Will the arrival of Century 21 be like the swallow heralding the return of spring to the property market?

Time will tell. But whatever the case, the group has big ambitions for the Luxembourg market: under the leadership of Elena Beiner--who has moved over from Re/Max, where she worked as a freelancer from 2020 until now--the aim is to open ten branches in order to establish itself as a leader in the residential property market.

Century 21 entered the Belgian market in 1994 and is only now coming to the grand duchy. “Luxembourg is a country with a flourishing economy, particularly at a European level, and its property market offers many challenges,” says company director Laurent Lejeune. “This is therefore a crucial step for Century 21 Benelux. Our arrival should undeniably mark the start of a new era for Luxembourg property. As established players, we are convinced that this market has many opportunities to offer, and we want to seize them with both hands. So the time is right for us to take this carefully considered step.”

Beiner has a degree in real estate economics and finance and is a certified luxury home marketing specialist. “I worked in commodities trading in the financial sector for 17 years in Switzerland,” she explains. “After being spotted by a headhunter, I joined another trading company in Luxembourg. Following the covid-19 pandemic, the company closed down. Having completed an executive master of business administration at IE Business School, where the entrepreneurial spirit is encouraged, I always had the desire to start a new page in my life. So I turned to the property sector, where I worked as a freelancer for three years in a franchise in Luxembourg. Despite these two unusual years in the Luxembourg property market, I achieved excellent results, ranking third in the network in which I was working. This year, I wanted to seize this opportunity and open the first Century 21 agency in Luxembourg.”

The advantages of a difficult market

Despite the depressed state of the market in Luxembourg, Beiner believes that now is the right time to get started. “Even when the property market is complicated, there are advantages to starting this business by opening the first Century 21 agency in Luxembourg,” she says. “The market is not at a standstill; it is in decline. However, that doesn’t mean that there aren’t opportunities to be seized. It’s important to note that, as it’s the first agency in the country, all the organisational aspects take time, whether in terms of marketing, IT, communications and so on. During this particular period, it allows us to focus not only on the business but also on the organisation. What’s more, it’s in a complicated market that customers are looking for the best services. The best time to offer our customers excellent service is precisely in a difficult market. Although the property market can be challenging, we are already seeing signs of recovery. By launching this business during a downturn, we’ll be well positioned to capitalise on that recovery when the economy picks up again.”

And to stand out from the many competitors still active in the market, Beiner is counting on Century 21’s “very good reputation” in Belgium. “In fact, we’ve been voted Brand of the Year by consumers two years running. Given that Luxembourg is a small country, it is important to have a solid presence and reputation in neighbouring countries, which has been the case in Belgium for 30 years with over 120 branches and in France since 1987 with over 960 branches.”

This article in Paperjam. It has been translated and edited for Delano.