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Sotheby’s International Realty achieves record sales in 2020

Sotheby’s International Realty reports sales growth of 32% and reaches record sales of $150 billion worldwide in 2020. The luxury real estate brand’s longstanding commitment to strategic growth and virtual technology helped the brand’s expert agents around the world to have a record year.

NEW YORK, NY (February 25, 2021) – Sotheby’s International Realty is pleased to announce that its brokers and sales professionals achieved a record $150 billion in global sales volume in 2020, representing nearly 32% year-over-year revenue growth .

This has been possible as the definition of the word ‘home’ has changed for consumers around the world. With a long-standing commitment to innovation, Sotheby’s International Realty® agents have been able to seamlessly help their clients navigate the changing market dynamics wrought by the global pandemic with existing technology offerings driving business momentum.

“Brokers associated with Sotheby’s International Realty have been quick to adapt to the impact of the global pandemic,” said Philip White, President and CEO of Sotheby’s International Realty. “Thanks to the innovations we introduced almost a decade ago, the impossible was made possible for our locations and agents. Their adaptability to confidently advise clients has further enhanced our position as a leader in luxury real estate.”

Years of dedication to virtual technology paved the way to success

Sotheby’s International Realty continued to be an industry leader and well positioned to meet consumer needs as the buying and selling process became more virtual. Sotheby’s International Realty sales force accelerated the use of the brand’s existing video, virtual reality and live streaming technology to produce new forms of content to engage buyers and set a new standard for marketing luxury real estate. Currently, buyers can visit more than 6,000 properties via virtual reality or video on sothebysrealty.com. The real estate videos have also proved very popular on social media – the brand’s YouTube channel has racked up 43 million views, or the equivalent of over a million viewing hours.
München Sotheby's Realty - Rekordumsatz im Jahr 2020

“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 offers in the best possible way and to provide an excellent customer experience – however buyers prefer to search for their new home. Virtual technology has been at the forefront of our marketing strategy for a number of years and is as natural to us as our commitment to quality service.”

 
The brand also unveiled its new website, sothebysrealty.com, available in 14 languages and nearly 60 currency conversions, to continue to serve its growing international clientele and drive referrals worldwide.
The site drew significant traffic with 37 million visits in 2020. The property videos produced by Sotheby’s International Realty were particularly popular on the site, with almost 13 million plays in 2020 and a total of more than 90,000 hours of viewing.

A year of strategic growth and record results

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 around the world, bringing the total brand presence to nearly 1,000 offices in 75 countries with approximately 24,000 independent sales representatives worldwide.

The brand’s existing affiliates around the world continued to grow in 2020. Sotheby’s International Realty increased its total US presence to 45 states. Sotheby’s International Realty facilitated subsidiary expansions through 12 domestic M&A deals including California, Colorado, Florida, Massachusetts and Washington.

The brand also continued to expand internationally in key markets, opening offices in seven new territories. In Europe, the brand expanded into Ukraine, Romania, Montenegro and Germany. In Asia Pacific, the brand opened its first office in South Korea and expanded in the Caribbean and Latin America 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 locations around the globe, so our customers know they can rely on our local market expertise no matter where they want to buy or sell.”

As affluent individuals searched for second homes in markets around the world, agents at Sotheby’s International Realty acted as global real estate advisors and brokerage volume grew 42% to $2.9 billion in completed sales.

München Sotheby's Realty - Rekordumsatz in 2020

“Our 2020 results prove what is possible when you focus on quality above all else. We continue to be proud to be the real estate brand of choice for so many luxury real estate professionals and affluent clients. We will continue to work tirelessly to prove that their trust in us is well invested,” said White.

Sotheby's International Realty

Sotheby’s International Realty was founded in 1976 as a real estate service provider for the demanding customers of the auction house Sotheby’s. Today, the firm’s global footprint includes nearly 1,000 offices in 75 countries worldwide, including 45 proprietary brokerage offices in major metropolitan and resort areas. In February 2004, Realogy entered into a long-term strategic alliance with the auction house Sotheby’s. The agreement provides for the licensing of the Sotheby’s International Realty name and the development of a franchise system. The franchise system consists of a branch network in which each office is managed independently. Sotheby’s International Realty supports its subsidiaries and agents with a variety of operational, marketing, recruitment and business development resources. The partners and brokers also benefit from the association with the venerable auction house Sotheby’s, founded in 1744.

For more information, see:

sothebysrealty.com
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