Off-market experiences and what principals really want with Myria Co-Founder & CEO Rey Flemings
Mar 14, 2023
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Rey Flemings, Co-Founder & CEO of Myria, discusses what principals really want: unique experiences, home ambiance, and exclusive experiences. Kindness is a core value for Myria, and recognizing respectful principals is crucial. They also talk about surprising challenges in the luxury service industry, changing trends in luxury consumption, and the importance of philanthropy and reputation in the private service profession.
Unique off-market experiences are highly valued by principals who seek exclusivity and to feel special in a world of commoditized luxury.
Kindness is a core value in private service, fostering good relationships and maintaining trust between professionals and principals.
Deep dives
The Value of Off-Market Experiences
The podcast episode discusses the importance of off-market experiences. These are experiences that cannot be easily found or accessed through a simple internet search. The speaker emphasizes that people are looking for unique experiences that make them feel special and different from others. These experiences go beyond conspicuous consumption and commoditized luxury. The speaker highlights that the wealthiest individuals, who make up a tiny portion of the global population, are spending a significant amount of their wealth on exclusive and personalized experiences. The trend towards experiential philanthropy, human connection, and less material possessions is also mentioned.
Building a Strong Network for Private Service Professionals
The podcast episode explores the importance of building a solid network for private service professionals. The speaker advises joining professional organizations and attending industry events to connect with like-minded individuals and expand one's network. They recommend leveraging personal relationships and super connectors to access resources and fulfill the unique requests of clients. Building trust through references and being willing to be referenced oneself is also highlighted as crucial in the hiring process. The speaker emphasizes that a good fit between the professional and the principal is essential for a successful and long-term partnership.
Creating Memorable Experiences for Principles
The podcast episode discusses the mindset and approach required to create exceptional experiences for principles in private service. The speaker emphasizes that human beings want to feel special and that providing experiences that others can't have is key. It is noted that the internet has commoditized many aspects of luxury and that individuals with significant wealth are seeking experiences that go beyond the ordinary. The focus is on providing off-market access and delivering unique experiences tailored to the interests and passions of the principles. This includes arts, sports, education, philanthropy, and other areas of personal significance.
Kindness as a Core Value in Private Service
The podcast episode highlights the importance of kindness as a core value in private service. The speaker explains that service can be challenging, and mistakes and unforeseen circumstances can arise. However, it is crucial to treat others with respect, own mistakes, and learn from them. Kindness is seen as a key attribute that makes the world a better place, and it is essential for maintaining good relationships between private service professionals and principles. The speaker emphasizes the significance of being referenced and providing references during the hiring process to ensure mutual trust and a positive working environment.
In his decades long private service career, Rey Flemings has learned that principals want unique experiences no one else can find.
He started out working in family offices, then built the off-market concierge services firm, The Blue. Now, he's the Co-Founder and CEO of Myria, a private marketplace that offers goods, services and experiences you can’t Google.
This week on the Easemakers Podcast, Rey shares what he's learned about what principals really want — from how they want their home to feel to the exclusive experiences that make them feel special. Plus, he shares why kindness is a core value for Myria, and how private service professionals can recognize kind, respectful principals who deserve their support.
Subscribe to the Easemakers Podcast to hear from more experts in the private service industry, and join the Easemakers community to talk to other estate managers and PSPs on a regular basis. Enjoying the Easemakers Podcast? Leave us a rating and a review telling us about your favorite episodes and what you want to learn next!
The Easemakers Podcast is presented by Nines, modern household management software and services built for private service professionals and the households the support.
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