I was recently thinking about iconic companies and brands that are transforming industries, and Sotheby’s International Realty came to mind. How does a brand with such a rich heritage continue to grow and be successful without compromising on quality? So I recently I spoke with Philip White, President & CEO of Sotheby’s International Realty, and found out one of the keys is a concept he calls ‘qualitative growth’.When White joined the brand as Chief Operating Officer in 2004, SIR had a global sales volume of $4.2 billion. This past year, the brand reported a global sales volume of $112 billion, an annual growth rate far exceeding the overall market.
As background, Sotheby’s International Realty today is generally considered the leader in global luxury residential real estate. It was founded in 1976 as a real estate service for discerning clients of the Sotheby’s auction house. Today, the company’s global footprint spans nearly 1,000 offices located in 72 countries and territories worldwide, including 43 company-owned brokerage offices in key metropolitan and resort markets.
Robert Reiss: What is the Sotheby’s International Realty® brand? What are its key differentiators, what makes the brand unique?
Philip White: Sotheby’s International Realty is one of the world’s most recognized and respected luxury real estate brands. The brand was founded in 1976 to provide a powerful marketing and referral program for the world’s most distinctive properties, and to connect them with the most prestigious clientele in the world. The brand possesses a rich history and our clients trust in the quality of our brand and our legacy.
Philip White, President & CEO of Sotheby’s International Realty
Stephen Connolly
When it comes to differentiators, Sotheby’s International Realty has continually been a leader in innovation. We seek out exclusive opportunities where we are first to launch new initiatives and efforts. Whether it’s marketing or technology, we lead the industry.
We recognized the importance of technology early on and we pioneered high resolution photography and videos to showcase properties and to appeal to clients. We were also among the first to introduce 3D and virtual reality tours on our website, as well as implement a virtual staging augmented realty app called Curate to allow prospective homebuyers and sellers easily stage and envision homes with a new or personal style.
Reiss: Discuss the component of culture within the Sotheby’s International Realty brand. What makes it important?
White: We believe that a strong company culture is critical to a competitive position in the market. I’m a firm believer that culture cascades down and we don’t compromise on company culture because it’s part of our core values that helps push our team toward success. As President and CEO of Sotheby’s International Realty, I am not afraid to be hands-on to set an example of how to service our clients.
We aim to provide the highest level of service and innovative products, tools and research to our affiliates so that they can feel confident in their work and can market each and every property with the same level of care and personalization in order to pair luxury buyers and sellers. And while we are a global company, each of our companies around the world are experts in their market, providing specialized, attentive and relevant insight.
We believe that a culture is defined by its people. At the end of the day, we are in a relationship business and the discretion and professionalism represented by our affiliated network is what truly sets us apart.
Reiss: Discuss the recent integration of the company’s affiliate network and company-owned brokerage as one global organization. How does Sotheby’s International Realty maintain the culture and brand?
White: Recently, Sotheby’s International Realty announced a strategic business move to integrate the affiliate network and company-owned brokerages as one global organization. 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. 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.
Reiss: What is your personal leadership philosophy?
White: It’s important for me to spend time out in the field working with our brokers and setting the example on how to accommodate and be accountable to our clients. It also keeps me in the game. I’m able to see what the clients’ needs are, how to best position a property to sell it, and if there is anything that might be missing in our marketing artillery to get the property exposed to the right people. I like to think I’m both a player and a coach. I started out in real estate as a broker and it’s important for me to stay close to the day to day business to understand the growing and changing needs of today’s clientele.
To listen to the commercial-free interview with Philip White and other CEOs go to: The CEO Forum