March 09, 2009 // Franchising.com // PARSIPPANY, N.J. -- Sotheby's International Realty Affiliates LLC today announced it was ranked second on Franchise Times' Fast 55 list, a ranking of the fastest growing franchises, published in the March 2009 issue.
"We are so honored that our efforts to build this luxury real estate brand over the last five years have been recognized," said Michael R. Good, president and chief executive officer, Sotheby's International Realty Affiliates LLC. "When we began franchising in 2004, we had 15 company-owned offices. Today, we have grown to more than 500 Sotheby's International Realty® franchised offices globally. Most importantly, we have done so by focusing on quality above scale. Our network is made up of some of the most talented and knowledgeable real estate professionals in the world."
The Fast 55 list is compiled based on FRANdata research and is published by Franchise Times. According to the publication, in order to make the Fast 55 list a franchise company must meet two criteria: they must be a brand that has been franchising for five years or less and they must exhibit positive franchise unit growth for each year during this period.
The Sotheby's International Realty® network currently has more than 10,700 sales associates located in more than 500 offices in 39 countries and territories worldwide.
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.