The Mallorcan real estate market is about to be taken to “another level” with the dawn of a new era as a result of the award-winning global real estate brokerage The Agency having opened its new franchise office in Mallorca this week after a hugely successful launch in Portugal.
Netflix viewers in over 20 countries and in ten different languages will already be very familiar with The Agency and how its licensed agents operate as a result of the Buying Beverly Hills occu-soap which aired at the end of last year. It not only followed the agents and clients but also gave an insight into the philosophy of The Agency’s founder and CEO Mauricio Umansky and his billion-dollar brokerage that utilises world-class technology and innovative marketing strategies to assist agents and their clients in achieving their real estate goals.
Since its inception in 2011, the firm has set out to create an industry-disrupting model that would redefine the business and foster a unique culture rooted in the core philosophy of collaboration. The Agency has done that and much more and now it is operating in Mallorca.
The new global partner at the Portals office is Essex-born industry veteran and Managing Partner, Alby Euesden, with Danielle Andrews in charge of in-house marketing and communications with support of the team in the United States.
“I am delighted to expand The Agency’s brand throughout Europe with our first office in Mallorca,” said Alby Euesden.
“With its rich culture and history, great climate, and scenic coastlines, I am honoured to help bring The Agency’s white glove service and world-class brand to this unparalleled destination,” he told the Bulletin this week.
And Vice President of European expansion, sales and operations John Thorpe is just as excited about the new venture as The Agency’s founder.
“We’re thrilled to expand our presence overseas in Europe with the launch of our new franchise in Mallorca,” said Mauricio Umansky.
“Our partner Alby Euesden is one of the most respected real estate professionals in Mallorca, and we know he will be an incredible steward of our unique brand and culture.”
John is no stranger to Spain. He has owned a property in Torremolinos for the past six years and loves Spain and the islands.
“I live in Miami, so to begin with the climate is very similar, as it is across southern Europe and the Mediterranean in general. But life is much more laidback while the quality of life is also very similar, if not better. Portugal has got off to a flying start and we are more than confident that Mallorca will perform extremely well. Alby came to us with an extremely interesting and strong business plan and proposal. He clearly had the same mindset as The Agency and that is very important to us. On the back of the Netflix series, we had requests from potential global partners from all over the world, but we’re extremely selective and we not just a shop-front real estate service. Unlike in the States, I was surprised when I first came to Spain how anyone can set up a real estate company; no one has to be licensed. So, one way I look at it is like fast food. Do you want a quick, easy, cheap fix or do you want a bespoke boutique quality service, experience, advice, care and attention?
“After all, we’re talking about average properties of at least two million euros in highly sought-after locations and our clients have come to expect a first-class service all the way through the process of making a major investment and lifestyle decision. Our agents will take them through all of the stages from start to finish and beyond.
“We’re one big family and we include our clients in that,” John, who flew to Mallorca to attend the opening, explained to the Bulletin.
The Agency has rapidly expanded its presence across the globe throughout the past year, making it one of the fastest-growing luxury boutique brokerages in the world.
The Agency’s independent-owned brokerages are referred to and integrated as true global partners. Every Managing Partner, from both corporate or independently-owned offices, operates cohesively as one true global network.
Rather than simply using brand likeness in their marketing, The Agency’s global partners enjoy the same access to leadership, marketing, public relations, training, tools, and technology as the corporate offices. In Q1 of 2023 alone, The Agency is launching four new offices, including the new office in Mallorca, with more on the horizon in the coming weeks.
The Agency has closed more than $57 billion real estate transactions since 2011 and has grown to more than 70 corporately-owned and franchise offices across the globe, making it one of the fastest-growing luxury boutique brokerages in the world. Poised for further expansion with like-minded partners in strategic markets, The Agency is noted by The Financial Times as one of America’s Fastest Growing Companies.
“We have noticed a growing interest in Mallorca in the United States market for some time now, but while it is a US company, we’re not only going to be catering for the North American and Canadian markets but central Europe, the UK and Scandinavia, which are all important markets for Mallorca. To begin with we’re focusing on the South West and the stretch from Valldemossa to Soller,” Alby explained.
“But as we grow, so will our footprint across the island,” he added.
Alby admitted that all the talk of restricting foreign investment has made the market slightly nervous in the Balearics, plus the new 90-day ruling has not helped either, but he is confident that these are hurdles The Agency can and will overcome, especially should any form of controls ever be introduced.
And John was quick to point out there are incentives such as the Golden Visa and the new nomad visa scheme which are generating a lot of fresh interest in Spain and Mallorca.
“I wish the nomad visa had been around when I invested in Spain,” John said. “It would have made life so much easier and it is going to be a big attraction for the foreign market and that will work in our favour,” he added.
But both John and Alby said that, as a result of the pandemic, the whole dynamics of the real estate sector and global business in general have changed.
“During lockdown, for example, while it may have taken a little while for me to have got my head around working remotely, conducting zoom meetings with partners and clients around the world became so much easier. In fact there was a very strong level of regular contact with everyone and that has become highly beneficial for us at The Agency,” John said.
“There has been no need for me to have been flying back and forth to the States to meet the The Agency, it was pretty much all conducted remotely and this has become a game changer,” Alby said. “Providing it is used professionally,” he added.
And The Agency, through Alby, has very high hopes for Mallorca.
“It’s the perfect location for people who may have two to three homes around the world to invest in. All of the global partners are in constant contact with one another and referring clients. With offices across the States in all major cities, in Canada, Mexico, the Dominican Republic, the Cayman Islands, the Bahamas and the Turks and Caicos Islands, for example, not to mention Portugal and Amsterdam and more European partners to come, our network is extremely extensive and that enables us to cover all of our clients’ needs. The world is a much smaller place today thanks to technology and transport.”
The Agency is an agent-first, tech-driven boutique luxury global brokerage representing clients worldwide in a broad spectrum of classes, including residential, new development, resort real estate, luxury leasing and vacation rentals. Breaking away from the traditional brokerage model, The Agency takes a collaborative approach to the business, fostering a culture of partnership in which all clients and listings are represented in a collaborative environment.
“On the one hand, Mallorca is a perfect leisure destination with golf courses, amazing beaches, coves, marinas, mountains, Palma and the airport all so close together and compared to distances people have to cover in other countries. Plus, people can nip around and explore the delights of mainland Spain by simply hopping on a short flight; and the same goes for professionals. They can be in any major European capital for business in a matter of a few hours while also enjoying some quality leisure time before returning to Mallorca,” Alby said.
“Also, having the direct flights from the States to Palma during the summer is a big plus,” he added. Alby knows Mallorca and the Balearics like the back of his hand. He has lived in Mallorca since he was four and is fluent in Castellano and Catalan. He has a wide range of experience with real estate throughout the island.
Known for his patience, calm demeanour, and thoughtful approach to the process, Alby is considered by The Agency as a very reliable guide for clients looking to invest, purchase or sell in Mallorca.
In his free time, Alby participates in endurance events for charity; he recently completed a 150 kilometre triathlon to help raise funds for Cancer Support Group Mallorca, so he has certainly got the stamina required to perform to the extremely high standards expected by The Agency and its clients.
“It’s about consistency and it’s a two-way stream between the clients and our partners,” John said.
“That is why the mindset is so important to us. We have a reputation to live up to while continuing to raise the bar in the global real estate market and we strongly believe that our new partner in Mallorca is going to help us do just that,” John added.
Mauricio has achieved nearly $4 billion in real estate sales and holds the distinction of selling the most homes in the country priced above $20M.
He has represented some of the world’s most noteworthy properties, including the Playboy Mansion, the first house in L.A. to sell above the $100M mark, Walt Disney Estate, and residences owned by Michael Jackson, Michael Jordan and Prince. Mauricio and The Agency also represent some of the world’s top developers and resort brands, including One&Only, Rosewood and The Ritz-Carlton.
“And we’re not in Mallorca for the simple sake of growth, that’s not what we’re about. When we make a commitment it’s for the long term and, as is the case with all of our offices, we will eventually have exclusivity over all of our properties,” John said.
“So, let’s make some noise.”