Sotheby’s International Realty Sees 32% Sales Growth & Achieves Record $150 Billion in Global Sales Volume as 2020 Redefined Home
5th March 2021
Sotheby’s International Realty is pleased to announce that we achieved a record US$150 billion in 2020 global sales volume which marks an increase in year over year sales growth of nearly 32% as the definition of ‘home’ changed for consumers across the globe.
Our longstanding commitment to innovation, ensured that Sotheby’s International Realty® agents were able to seamlessly assist our clients navigate the everchanging market dynamics that occurred due to the Covid-19 pandemic by utilising our existing technology offerings like our inhouse referral network and virtual reality property walk through’s 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 real estate industry and was well-positioned to meet the needs of consumers as the buying and selling process became increasingly virtual with social distancing restrictions being introduced in countries worldwide. Sotheby’s International Realty agents accelerated the use of the brand’s existing video, virtual reality, and live-streaming technology producing new mediums of content that served to engage buyers whilst setting a new standard of luxury property marketing.
To date buyers can safely tour more than 6,000 properties via virtual reality or video on sothebysrealty.com from the comfort of their own home. These expertly put together property walk through videos were also very well received on social media where the brand’s YouTube channel received 43 million views.
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.”
The brand also unveiled a new website, sothebysrealty.com, where you can search for your new home. The website can be viewed in 14 languages and features nearly 60 currency conversions, to continue serving its growing international clientele and fuel referrals worldwide. The website achieved a notable amount of traffic with 37 million visits in 2020. Property videos on the site produced by Sotheby’s International Realty agents were especially popular and were played nearly 13 million times in 2020, totalling more than 90,000 hours watched.
A Year of Strategic Growth and Record Achievement
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 globe, 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. With the brand increasing its total domestic presence to 45 states in the United States of America. Sotheby’s International Realty facilitated affiliate expansions through 12 domestic M&A transactions, including Washington, Florida, California, Massachusetts and Colorado. ,.
The brand also continued to expand internationally in key markets and opened offices in seven new territories. In Europe, the brand expanded to Germany, Romania, Ukraine & Montenegro. 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 Antigua & Barbuda and Paraguay.
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. The 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.
Share this Article