Sotheby's International Realty Achieves Nearly $90 Billion USD in U.S. Sales Volume Through Third Quarter of 2020
Domestic Business Surged More Than 61% in Q3 2020 versus Q3 2019
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."
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
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
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.
Sotheby's International Realty
SOURCE Sotheby's International Realty