March 30, 2010 // Franchising.com // PARSIPPANY, N.J. and RIGA, LATVIA -- Sotheby's International Realty Affiliates LLC today announced that Baltic Sotheby's International Realty in Riga, Latvia, has joined its luxury real estate network.
The firm is owned by Vestards Rozenbergs, Leonid Kil and Ilze Mazurenko and will serve the Baltic States, which consist of Latvia, Estonia and Lithuania.
"The addition of Baltic Sotheby's International Realty reinforces the strength of our presence in key markets across Europe," said Michael R. Good, president and chief executive officer, Sotheby's International Realty Affiliates LLC. "We look forward to growth in this region with Baltic Sotheby's International Realty and the team of professionals they are building."
The firm is located in Riga, the capital of Republic of Latvia within a renovated historical building in area well known for its Art heritage. Rozenbergs, who also serves as the firm's chairman of the board, has plans for further expansion into Lithuania and Estonia in the next two years. "We have strong local partnerships, good client relationships and a professional infrastructure where we focus on high-level training for each of our sales agents," said Rozenbergs. "The market throughout the Baltic region remains stable for high-end properties and demand is still high from Russian buyers especially."
The Sotheby's International Realty® network currently has more than 10,600 sales associates located in approximately 500 offices in 38 countries and territories worldwide. Baltic 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.
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.