Sotheby’s International Realty Sees 32% Sales Growth, Achieving $150 Billion In Global Sales Volume In 2020
Originally published on February 25, 2021 | Extraordinary Living Blog
Sotheby’s International Realty is pleased to announce that its affiliated brokers and independent sales professionals achieved a record US$150 billion in 2020 global sales volume, a nearly 32% increase in sales growth year over year, as the definition of home changed for consumers around the world. Due to a longstanding commitment to innovation, Sotheby's International Realty® agents were able to seamlessly help clients navigate the changing market dynamics brought on by the global pandemic with existing technology offerings which propelled business momentum.
"Agents affiliated with Sotheby’s International Realty quickly pivoted to address the impact of the global pandemic," said Philip White, president and CEO of Sotheby's International Realty. "Thanks to innovations we pioneered nearly a decade ago, our affiliated companies and agents made the impossible possible. Their adaptability to serve clients safely further extended our position as a leader in luxury real estate."
Long-Standing Commitment to Virtual Technology Paved Way for Success
Sotheby's International Realty continued to lead the industry and was well-positioned to meet the needs of consumers as the buying and selling process became increasingly virtual. Sotheby's International Realty agents accelerated the use of the brand's existing video, virtual reality, and live-streaming technology to produce new forms of content that engaged buyers and set a new standard for marketing luxury properties. Currently, buyers can safely tour more than 6,000 properties via virtual reality or video on sothebysrealty.com. Property videos also proved engaging on social media where the brand's YouTube channel delivered 43 million views, or the equivalent of more than one million hours watched.
"As a leader in the luxury real estate industry, Sotheby’s International Realty is able to anticipate trends," said Chief Marketing Officer, Bradley Nelson. "Our priority remains to present listings in the best possible manner and to provide a superb end-user experience however buyers prefer to search for their new home. Virtual technology has been at the forefront of our marketing strategy for several years and comes as naturally to us as our commitment to high quality service."
A Year of Strategic Growth and Record Achievements
Despite travel restrictions, Sotheby's International Realty remained committed to expanding its global footprint and achieving strategic growth. In 2020, the brand opened more than 50 new offices across the world, bringing the brand’s total presence to nearly 1,000 offices in 75 countries and territories with approximately 24,000 independent sales associates worldwide.
The brand's existing affiliated companies around the world continued to grow in 2020. Sotheby's International Realty increased its total domestic presence to 45 states around the country. Sotheby's International Realty facilitated affiliate expansions through 12 domestic M&A transactions, including California, Colorado, Florida, Massachusetts, and Washington.
The brand also continued to expand internationally in key markets and opened offices in seven new territories. In Europe, the brand expanded to Ukraine, Romania, Montenegro, and in Germany. In the Asia-Pacific region, the brand opened its first office in South Korea and expanded in the Caribbean and Latin American region with two new offices in Paraguay and Antigua & Barbuda.
"Our international footprint is one of our greatest competitive advantages," said Tammy Fahmi, vice president, global operations and international servicing. "Our brand's locations are in the most desirable places around the globe, so our clients know they can rely on our local market expertise wherever they are looking to buy or sell."
As affluent individuals looked to acquire secondary homes in markets around the world, Sotheby's International Realty agents acted as true global real estate advisors and referral volume surged by 42% to US$2.9 billion in closed sales volume.
"Our 2020 results prove what is possible when you focus on quality above all else. We remain proud to be the real estate brand of choice for so many luxury real estate experts and affluent clients. We will continue to work tirelessly to prove their trust has been well placed," concluded White.