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InmoNaranja, a Granada-based company that very casually and unexpectedly got into the business of buying and selling islands, will soon become the first property franchise in Europe to offer private islands for sale throughout the world. Not long ago, the company posted a small island in the Pacific for sale and promoted it through internet-enabled cell phones. A few months later and thanks to a bout of good luck, the decision was made to change InmoNaranja's marketing strategy and launch it as a franchise operation in early 2007.
Gabriel Medina, owner of InmoNaranja, explains that the original plan was to launch the franchise in September of 2007, offering services such as the promotion of properties through mobile devices and the incorporation of other innovative ideas. But since he sold his first island he's become convinced that the island market constitutes a new and viable niche within the property market.
The requests InmoNaranja has received in the last few months from businesses interested in selling islands has motivated the reorganization of InmoNaranja's business plan, now centered on the novel concept of island sales. Medina points out that his company is innovative in other ways as well: "We're the first company to use color, odor and form in order to be recognized as a brand. Our offices are decorated in large part with orange and also scented with orange."
Another new concept Medina plans on introducing is a mobile office – a kiosk shaped like an orange – that can be transported easily from location to location. Besides the possibility of opening an InmoNaranja franchise, Medina plans on allowing other property franchises to engage in co-branding; using their original name and incorporating the InmoNaranja brand under the unique concept of island sales.
This option is the result of requests from several property agencies that are interested in selling islands but can't break their contracts with other franchises or don't want to change their brand identity. This way it will be possible to be a full franchisee or to only to use the InmoNaranja brand for the sale of islands. Both options are similarly priced: 35,000 and 20,000 euros respectively.
InmoNaranja is currently in negotiations to represent a number of island properties throughout the world. Among the companies they're negotiating with is one in Australia which is currently the agency of record for the most expensive island in the world, priced at 56 million euros.
Medina is confident that the establishment of his company as a franchise operation in the coming year will prove successful: "The great advantage to selling islands is the truly attractive commissions they can yield. An average island that sells for 3 million euros yields a commission of between 60,000 and 90,000 euros, and there are thousands of them on the market. In fact, In Dubai, in the United Arab Emirates, several hundreds of artificial islands have been constructed. It's a market that's on the rise."
