December 15, 2008 // Franchising.com // PARSIPPANY, N.J. and SAIGON, VIETNAM -- Sotheby's International Realty Affiliates LLC today announced the opening of Vietnam Sotheby's International Realty, its first office in that country.
The office is owned by Indochina Land, real estate subsidiary of Indochina Capital, with Jill Chodorov serving as country manager. In January 2008, the Sotheby's International Realty® brand announced the signing of an exclusive 25-year licensing agreement for Vietnam with the company.
"As an emerging international tourist destination with rapid urbanization, Vietnam is a very important market in our global growth plans," said Michael R. Good, president and chief executive officer, Sotheby's International Realty Affiliates LLC. "Under the leadership of Jill Chodorov and Indochina Land, consumers in this market now will enjoy the Sotheby's International Realty brand's unparalleled level of quality service."
According to Chodorov, Vietnam is an ideal place to purchase investments and vacation homes, with one of the fastest growing economies in the world. "Prices for urban and resort residential real estate are still low with a substantial upside. There is sustained economic growth and rising levels of income and purchasing power," she said. "We are building a team of experienced local and international real estate professionals that will bring Vietnam the superior service and professionalism that this brand is known for globally."
The Sotheby's International Realty network currently has more than 10,500 sales associates located in more than 500 offices in 38 countries and territories worldwide. Vietnam Sotheby's International Realty listings will be marketed on the sothebysrealty.com global Web site. In addition to the referral opportunities and widened exposure generated from this source, the firm's brokers and clients will benefit from an association with the Sotheby's auction house and worldwide Sotheby's International Realty marketing programs.
The office is located at 6 Thai Van Lung Street, District 1, Ho Chi Minh City, Vietnam.
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby's International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, 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 full franchise system by Realogy's subsidiary, Sotheby's International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby's International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby's auction house, established in 1744.