Engel & Völkers Americas Reports Continued Growth in 2020 Despite Market Slowdown

July 30, 2020
ENGEL & VÖLKERS OAKVILLE

The global luxury real estate brand has grown its Americas
sales despite COVID-19

Engel & Völkers Americas announced today continued growth throughout the first half of the year, which is pacing the global luxury brand to exceed its own 2019 performance as well as the year-over-year growth of the U.S. residential real estate industry. In the first half of 2020, the brand has achieved a 7% growth in Gross Commission Income (GCI) and a 7.5% volume growth in the number of homes sold year-over-year. These results exceed the rest of the U.S. real estate industry as the National Association of REALTORS® (NAR) reports that existing home sales dropped approximately 6.55% during that same time period. The brand also reported a 30% year-over-year increase in closed sales volume in Canada. Despite the challenging market conditions brought about by COVID-19, Engel & Völkers Americas has grown in every aspect of its business, including sales, geographic expansion, and network members.

“I am extremely proud of our network’s ability not only to adjust to but excel in an ever-changing market,” said Anthony Hitt, president and CEO, Engel & Völkers Americas. “Our growth during these challenging times is a testament to the leadership of our license partners as well as our advisors’ superior expertise and unwavering dedication to client service. Now, more than ever, home is a refuge and safe haven. At a time when much is uncertain, we’re committed to serving our clients with the highest levels of care, professionalism, and expertise.”

Expansion Into New Markets
Engel & Völkers Americas has continued to grow its footprint in North America by opening 24 new shop locations and entering eight new markets to date in 2020. Seventeen of the new shops were opened in the second quarter of the year and include the notable luxury markets of Salt Lake City, UT, Coconut Grove, FL, and Nova Scotia.

“We are excited to have welcomed strong brokerages within luxury markets into our growing network,” said Jacob Stepan, executive vice president of expansion, Engel & Völkers Americas. “The North American luxury real estate market is proving to be strong despite the current economic climate. In strategically adding these new shops that align with our brand values in key growth markets, we are continuing to lead our network with resilience.”

Attracting Exceptional Talent
Engel & Völkers has also added top advisors to its brokerages, resulting in 22% year-over-year growth in advisor count across more than 200 shops in the Americas network.

“The increased number of advisors is attributed to strong leadership at the local level,” added Hitt. “Savvy real estate professionals understand the value this brings to their individual business, especially during times when fewer buyers and sellers are entering the market. I cannot overstate how impressed I have been with the support and guidance that our license partners have provided to their teams over the last six months.”

Strategic Investment in Virtual Offerings
To further support its network’s ability to conduct business in compliance with social distancing protocols, Engel & Völkers Americas announced a partnership with Matterport in April. The partnership effectively expanded the brand’s existing suite of virtual offerings, inclusive of virtual reality and its network-wide G-Suite platform. This further empowered the brand’s real estate advisors across the Americas to maintain the highest level of client service while ensuring the safety and well being of all home buyers, sellers, and Engel & Völkers real estate advisors.

Matterport’s spatial data capture enables 24/7 virtual open houses and immersive 3D property walkthrough experiences for buyers, amplifying Engel & Völkers’ existing virtual offerings for its network that include virtual showings, virtual reality technology, and headsets, and virtual open houses with the ability to livestream.

Engel & Völkers operates a global network of over 12,000 real estate professionals in more than 30 countries. For more information, visit www.evrealestate.com

About Engel & Völkers
Engel & Völkers is a global luxury real estate brand. Founded in Hamburg, Germany in 1977, Engel & Völkers draws on its rich European history to deliver a fresh approach to luxury real estate in the Americas with a focus on creating a personalized client experience at every stage of the home buying or selling process for today’s savvy homeowner. Engel & Völkers currently operates approximately 225 shop locations with more than 4,200 real estate advisors in the Americas, contributing to the brand’s global network of over 12,000 real estate professionals in more than 30 countries, offering both private and institutional clients a professionally tailored range of luxury services, including real estate, yachting, and aviation. Committed to exceptional service, Engel & Völkers supports its advisors with an array of premium quality business services; marketing programs, and platforms; as well as access to its global network of real estate professionals, property listings, and market data. Each brokerage is independently owned and operated. For more information, visit www.evrealestate.com.

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