It’s official. Toronto-based real estate firm Peerage Realty finalized the purchase of Sotheby’s International Realty Canada from Dundee Corp. on May 24.
“We believe that this transaction is going to redefine the meaning of luxury in real estate, luxury will no longer be just about the price of the property,” Sotheby’s Canada President and CEO, Don Kottick, tells Toronto Storeys. “Luxury will [now] be defined by the high level of service that a seller or buyer receives from a Sotheby’s sales associate.”
Though Sotheby’s has a reputation for selling homes to rich, famous and extremely wealthy, Kottick says 75 per cent of the properties the brand sells are actually within the average price of the markets they are in. Still, Kottick knows that regardless of its price, a home is the biggest purchase most people will ever make in their lifetimes.
“It is not a commodity like an airline ticket, it is one of the most complex and emotional milestones in a person’s life,” Kottick explains. “[At Sotheby’s,] we are their trusted advisors guiding them through this experience, looking out for their best interests ensuring that it is a seamless transaction that navigates them away from any landmines or potential problems, providing client’s with peace of mind and ease.”
This commitment to “a premium service experience” is a key part of Kottick’s objectives in his newly appointed role. “We will be looking to grow the Sotheby’s brand in key markets across Canada, with the objective of increasing our annual sales volume from $5 billion to $10 billion over the next five years while ensuring exceptional service standards,” he says.
The Sotheby’s brand has been around since 1744, when the company was founded as an auction house. These days, Sotheby’s is recognized around the world as leaders in the luxury real estate industry.