The luxury brokerage now has an ownership stake and a seat on the board of directors of the exclusive real estate network.
Luxury real estate brokerage Hawai’i Life has joined exclusive luxury real estate network Forbes Global Properties as a founding member, the company announced Monday.
Forbes Global Properties launched in December as a “curated consumer marketplace that connects discerning buyers directly to the world’s finest homes and the elite agents that represent them,” the company told Inman via email at the time.
The site targets luxury properties over $2 million, though that figure varies some based on location, and about half of the “thousands” of listings on the site are international, the company said. Founder Jeff Hyland of brokerage Hilton & Hyland described the site as akin to Zillow for the uber-rich in an interview with the Los Angeles Times.
Brokerages are admitted to the Forbes Global Properties membership network by invitation only and the size of the network will be capped at an estimated 100 brokerages. Each member gets exclusive rights to use the Forbes Global Properties brand in their market.
“We typically seek firms that specialize in luxury sales, have stellar reputations in their markets, and are one of the top firms by sales volume,” FGP CEO Alex Lange told Inman in December. “We additionally consider ownership dynamics and how a firm might dovetail into our exclusive network. In short, the selection process is bespoke.”
Lange said Forbes Global Properties was owned primarily by “a handful of brokerages worldwide” as well as Forbes, but declined to name the brokerages.
“Our initial sources of revenue are dues from our members and listing fees from agents in nonmember locations to advertise and showcase their distinguished properties,” Lange said.
“As the exclusive worldwide real estate partner of Forbes, we license the brand from Forbes and offer branding and marketing services to our members. Members are permitted to use the Forbes Global Properties brand in their local markets and benefit from exclusive access to our advertising and marketing services. Over time, we will introduce additional revenue sources derived from the qualified traffic we expect the site to achieve.”
Hanalei-based Hawai’i Life has 333 agents in 18 offices and closed more than $2.17 billion in sales in 2020, according to a press release. Hawai’i Life ranked as the 184th largest brokerage in the U.S. last year based on $1.49 billion in sales volume in 2019, according to Real Trends.
“No one can match Hawai’i Life’s reach and exposure,” Hyland said in a statement. “They are a class act with the best management in the business. There was no need to contact anyone else in the state.”
Hawai’i Life is FGP’s exclusive brokerage member in Hawaii, now has an ownership stake in the network, and its CEO, Matt Beall, now has a seat on the network’s board of directors.
“Hawai’i Life will leverage Forbes’ worldwide reach and audience of more than 100 million monthly visitors to provide an additional platform for the company to introduce more discerning buyers, sellers, and real estate aficionados to its luxury listings around the state,” the brokerage said.