has five pillars:
- Listing display: Qualified listings will appear on Juwai.com and in real estate search results.
- First responders: Juwai.com’s Chinese-language team is located in mainland China. So, it will respond to consumer inquiries in real-time, translate the inquiries into English and forward them to the relevant (Sotheby’s IR) agents.
- Brand page: A Sotheby’s IR brand overview page carries information about the brand, a contact form and the network’s listings – all in one place.
- Banner advertising: Sotheby’s IR banner ads will run on the Juwai.com homepage, promoting the company’s new brand page and listings to Juwai.com’s audience.
- Affiliate office marketing: Juwai.com will work with Sotheby’s IR agents and offices to provide premium advertising services that generate greater exposure, and inquiries from high net-worth Chinese users.
Sotheby’s IR is perhaps the premier, worldwide brand in luxury real estate,” said Matthew Moore, Juwai.com’s president for the Americas, in a company statement. “Not every Chinese buyer is high net-worth, but there are more high net-worth individuals in China than in any other country.”
“We are tremendously excited to be the bridge linking the amazing team of affiliates and agents at Sotheby’s IR and our audience of two million monthly online real estate hunters.
“Our consumers view luxury property in international locations as a relatively safe harbor for their hard-earned wealth during these unstable economic times.
“At this point, most Chinese investors still haven’t yet purchased their first international property. Like most observers, we believe that the current level of Chinese investment is only the tip of the iceberg, and much more is to come in the next half decade.
“Brands, like Sotheby’s IR, that successfully establish themselves in China as leaders in real estate, will have an advantage when it comes to taking a large share of future investment,” Moore said.
Chinese investors favor real estate as an asset class. Chinese purchasers acquired at least $350 billion U.S. of U.S. real estate between 2010 and 2015. Sixty-nine percent of Chinese purchase on an all-cash basis.
Looking forward, Chinese buyers are expected to continue their international real estate purchasing spree. The best estimate is that they will spend at least $218 billion on existing U.S. real estate between 2016 and 2020 – with investments in the rest of the world on a similar scale, Sotheby’s IR said.
According to the press release, the company believes the Chinese share of real estate purchases on U.S. soil will only continue to increase, as the number of Chinese millionaires is expected to increase a whopping 74 percent to 2.3 million by 2020, giving Sotheby’s IR access to a new crop of affluent buyers.
“From now on, our listings will also be promoted on Juwai.com. Having Juwai.com’s team respond to leads in timely fashion overcomes the cultural and time-zone challenges of working with overseas buyers,” said Sotheby’s IR chief marketing officer Wendy Purvey. “That’s a huge competitive advantage to our affiliates and independent sales associates, and to their clients.”
As of Sept. 7, listings of Sotheby’s IR will appear on Juwai.com and populate the search results on the site. Sotheby’s IR global vice president John Passerini said the listing information will be sent directly to Juwai.com, since the brokerage’s listing content requirements “go above and beyond” MLS requirements.
Juwai’s Chinese-language team will field consumer inquiries in real-time, then translate and forward them to the Sotheby’s IR sales associates responsible for the listings.
Purvey said the alliance was part of Sotheby’s IR’s overall global expansion plan and gave the brokerage greater access to their second-largest source of website visits.
“We constantly look for opportunities to expand globally by adding new distribution opportunities that showcase properties to affluent consumers in key growth markets,” said Purvey. “The alliance with Juwai.com achieves that by giving us better access to a market that is already one of our most important, and which promises great future growth,” Purvey said.
For further details, go here.