MADISON, N.J., March 5, 2019 /PRNewswire/ -- Sotheby's International Realty today announced a strategic business move to integrate the company's affiliate network and company-owned brokerage as one global organization to be led by President and Chief Executive Officer, Philip White. White has served as President and CEO of the Sotheby's International Realty brand's affiliate business for the past five years. As one global organization, the brand's company-owned brokerage, which includes 43 offices in 13 markets across the country, will now also be under his leadership. As part of the integration, Sotheby's International Realty company-owned brokerage leader Kathy Korte will transition into an advisory role focused on business growth and agent support.
"Across Realogy, we continue to look for ways to better serve affiliated agents and franchisees and help them be more successful," said John Peyton, president and chief executive officer, Realogy Franchise Group, the world's largest franchisor of residential real estate brands, including Sotheby's International Realty. "Bringing together the Sotheby's International Realty affiliate network with the company-owned brokerage will allow the brand to move faster, better support affiliated agent needs and take advantage of the scale, market expertise and operational excellence that will come from an aligned organization."
Celebrating a Record Year and Expanding a Legacy of Luxury Leadership, Together In 2018, Sotheby's International Realty achieved its best year ever with a record global sales volume of more than $112 billion, and the integration of businesses will continue to build on the brand's legacy as a leader in the luxury residential real estate market. The company-owned Sotheby's International Realty business directly serves and interacts with affiliated agents and clients in diverse markets, including major urban centers like New York City and Los Angeles to boutique resort markets such as Palm Beach and Santa Fe. The affiliate team will benefit from real-time market feedback and data to nimbly provide independently owned and operated companies enhanced levels of marketing, technology and consulting support.
Agents affiliated with the company-owned brokerages will benefit from White's proven leadership in the luxury real estate industry. Through his history of listing and selling real estate both as an agent and broker/owner, he understands the challenges agents face every day. White also offers agents a unique global perspective from his experience of building the Sotheby's International Realty network around the world. By aligning the capabilities of the affiliate and company-owned teams, Sotheby's International Realty will have even more resources to continue to provide industry-leading services to agents.
"I am excited to lead a combined Sotheby's International Realty into the future," said White. "With a legacy of strong leadership in global residential real estate and an expert team of operators, marketers, and managers, I believe Sotheby's International Realty is well-positioned to build on our success and help affiliated agents and owners grow in their respective markets."
Over the past 14 years with Sotheby's International Realty, serving as Chief Operating Officer and President prior to his appointment as CEO, White has achieved what many thought was impossible - building a luxury real estate network of high-end independent brokerages under a franchise business model. The result is a brand, that in 14 years, has matured from $4.2 billion to $112 billion in sales volume and reaches nearly every corner of the globe, with more than 990 offices in 72 countries.
"Having all the confidence in the world in Philip's ability to draw upon his decades-long brokerage and affiliate experience to lead the newly joined organization, I am excited about the future of Sotheby's International Realty," says Korte.
About 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 990 offices located in 72 countries and territories worldwide, including 43 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. Sotheby's International Realty Affiliates LLC and Sotheby's International Realty Inc., both fully support the principles of the Fair Housing Act and the Equal Opportunity Act.