Luxury Institute Survey: Wealthy U.S. Consumers Rate the Most Prestigious Real Estate Companies: Christie’s Great Estates, Sotheby’s International Realty and Corcoran Group

High net-worth consumers rated Christie’s Great Estates the most prestigious real estate company in the 2008 Luxury Brand Status Index (LBSI) survey from the independent New York City-based Luxury Institute. Respondents who would recommend Christie’s Great Estates say they have “high-end properties,” “exclusive listings,” “great customer service,” and an “excellent reputation.” Sotheby’s International Realty was rated a very close second and Corcoran group was rated third.

“This year, even luxury real estate is facing 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.”

Following are the 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

8. RE/MAX

9. Sotheby’s International Realty

10. Weichert Capital Properties and Estates

The proprietary Luxury Brand Status Index (LBSI) survey is the only measure of the prestige of leading brands among wealthy Americans. A national sample of 1,666 wealthy American consumers was surveyed online. The average income was $348K and average net-worth was $3.7 million. The LBSI asks respondents to rate brands along four “pillars” of brand stature:

– Consistently superior quality

– Unique and exclusive

– Social status as a product consumed by people who are admired and

respected

– Self enhancement, in that the brand makes the consumer “feel special”

across all aspects of the customer experience

In addition, the survey also measures three key “outcome” metrics, which are compared to the category LBSI:

– Worthiness of a significant price premium

– Willingness to recommend the brands to people they care about and why,

or why not

– Brand preference as the brand most likely to be considered the next

time a purchase is made