Very big news came yesterday for a new Dallas real estate brokerage and our ever-evolving industry.
Chicago-based @properties, which has a growing Dallas-Fort Worth presence, has acquired one of the nation’s oldest real estate networks, propelling the U.S. firm into instant global status by entering into a long-term global brand license agreement with Christie’s International Real Estate. The acquisition is a bit unusual because @properties, while the eighth-largest real estate brokerage in the U.S. — and growing — is basically buying a giant with deep history and trenches in the industry across the world.
And yes, did I say “global” enough?
@properties launched strongly in D-FW July 2021, partnering with one of the most significant real estate-centric families in town: Dallas Cowboys owner Jerry Jones via his nephew, Jerry Mooty. Since then, Mooty has been building the sales team from scratch and making significant progress. One of the fastest-growing brokerages in the nation, the brokerage had $16.4 billion in 2020 sales volume, compared to $500 billion for Christie’s in the past five years.
A Global Luxury Brand
Christie’s is a much larger brokerage than @properties: the brand spans 48 countries and territories with approximately 900 global affiliate real estate offices. @properties is located in 13 U.S. states with roughly 4,000 agents. Corporate team members and all company-owned brokerage operations from those 900 Christie’s offices will be transferred to @properties when the deal is finalized December 1, retaining the Christie’s International Real Estate name.
Inman News took a statement from Christie’s COO Ben Gore:
“We chose to pursue this new direction for Christie’s International Real Estate for two strategic reasons,” Ben Gore, Christie’s COO, said in a statement. “First, because @properties possesses the unique resources and capabilities to invest in expanding the Christie’s International Real Estate brand and its affiliate network both within the U.S. and on a global scale; and second, because this will enable Christie’s to focus our resources on the core priorities of our business in the art and luxury goods market.”
Great News, But Not a Surprise
“We cannot be more psyched with this news,” says @properties Dallas COO Jerry Mooty. “But I was not at all surprised. In talking with Thad Wong and the Chicago team this summer, I knew the goal was always more acquisitions of already established brokerages. This is a company that launches and follows through. They said a lot of things were coming down the pipeline, and I trust this won’t be the last.”
The strong Christie’s brand alignment, says Mooty, will boost @properties in Dallas because of the known global branding the Christie’s name holds.
“This is a terrific message for prospective agents, too, because @properties will be acquiring more relocating agents from Christie’s, and have an instant international network in less than a month,” says Mooty.
Sellers will have additional peace of mind that the @properties brand affiliation is world-strong and very capable of handling luxury selling and buying.
@properties Upgrades 250 Years of History to the Tech World
What is Christie’s International seeking?
The proptech, marketing, and operational expertise that makes the @properties brand so strong. Combining the 250-year old luxury firm with the benefits of @properties’ leading-edge technology, marketing, and broker support platforms will well-position the combined companies for expansion in every U.S. market as well as globally. It will also create one of the largest residential brokerage firms in the United States.
It’s like @properties just bought 250 years of history.
“We’re thrilled to join forces with one of the world’s most respected luxury real estate brands with the announcement that @properties is acquiring the Christie’s International Real Estate business from Christie’s, and entering into a long-term global brand license agreement with the company. Under this agreement, Christie’s owned brokerages and the existing global affiliate network will transfer to @properties on December 1.” said the company in a written statement.
@properties will power a global network of luxury real estate companies with its technology, marketing, and operational expertise. Likewise, the Christie’s brand will give homebuyers and sellers around the world greater access to the programs, resources, and international properties/buyers.
“@properties is excited to combine the world’s preeminent luxury real estate brand with the brokerage industry’s best technology, marketing, and operational platform. Christie’s International Real Estate will be the only brokerage firm in the world that can offer affiliates, agents and clients a fully integrated tech solution behind 250-plus years of luxury service and experience,” said @properties co-CEO Thad Wong, who co-founded and runs the firm with co-CEO Mike Golden, both based in Chicago.
A New Direction For Christie’s
Christie’s International Real Estate is affiliated with Christie’s, the world’s leading art auction house that was founded in 1766. (The real estate affiliation came later.) CEO Wong says the win/win relationship may not end with real estate alone: @properties plans to work with Christie’s to create enhanced synergies with the auction house business. Brilliant: this will help owners shed acquisitions with a ready-made source.
Of note; this acquisition does not include the local Christie’s affiliate, owned by Ulterre, which is not owned by Christie’s but is rather an affiliate. I’m sure several conversations will be happening soon over having two brand affiliates in the same city, as that tends to be frowned on by global affiliates such as Sotheby’s.
“@properties is one of the largest US luxury real estate companies by sales volume and a clear leader in the field,” says Gore. “We chose to pursue this new direction for Christie’s International Real Estate for two strategic reasons—first, because @properties possesses the unique resources and capabilities to invest in expanding the Christie’s International Real Estate brand and its affiliate network both within the US and on a global scale; and second, because this will enable us to focus Christie’s to focus our resources on the core priorities of our business in the art and luxury goods market.”
With the art and luxury goods markets getting hotter, Christie’s plans to focus more on its famed art and auction business.
