Excellence by its Nature
Sotheby’s Auction House was founded in 1744 as an auction bookseller; throughout the years Sotheby’s has become renowned as a marketer of the world’s most exclusive and precious possessions. The reputation the auction house built was one that was as much about extraordinary service as it was about the finest objects that graced Sotheby’s auction block.
From this rich heritage, the Sotheby’s International Realty brand was launched in 1976, and soon became known around the world for the distinctive properties it represents. Sotheby’s entered into a long-term strategic alliance with Realogy, the world’s leading real estate brokerage franchisor, an agreement that provides for the licensing of the Sotheby’s International Realty name. The brand began offering membership in its franchise system to select real estate brokerage companies.
The brand surpassed the 100-office milestone in the United States in less than 10 months. It also launched its successful “Portraits” advertising campaign and its website, www.sothebysrealty.com.
By 2008, the network grew to approximately 9,000 sales associates located in more than 470 offices worldwide. The brand was named winner of Franchise Business Review’s 2008 Best in Category for Real Estate Franchisee Satisfaction award. It also was named to the organization’s top 50 for client satisfaction and is number five for all franchise categories with more than 200 locations. As well, the brand was rated the most prestigious real estate company by high-net worth consumers in the Luxury Institute’s 2008 Luxury Brand Status Index survey.
The brand was named No. 1 in its category and No. 7 of the more than 400 franchises surveyed for Franchise Business Review’s 2009 Franchisee Satisfaction award. It also earned a spot on the Franchise Times Fast 55 list, and RESIDE magazine was honored with a 2009 Hermes Platinum Award for creative excellence and outstanding design and editorial in the overall magazine category.
The brand was named winner of Franchise Business Review’s Best in Category for Real Estate Franchisee Satisfaction award for the third year in a row. Peaks Real Estate Sotheby’s International Realty also sold Bootjack Ranch for approximately $48 million, a price point that at the time was the highest known for a residential sale within the United States in the last 12 months. In 2010 the brand grew the office count within its network by more than 11 percent, ending the year with 11,700 sales associates located in more than 550 offices in 44 countries and territories worldwide.
Looking toward the future of real estate technology, Sotheby’s International Realty debuted one of several mobile applications in the iPad version. The brand also won Franchise Business Review’s Best in Category for Real Estate Franchisee Satisfaction award for the fifth year in a row in 2012.