The global brokerage business Engel & Völkers Group recorded a 14 percent increase in commission income in 2020 and achieved a transaction volume of over $ 32 billion, the company said on Tuesday.
Engel & Völkers Americas, which operates in the United States, Canada, Mexico and the Caribbean, led the company’s overall growth with a 38.4 percent increase in production. The American market closed with a total sales volume of 18 billion US dollars, a record for the 4,500 employees of this network.
“When speaking to our leaders in every market in which we operate, the term ‘inconceivable’ appeared to be the most widely used to describe the market and the year in general,” said Anthony Hitt, President and CEO of Engel & Völkers Americas, in a statement. “These results reflect more than the market itself, but the caliber of the people in our network, and I couldn’t be more proud. What we saw on our network was nothing short of cultural magic in how everyone supported one another. In 2021 we will continue to focus on our people to help them support their customers and generate continued growth. “
Across Engel & Völkers Americas, resort outposts and gateway cities saw the greatest growth in 2020, with 30A Beach, Florida (72 percent increase in production) and Missoula, Montana (71 percent increase in production) leading. Sun Valley, Idaho (up 59 percent); Aspen, Colorado (up 54 percent); and Jackson Hole, Wyoming (up 51 percent) also saw strong year-over-year production increases.
“This positive development of our business is a direct result of the consistently high quality of service that we offer our customers despite all the uncertainties of the past year,” said Sven Odia, CEO of Engel & Völkers AG, in a press release. “With a combination of innovative high-tech tools and first-class personal advice, we were able to maintain our business operations during the closing times and expand our global network to more than 13,500 employees. In some locations and core markets, we have even exceeded previous results and set new records. “
The broker noted that markets around the world remained stable despite the pandemic, and prices remained strong in cities like Paris, Hamburg and Rome. The brand’s continued expansion in the US and Canada, as well as increased demand for suburban and rural properties in 2020, fueled growth in North America, where the company’s residential sales rose the most.
Other areas in which significant growth was recorded over the course of the year were the DACH region (Austria, Germany and Switzerland) with a production increase of 10.6 percent and Italy with a production increase of 5.2 percent.
Given the company’s strong growth over the past year, Odia was optimistic and hoped for further growth in 2021.
“Demand for real estate has taken another boost and we have continued strong interest in premium real estate,” said Odia. “Houses and condominiums repeatedly prove to be stable investments, especially in times of crisis. We intend to continue our successful course in the coming year and take our global business to the next level. “
Engel & Völkers has around 225 stores and 4,500 real estate consultants in the USA and over 13,500 consultants in more than 30 countries worldwide.
Email Lillian Dickerson