NEW YORK, Nov. 10, 2020 /PRNewswire/ -- Sotheby's
International Realty is pleased to announce that its
affiliated brokers and sales professionals achieved nearly
$90 billion USD in U.S. sales
volume during the first nine months of 2020, ending September 30th. The news comes during a year when
many homebuyers and sellers evaluated their housing needs as a
result of COVID-19. In fact, approximately half of buyers and
sellers noted that relying on real estate professionals during the
current pandemic is more important than ever, according to the
National Association of Realtors®.
"The past several months presented a challenging and unique
shift for not only the world, but the real estate industry," said
Philip White, president and chief
executive officer for Sotheby's International Realty. "As a result
of the pandemic, the lives of our clients evolved. Many discovered
they were transitioning to a fully remote workforce or, while
sheltering in place, realized that they needed extra space for
remote learning. I'm proud to say that Sotheby's International
Realty was there to support its clients during this life-changing
time and that our network of talented professionals rose to the
challenge to ensure clients received informed guidance when
navigating the market and were well-advised on innovative tools to
promote their homes during the pandemic."
Business Updates:
Despite market challenges, the brand anticipated and met the
shift in client home buying and selling needs achieving nearly
$90 billion USD in total U.S. sales
volume through Q3 2020.
Most notably, the brand achieved:
- 61.8% increase in U.S. closed volume sales in Q3 2020, compared
to Q3 2019
- 106% increase in U.S. closed volume sales in the $2.5M - $10M USD
range in Q3 2020, compared to Q3 2019
Continued Growth
Sotheby's International Realty is uniquely positioned as the
preeminent global luxury real estate brand. The brand's vast
network and recognition enabled its continued expansion and
qualitative growth throughout 2020, which further supported the
needs of its clients in these markets.
- Strong international expansion in Germany, Dubai, Montenegro, Romania, and Ukraine
- Facilitated affiliate expansions through approximately 12
domestic transactions, including California, Colorado, Florida, Massachusetts, and Washington
Innovation
Sotheby's International Realty recognized the importance of
technology early on and pioneered the use of high-resolution
photos, videos, virtual, and mixed reality for its listings a
decade ago. In 2020, the brand was poised to deliver on virtually
marketing properties and worked to ensure agents were well-prepared
to adjust to the changing real estate landscape and client
needs.
- Launched a new website available in 15 languages and nearly 60
currency conversions to continue serving the brand's growing
international clientele and to fuel referrals worldwide
- Leveraged existing virtual technology tools to continue to
showcase properties and stage homes virtually, during a time many
were sheltering in place
- Hosted webinars to educate agents on hosting virtual open house
events and 3D virtual reality home tours
"Our clients trust that Sotheby's International Realty will be
there to support their needs and provide high-quality service
despite any market condition," said White. "I continue to be
inspired by the strength, resilience, and success of our network
and look forward to closing out the year on a positive note."
Sotheby's International Realty
Sotheby's International Realty was founded in 1976 as a real
estate service for discerning clients of Sotheby's auction house.
Today, the company's global footprint spans approximately 1,000
offices located in 72 countries and territories worldwide,
including 45 company-owned brokerage offices in key metropolitan
and resort markets. In February 2004,
Realogy entered a long-term strategic alliance with Sotheby's, the
operator of the auction house. The agreement provided for the
licensing of the Sotheby's International Realty name and the
development of a franchise system. The franchise system is
comprised of an affiliate network, where each office is
independently owned and operated. Sotheby's International Realty
supports its affiliates and agents with a host of operational,
marketing, recruiting, educational and business development
resources. Affiliates and agents also benefit from an association
with the venerable Sotheby's auction house, established in 1744.
For more information, visit www.sothebysrealty.com.
The affiliate network is operated by Sotheby's International
Realty Affiliates LLC, and the company owned brokerages are
operated by Sotheby's International Realty, Inc. Both
entities are subsidiaries of Realogy Holdings Corp. (NYSE: RLGY) a
global leader in real estate franchising and provider of real
estate brokerage, relocation and settlement services. Both
Sotheby's International Realty Affiliates LLC and Sotheby's
International Realty, Inc. fully support the principles of the Fair
Housing Act and the Equal Opportunity Act.
CONTACT
Melissa
Couch
PR Manager
Sotheby's International Realty
973-407-6142
melissa.couch@sothebysrealty.com
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SOURCE Sotheby's International Realty