Sotheby's International Realty® Reports Record-Breaking Sales in 2018
The numbers are in and Sotheby’s International Realty affiliates reported that in 2018, the affiliated brokers and sales associates achieved $112 billion in global sales volume, the highest performance recorded in the history of the brand. In addition to this achievement, there were 27 brokerages from around the world that reported over $1 billion USD in sales volume for the year, Realogics Sotheby’s International Realty included.
As Philip White, president and chief executive officer, Sotheby’s International Realty Affiliates LLC, said in a statement, “Experts predicted that 2018 would be a slow year for the global real estate market. Despite the forecast, our talented affiliated companies and their sales associates continued to perform at the top of their game to drive a year-over-year sales volume increase that is truly remarkable. We are going to keep the momentum going in 2019 and we will continue to empower the Sotheby’s International Realty network by offering innovative products, tools, and research to provide best-in-class service.”
The year 2018 signaled tremendous growth for the Sotheby’s International Realty network. At the end of the year, the network encompassed 990 offices in 72 countries and territories, and more than 22,500 sales associates worldwide.
Looking at data from within the United States, the brand reached over $100 billion USD in sales volume. That puts sales outside of the U.S. at $12 billion, thanks in part to the expansion in key global markets such as Menorca and Madrid, Spain; Sylt and Bern, Germany; Kitzbühel, Austria; Zurich, Switzerland; and Slovakia. The brand also sold the rights to the island country of Cyprus. In Asia, new offices were opened in Colombo, Sri Lanka; and Bangkok, Thailand, and agreements were signed to expand into Jakarta and Bali in Indonesia, and Ho Chi Minh City and Hanoi in Vietnam and the Maldives. The brand also saw growth in Mexico City, Mexico; the Metropolitan area of Puebla; Valle de Bravo and Malinalco in Estado de Mexico; and Cuernavaca and Tepoztlán in Morelos.
Innovative marketing initiatives throughout the year included the following:
Curate by Sotheby’s International Realty℠, the first virtual reality staging app ever released by a real estate company.
Design Vault, a cloud-based ad-builder tool for use by the affiliates.
A custom-publishing partnership with The Wall Street Journal / Barron’s Group to produce RESIDE®, a bespoke luxury lifestyle magazine.
An exclusive partnership series with Inman entitled “Leading in Luxury.”
“As much as it was revolutionary, 2018 was also an affirmative year for the brand, “ adds Kevin Thompson, chief marketing officer, Sotheby’s International Realty Affiliates LLC. “The Sotheby’s International Realty brand has always stood at the forefront of innovation in the industry, but we recognize that in order to maintain this standard, we need to continue to press forward. With the launch of new technology and tools, we continued that tradition, always aiming to provide industry-leading levels of service that sales associates affiliated with Sotheby’s International Realty around the world are known for.”
SIR.com also reported incredible growth in 2018, with the website undergoing over 30 million visits, a 13 percent increase from 2017. And the Sotheby’s International Realty® brand claimed 40 of the top 250 sales associates in the Individual Sales Volume category of the 2018 REAL Trends/The Wall Street Journal “The Thousand.” In addition, 12 teams affiliated with the Sotheby’s International Realty brand were recognized as being among the top 250 teams in the nation by sales volume. The annual report ranks America’s top 1,000 residential real estate agents and teams based on 2017 annual sales volume and transaction sides.
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Sotheby’s has been uniting collectors with world-class works of art since 1744, an unrivaled history of reinvention, imagination and market strength, which led to the creation of Sotheby's International Realty. Founded on the same commitment and a reflection of the exceptional service that characterized the Sotheby's Auction House for almost three centuries. The Sotheby's International Realty® brand has become known around the world for the distinctive properties it represents and uniting buyers and sellers of real estate with the highest levels of service.