Luxury real estate market is becoming stronger with increased activity. The Trump Organization has decided to cash in by launching a luxury residential brokerage. Donald Trump feels that the brokerage will be able to leverage the brand and compete successfully with the established players. This is a business that does not require much investment and can flourish on the quality of the service you can provide. This also provides a new platform for the next generation of Trump children to build new businesses under the Trump umbrella. True to Trump style the launch last week was a grand affair and the new business was kick started with listings worth $300 million.
Ivanka Trump is Leading the Brokerage Initiative
Donald Trump has three grown up children – Ivanka, Donald Jr. and Eric and have been trying to create their own space in the business. Ivanka who is working on redevelopment of the old post office building in Washington DC is leading the brokerage initiative. She believes that they are best placed for this business and have the requisite experience and connects as they have been selling premium real estate developed by their group. Kevin Sneddon who was earlier working for American Express has been brought in as the Managing Director of the new brokerage firm which has been named Trump International Realty.
Trump Brokerage Compete Directly With Established Firms
The initial listings consisted mainly of Trump properties in New York City but the new Managing Director is confident that the non-Trump listings will increase quickly. The way the new brokerage has been positioned, it is in direct competition with well entrenched firms like Sotheby’s International Realty and Prudential Douglas Elliman Real Estate. These firms have a wide base as they employ hundreds of brokers in just New York City. They are also trying to play up the controversy created by Mr. Trump’s strong political stance against President Barak Obama. Trump International Realty has started with three offices and have employed 20 brokers mostly taken from other sales operation in the group. The focus is not on quantity but quality. Sneddon wants to run it like the private banking business and help clients to make investments that appreciate quickly.