Sotheby's International Realty Brand Enters Panama
MADISON, NJ and PANAMA CITY--(Marketwired - Nov 27, 2013) - Sotheby's International Realty Affiliates LLC today announced the signing of an exclusive 25-year master franchise agreement with Global Realty Enterprises, S.A, to develop the Sotheby's International Realty® brand throughout Panama, with the opening of Panama Sotheby's International Realty in Panama City.
Panama Sotheby's International Realty is owned by Rafael Alejandro Gangi, who founded Global Realty Enterprises, an established real estate company specializing in the metropolitan, mountain, beach and golf markets of Panama that will now do business as Panama Sotheby's International Realty.
"Panama is a strategically important market for the Sotheby's International Realty brand," said Philip White, president and chief executive officer, Sotheby's International Realty Affiliates LLC. "The real estate market is very dynamic and represents another key step forward in our growth in Latin America. Panama is competitive in the tourism sector and is ranked second in per capita foreign investment in Latin America. We are proud to enter this beautiful country under Rafael Alejandro Gangi's established leadership."
According to Gangi, his team has more than 10 years' experience in the international market and is trained to guide clients on how to capitalize on their investments. "Our philosophy is based on an integrated vision of excellence and professionalism in our services," he said. "We believe that the global reach of the Sotheby's International Realty brand will help us showcase the fine property we represent to a broad base of consumers worldwide."
The Sotheby's International Realty network currently has nearly 14,000 sales associates located in approximately 680 offices in 49 countries and territories worldwide. Panama Sotheby's International Realty listings will be marketed on the sothebysrealty.com global website. 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. Each office is independently owned and operated.
About Sotheby's International Realty Affiliates LLC
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. Sotheby's International Realty Affiliates LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. In February 2004, Realogy 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. 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. For more information, visit www.sothebysrealty.com.