Despite the arrival in recent years of digital assets and the ever-growing range of intangible assets like software and intellectual property, bricks and mortar continue to account for a large proportion of modern wealth. According to a 2021 report by the McKinsey Global Institute, two-thirds of net worth is stored in real estate and land, with the value of residential real estate amounting to 46 percent of global net worth in 2020.

Peggy Robillard joined Kuoni Mueller & Partner (KM&P), a Julius Baer subsidiary in Switzerland, in March as a specialist in residential property brokerage in the French-speaking region around Geneva. She advises and acts as an intermediary for high-net-worth clients, often from international backgrounds, who are seeking to buy or sell property for use as their primary or secondary residence.

What does her day-to-day routine involve? “Every day is different,” she says. “Sometimes I’m at my desk, liaising with lawyers and notaries, drafting brokerage contracts, studying sales documents, or organising property transfers. Other times I’m on-site at the properties, holding viewings, organising photography, meeting buyers and sellers. I’m constantly on the move!”

A career built around relationships
Peggy grew up in a family where real estate was at the heart of every discussion: “My family has a long history in real estate. Topics like architecture, design, renovation and construction often came up around the dinner table,” she explains. As a child, she dreamt of becoming a judge or a lawyer. So Peggy went on to study private law and property law, and became a notary after graduating. After working for a few years in a large notary’s office in Paris and spending a lot of time behind her desk, however, she realised that something was missing. “I’m a people person at heart. My friends describe me as open and spontaneous – the one who cares for them and makes them laugh – so I realised I needed a job that was more in line with my personality.”

She received an attractive offer to join a leading luxury property company in the French capital, but says it took a lot of soul-searching to make the move. “You don’t need to be a legal expert to become a good real estate broker so, I thought then that I was leaving behind what I’d studied for. With hindsight, I now know that my university education in law remains a great asset in the practice of my profession.”

Nevertheless, she describes the move as one of the best decisions of her life. “Brokerage is a relationship-based profession,” she says. “You need to listen carefully to your clients, often intuiting what they want by forming a picture of them as individuals and reading between the lines. I’m a people person with a lot of curiosity and sensitivity towards others, so this career was a much better fit.”

She derives great personal satisfaction from helping clients with what, for most of them, is one of the most significant investments they’ll ever make. “I meet fascinating people every day and I enjoy helping them to realise their dreams by finding the perfect property. There’s a lot of worry involved in buying a property, because of the high emotional and financial stakes, so I enjoy guiding them towards a successful transaction with as little stress as possible.”

New country calls for new criteria
The importance of relationships also extends to building professional networks with other brokers. “The art of matching buyers with sellers is also about knowing the right people and asking around. It’s important to build a network and keep your ear to the ground so you have as much information as possible about what properties are available on the market.”

Clients tend to present real estate brokers with a set list of criteria. “They want a house with four bedrooms, a view of the lake, a garden, two bathrooms and a garage for their cars.” In the case of international relocations, however, she says being too fixed in your ideas can be a mistake, as the ‘right’ property investment also depends on the location.

She cites the example of a family moving to Geneva from London: “Perhaps they’re city dwellers who’ve come from a spacious and luxurious apartment in central London and they’re looking for a similar property and central location here. In a city like Geneva, those types of property are less common. It’s more typical for families who can afford to buy a villa outside the centre, perhaps in a quiet neighbourhood near the lake. So, I try to explain to my clients not simply to transfer the criteria from their previous home to their new surroundings.”

Locality determines market dynamics
Peggy and her husband underwent their own international relocation five years ago when they and their two children moved from Paris to Geneva. What differences has she experienced between the property markets in France and Switzerland? “In Geneva, as in most parts of Switzerland, you need Swiss nationality or a residence permit and a relatively high deposit (minimum 20%) to purchase a property. The Paris market is more open – almost anybody can buy there – so it’s faster paced. If you like a property, you need to pick up the phone and make an offer instantly.”

How does she see the pace of the property market in a broader, international context? “The global market grew steadily for most of the past decade and reached record levels during the Covid pandemic. Since then, a combination of inflation, tighter credit conditions, the energy restrictions and the risk of a global recession have calmed the market.”

She emphasises that each country and city experiences its own local dynamics – which is why you should always rely on the insights of a local specialist. “In Geneva, for example, the residential property market has been resilient since the start of the year, with prices still rising. We haven’t experienced the downward trend evident in other parts of the world.”

Peggy is confident that investing in property will always remain an attractive proposition. “Despite all the new forms of digital investments, investors continue to be attracted by bricks and mortar. It offers a concrete, tangible safe haven. Investors see it as a relatively balanced, profitable and low-risk investment.”