Sotheby's International Realty
Is This Your Business?1.1
2.1
Overall Score
Author: Kaitlyn Short
Sotheby’s International Realty is a luxury brand that has made its name around the globe. The company has won a number of awards for their work. Along with their real estate business, Sotheby’s International Realty publishes a semi-annual real estate and lifestyle magazine called Reside.
Top Ranked Companies
The Good
- International
- States
- Agents
- Offices
- Real Estate Options
- License
- Commission/Selling Cost
- Experience
International
Compared to many agencies that are limited to one country (such as the United States) Sotheby operates internationally in 52 countries and territories worldwide, including Asia, Canada, Europe, the Caribbean, Latin America, the Middle East, Oceania, South Africa, and the United States.
States
Sotheby's U.S. local offices are found in 44/51 States. This is less than typical real estate sites, but it is significant for luxury real estate.
Agents
Sotheby's has more than 14,500 sales associates worldwide and a total of 17,961 real estate associates globally. These numbers may vary depending on the source and there exist differing opinions on whether the number of agents is sufficient. Currently, considering that the customer base is wealthy buyers of homes in exclusive neighborhoods or historic homes located only in certain places, the contention is that the numbers are sufficient for the luxury industry.
Offices
Currently, Sotheby's network totals 700 offices. This is higher than many real estate offices, especially considering Sotheby's is international. With so many local offices, agents have local knowledge and expertise on surrounding area real estate and community features. With real estate sites that operate entirely online, it lacks the first-hand knowledge a local agent can bring to the situation.
Real Estate Options
Sotheby's offers services to help sellers market luxury properties. They do this through a comprehensive and customized marketing plan created by Sotheby's local real estate professionals with local market knowledge. This marketing plan utilizes print, digital, public relations, advertising and social media. Sotheby's team of brand marketing experts offers support to agents through assistance, consulting, and an array of tools and resources to offer to potential buyers. They also offer services to buyers through their website and through the company's signature mobile application, SIR Mobile. The app helps you search and find homes, find a local real estate professional and explore local lifestyle amenities. Currently, SIR Mobile is the only luxury real estate mobile app on the market that works anywhere and searches globally.
License
Sotheby's requires its agents to have a license. When shopping for a luxury property, you can choose from real estate agents and real estate brokers. Although the company doesn't mention this directly, they do have realtors on staff who are members of the National Association of REALTORS.
Commission/Selling Cost
Due to the high-level playing field in the luxury real estate industry, commissions for agents are much higher than average.
Experience
Founded in 1976 in relation to the historical Sotheby's auction house, Sotheby's International offers a unique and top-quality real estate experience. Global expansion began in 2012, when Sotheby's entered into a long-term partnership with Realogy Holdings Corp., a global real estate franchising and brokerage firm offering relocation and settlement services. Ever since, Sotheby's has been offering membership in its franchise system to select real estate brokerage companies. The company has been in business for an impressive 40 years. They represent distinctive properties around the world.
The Bad
- Filtering Options
- Specialties
Filtering Options
Sotheby's has a limited filtering search of 6 options. The general filter lets you choose between Offices and Associates. If you scroll to the bottom of the website pages, the footer contains 4 additional searches: More Luxury Destinations, Popular City Searches, Popular Lifestyles and Popular Destinations. This pales in comparison to most real estate commercial sites. However, it should be noted that in the luxury real estate business, buyers have the financial means to have the agent do most of the filtering for them.
Specialties
Brokering luxury properties is a specialty in itself, but in terms of specialty services that many real estate companies offer, Sotheby's is limited. They deal primarily in luxury homes and estate properties, some that may hold for recreational purposes.
