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Sotheby's International Realty

Sotheby’s International Realty Sees 32% Sales Growth, Achieving $150 Billion In Global Sales Volume In 2020

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.”

The brand also unveiled a new website, sothebysrealty.com, available in 14 languages and nearly 60 currency conversions, to continue serving its growing international clientele and fuel referrals worldwide. The website achieved a notable amount of traffic for the brand with 37 million visits in 2020. Property videos on the site produced by Sotheby’s International Realty agents were especially popular and played nearly 13 million times in 2020, totaling more than 90,000 hours watched.

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.

February 25, 2021 by
Damianos Realty

Sotheby’s International Realty Brand Opens First Office in Paraguay

New York, NY (Dec. 9, 2020) – Sotheby’s International Realty announced that Raices Real Estate Group in Paraguay is the newest member of its global network and will now operate as Paraguay Sotheby’s International Realty. This addition marks the brand´s first affiliated office in the country and its continued strategic growth in Latin America, bringing its office count in the region to 26 in total.

Paraguay Sotheby’s International Realty is a family-owned and operated company managed by Ernesto, Aníbal, Jorge, and Yolanda Figueredo Coronel, who bring a combined more than 20 years of experience in the real estate industry in Paraguay and Latin America. The company is actively involved in the development of real estate projects and the growing interest for primary and vacation homes.

“The modern real estate market in Paraguay continues to grow,” said Philip White, president and chief executive officer, Sotheby’s International Realty. “The region is considered a central hub for South America with a number of connecting flights from major capitals, and we are seeing increased demand in the residential market as buyers seek high-end listings or vacation homes. The Figueredo Coronel family and their team have a great knowledge at the local and regional level, and we are proud to welcome them as a new affiliate.”

“Aligning our company with Sotheby’s International Realty enables us to provide an added level of international exposure to our different projects,” said Ernesto Figueredo. “Our company culture is built on innovation, high quality service, professionalism, technology, and excellence. It was important that we affiliate with a brand that values these same principles and one that actively works to highlight a property to tell its story, capturing the attention of prospective clients on both a local and international level.”

Paraguay Sotheby´s International Realty is located in Asunción. Paraguay Sotheby’s International Realty will serve the luxury and residential markets of Paraguay, such as Asunción and Gran Asunción, San Bernardino, Ciudad del Este, Encarnación and Pedro Juan Caballero, with 15 agents.

The Sotheby’s International Realty® network currently has more than 23,000 affiliated independent sales associates located in approximately 1,000 offices in 72 countries and territories worldwide. Paraguay Sotheby’s International Realty listings are marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and clients will benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs. Each office is independently owned and operated.

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 into 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.
December 10, 2020 by
Damianos Sotheby's International Realty, Sotheby's International Realty

4 Skills You’ll Need to Sell in the Post-Pandemic World

Written by Philip White | First appeared on Magazine.Realtor

As any real estate professional knows, change is the only constant in this industry. With major shifts impacting how today’s agents do business, the best way to stay on top is to keep up. The biggest catalyst for change in the last few years has arguably been technology. We’ve seen its potential especially during the COVID-19 pandemic: In many cases, home buyers and sellers have had to rely on digital solutions for the different stages in a transaction. Agents are responding with virtual home tours, video calls, 3D floor plans, and other digital touchpoints that allow clients to view a home without interacting physically with the space. Before the pandemic, technology was a helpful tool; now, it’s a necessity.

This higher demand for safety and convenience—and the resulting wave of technologies that streamline processes—has changed the role of agents, too. Because consumers have more tools available to ease the homebuying process, agents are no longer the gatekeepers they once were. Now, agents are trusted resources for information and advice that consumers can’t find in a quick Google search. Real estate is a high-value transaction, and though the human element will never disappear, it’s increasingly necessary for agents to deliver stellar service that consumers can’t get from an app.

How You Can Adapt to the Times

As global health events impact how agents use technology, flexibility is key for your business to flourish. The following steps can help you build your resilience and innovate for the future.

  1. Do your research. This tip isn’t new, but your approach should be. As a trusted advisor, you’re the best resource for answers clients can’t get from Google. Know what information is easiest for clients to find online, but make sure to have ideas on hand for questions you’re better suited to answer. Research also will be important in deciding how you’ll share that information and provide more value for your clients. When it comes to technology and the many innovative ways you can streamline processes, remember that not every new app or program will improve your service. Technology is less about the shiny new app and more about making what you already have more effective. For example, my company created an augmented reality tool to address an existing pain point: Clients couldn’t visualize empty or outdated spaces. Now they can adjust a space—or see a design concept—without needing to touch any of the room’s existing furnishings. Don’t invest in new solutions without taking stock. Talk to your clients about what they need, and study the tools that will resonate with your market. This vetted approach is particularly important for smaller brokerages that lack financial resources.
  2. Adapt your visuals. One of the biggest changes across the real estate industry in recent months has been the rise in virtual home tours and open house events hosted online. Virtual content production has been, in many cases, the only way to showcase homes, and the increased focus on visuals—from video and virtual reality to livestream open houses—is working. Case in point: While my company began featuring virtual reality technology on its website in early 2016, consumers today are searching on Google for virtual reality tours like never before. We are seeing similar surges with video content, as evidenced by a 101% increase in video viewership on our website and a 137% increase in viewership on our YouTube channel. While much of the rise of visual consumption can be attributed to social distancing restrictions, it’s also an indicator of what’s ahead: Buyers are searching in new ways, and real estate firms should be ready to respond with compelling video content.
  3. Build your sphere of influence. Offering authentic human connections is a critical way to stand out, so the importance of a healthy sphere of influence can’t be overstated in today’s real estate landscape. Build a solid network, and get involved with the community you serve. While events may be on hold, offer to host webinars or support other online initiatives, and get on the phone to connect with other businesses that can help extend your reach. If a new business moves into your city, for example, reach out and offer to help with rehousing employees. This will solidify your value as a helpful resource—the kind that simply can’t be found online.
  4. Understand the emotional side of the business. The residential property market is nothing like its commercial counterpart. Businesses make calculated investments based on numbers, but when you buy and sell homes, it’s about much more than numbers. An older couple might have raised their family in the home they’re selling, and a younger couple might be looking for just the right home to do the same. Whatever the situation, there are emotions involved, and empathizing with your clients is the best way to make sure you keep pace with them and build trust instead of rushing transactions. When clients reach out to ask for your thoughts, you’ll be able to provide guidance in line with their current circumstances. That kind of service solidifies relationships and engenders repeat business.

Creativity, empathy, and flexibility will allow today’s agents to navigate a changing real estate landscape. By anticipating how recent events and trends will shape the future, you can remain a trusted and valuable resource for your clients.

Philip White

Philip White is president and CEO of Sotheby’s International Realty Affiliates LLC, where he drives the network’s strategic growth as a leading provider of luxury residential real estate services.

September 10, 2020 by
Damianos Sotheby's International Realty, Sotheby's International Realty

Sotheby’s Announces Definitive Agreement to be Acquired by Patrick Drahi

 

Sotheby’s (NYSE: BID) yesterday announced that it has signed a definitive merger agreement to be acquired by BidFair USA, an entity wholly owned by media and telecom entrepreneur as well as art collector, Patrick Drahi. Under the terms of the agreement, which was approved by Sotheby’s Board of Directors, shareholders, including employee shareholders, will receive $57.00 in cash per share of Sotheby’s common stock in a transaction with an enterprise value of $3.7 billion. The offer price represents a premium of 61% to Sotheby’s closing price on June 14, 2019, and a 56.3% premium to the company’s 30 trading-day volume weighted average share price. The transaction would result in Sotheby’s returning to private ownership after 31 years as a public company traded on the New York Stock Exchange.

As Sotheby’s and Sotheby’s International Realty are under separate ownership, Sotheby’s International Realty is not impacted by this transaction. Sotheby’s Holdings, the owner of the auction house, sold its real estate brokerage firm and the brand’s licensing rights to what is now Realogy in 2004. Sotheby’s International Realty Affiliates LLC remains a wholly owned subsidiary of Realogy Holdings Corp.

Sotheby’s International Realty enjoys an extraordinary partnership with the auction house – including client referrals, worldwide event sponsorships, a realty desk in Sotheby’s global headquarters and advertising opportunities in Sotheby’s print and electronic communications. There are no expected changes to these programs, and Sotheby’s International Realty looks forward to collaborating with Sotheby’s management moving forward under their new ownership.

Tad Smith, Sotheby’s CEO, said, “Patrick Drahi is one of the most well-regarded entrepreneurs in the world, and on behalf of everyone at Sotheby’s, I want to welcome him to the family. Known for his commitment to innovation and ingenuity, Patrick founded and leads some of the most successful telecommunications, media and digital companies in the world. He has a long-term view and shares our brand vision for great client service and employing innovation to enhance the value of the company for clients and employees. This acquisition will provide Sotheby’s with the opportunity to accelerate the successful program of growth initiatives of the past several years in a more flexible private environment. It positions us very well for our future and I strongly believe that the company will be in excellent hands for decades to come with Patrick as our owner.”

Domenico De Sole, Chairman of Sotheby’s Board of Directors, said, “Following a comprehensive review, the Board enthusiastically supports Mr. Drahi’s offer, which delivers a significant premium to market for our shareholders. After more than 30 years as a public company, the time is right for Sotheby’s to return to private ownership to continue on a path of growth and success.” 2 “I am honored that the Board of Sotheby’s has decided to recommend my offer,” commented Patrick Drahi. “Sotheby’s is one of the most elegant and aspirational brands in the world. As a longtime client and lifetime admirer of the company, I am acquiring Sotheby’s together with my family. We thank Domenico and the rest of the Sotheby’s Board for its support and look forward to getting started with Tad and the wonderful members of his team to define our future.”

The closing of the deal is subject to customary conditions, including regulatory clearance and shareholder approvals, but is not subject to the availability of financing. The transaction is expected to close in the fourth quarter of 2019 following shareholder approval.

LionTree Advisors is serving as financial advisor to Sotheby’s in connection with the transaction, and Sullivan & Cromwell LLP is serving as the company’s legal counsel. BNP Paribas and Morgan Stanley are acting as financial advisors to BidFair, BNP Paribas acted as sole financing provider, and Hughes Hubbard & Reed LLP and Ropes & Gray International LLP are serving as its legal advisors.

For further information regarding all terms and conditions contained in the definitive merger agreement, please see the Company’s Form 8-K, which was filed today in connection with this transaction.

Download Press Release from the Office of Patrick Drahi

 

About Patrick Drahi

Patrick Drahi, 55 years old, is a global entrepreneur with telecommunications, media and digital properties across the globe.

Mr. Drahi founded Altice in 2001 in Europe, and over the course of nearly 20 years, he has built and acquired telecommunications systems across the world, turning Altice into a multinational broadband, telecommunications, media, digital and advertising company.

Today, Altice Europe is listed on Euronext Amsterdam (ATC & ATCB) and comprises operations notably in France, Portugal, Israel and the Caribbean, serving 30 million customers. Altice USA, which is listed on the NYSE (ATUS) is one of the largest broadband and video services providers in the U.S., serving approximately 5 million customers across 21 states, including New York, New Jersey and Texas.

Mr. Drahi began his professional career with the Philips Group in 1988 where he was in charge of international marketing in the cable and satellite division. Then in 1991, he joined the US/Scandinavian group Kinnevik-Millisat, where he was in charge of the development of private cable networks in Spain and France, and was involved in the launch of commercial TV stations in Eastern Europe.

In 1993, Mr. Drahi founded CMA, a consulting firm specialized in telecommunications and media, which was awarded a mandate from BCTV for the implementation of Beijing’s full service cable network. Not long after, he founded two cable companies in France, Sud Câble Services (1994) and Médiaréseaux (1995). When Médiaréseaux was taken over by UPC (which then became Liberty Global) at the end of 1999, Mr. Drahi led its activities for southern Europe before deciding to create Altice in 2001.

Mr. Drahi is a philanthropist in the fields of education, sciences, culture and the arts.

Mr. Drahi is a graduate of France’s Ecole Polytechnique, and of Ecole Nationale Supérieure de Télécommunications, where he earned a post-graduate degree in optics and electronics.

 

About Damianos Sotheby’s International Realty

 Damianos Sotheby’s International Realty has 10 offices located throughout the islands of the Bahamas, providing unsurpassed market knowledge of Abaco, Eleuthera, Harbour Island, Exuma, Nassau, Paradise Island, Ocean Club Estates, Lyford Cay, Old Fort Bay, Albany and Private Islands. Head office 75 Shirley Street, Nassau. For additional information, please contact 242-322-2305 or info @SIRbahamas.com. 

 

About Sotheby’s International Realty

The Sotheby’s International Realty network currently has approximately 22,500 affiliated independent sales associates located in over 990 offices in 72 countries and territories worldwide.  Each office is independently owned and operated.

June 18, 2019 by
Damianos Realty

Things to Do in The Bahamas

Things to Do in The Bahamas. With more than 700 islands and cays to explore, The Bahamas offers something for everyone. Whether it’s culture, deep sea fishing at resorts like Deep Water Cay in Grand Bahama (pictured above), water sports  or unique dining experiences, the options for things to do in The Bahamas are limitless.

Known for its crystal clear turquoise waters, white sand beaches, warm hospitality and diverse blossoming foodie culture, The Bahamas attracts more than 6 million tourists each year. As the influx of visitors continues to grow, so does the variety of things to do in The Bahamas. To get you started, we’ve listed some of the highlights below.

Nassau

Paradise Island

Grand Bahama

  • Deep Water Cay: Deep Water Cay, a world renowned resort, is located on the eastern end of Grand Bahama Island in The Bahamas  approximately 130 miles from the coast of Florida. An extraordinary 91-acre island with its own private paved 4,200 ft. airstrip, 3 beaches, 2.5 miles of coastline, the resort offers some of the best bone fishing in the world.
  • Nandana: This ultra-luxe rental residence (which is also currently for sale) is comprised of six separate buildings and offers amenities such as a private landing strip; yacht dockage; a 15-foot inflatable tender; jet skis; off road all-terrain vehicles; fishing gear; snorkeling equipment; bicycles; and, volleyball.

Exuma Cays

  • Swimming Pigs: These days it seems like the famed swimming pigs have overshadowed most other attractions in The Bahamas. The pigs live on Big Major Cay, one of the over 365 islands in Exuma, and are located about 82 miles southeast of Nassau. Day excursions to see the pigs leave Nassau daily.

About Sotheby’s International Realty
The Sotheby’s International Realty network currently has approximately 22,000 affiliated independent sales associates located in over 950 offices in 69 countries and territories worldwide. Each office is independently owned and operated.

About Damianos Sotheby’s International Realty
Damianos Sotheby’s International Realty has 11 offices located throughout the islands of the Bahamas, providing unsurpassed market knowledge of Abaco, Eleuthera, Exuma, Nassau, Paradise Island, Ocean Club Estates, Lyford Cay, Old Fort Bay and Private Islands. Head office 75 Shirley Street, Nassau. For additional information, please contact 242-322-2035 or info.Bahamas@SIR.com.

July 24, 2018 by