Emotional Real Assets: lowest common denominator of luxury and the role of luxury real estate.

Emotional Real Assets: lowest common denominator of luxury and the role of luxury real estate.

Gabriella Lojacono, Director Executive Master in Luxury Management- EMILUX in conversation with Matteo Marzotto, Head of Real Estate EMEA Essilor Luxottica and with the conclusions of Federico Panigati, Owner of The RE/MAX Collection Ultimate in Milan identified exclusivity, desirability and “aspirationality” as pillars of emotional real asset.

Federico Panigati’s career has given him the opportunity to work for several successful companies in different sectors, allowing him to achieve a global experience in retail, sales and multi-brand marketing from which he has learned something different day by day and has become flexible in adapting to the current business environment. At the same time, he has always had a strong passion for real estate and the impact it has on our lives. His natural aptitude for new challenges led him to start a major new project in the luxury real estate market with RE/MAX, the world’s largest real estate franchise company. In early 2021 he exclusively opened the Milan branch of The Remax Collection brand and now his mission is to manage this office focused on luxury real estate.

Federico Panigati, Owner of The RE/MAX Collection Ultimate in Milan

He is often asked why he decided to start working in luxury real estate. “Because this work inspires me, gives me food for thought, pushes me to always look for something new to surprise myself and my clients. That is why I am always looking for beautiful, extraordinary and unique homes. Proposing them to investors to facilitate the purchase of a dream, what more could a broker want?” – comments Federico.

Reputation for a brand is of paramount importance, and every element identified as a value pillar must be part of all product and service elements, from the physical places where the brand experience takes place to the service model, all of which must be “authentic” that is, uniquely recognized by all stakeholders (customers, employees, suppliers, capital contributors).

Real estate has always been a tangible instrumental asset capable of contributing to the perception of end-users’ founding values in both the corporate and retail housing markets. Luxury living finds in the unique and sought-after physical characteristics and in the intrinsic capacity of the asset itself and the environment in which it insists its ability to ensure the well-being of end users to be understood as a (new) concept of the “absolute luxury” experience. The service model has to adapt not only in following the customer in all stages of the customer journey life cycle (“asset search/production, purchase, management in the after-sale) but also and especially in supporting each stage of the “customer life cycle” that, depending on the stage, requires and searches for different assets responding to different needs: from the purchase of the second luxury home in top location, to the studio apartment for rent for the son, from the search for a representative home in the city for business, to the replacement of the first home due to changes in the composition of the household. The loyalty of luxury customers comes from the perception of consistency maintained over time in the service model that generates trust by making “the buying experience” a moment of pleasure also thanks to the “value” of the service offered.

The ability to execute consistently with the value proposition is ensured by three elements:
1) continuous updating to maintain expertise in different areas (legal, tax, economic, environmental.) that interact in the home buying process. 2) customization of the functional service to the client’s needs, including in terms of confidentiality (different for customs and habits pertaining to professional and or geographic areas).
3) support of technology to the consulting activity in terms of digitization of processes, information transparency, communication.
Excerpt from the Luxury Living 5D event held on October 26 at Auditorium Ferrero of SDA Bocconi, Milan and promoted by RE/MAX group in collaboration with SDA Bocconi School of Management.