Let the luxury real estate wars begin.
A California brokerage has moved to Las Vegas, recruited some of the best talent from other companies, and pledged to be the # 1 agency by volume within 18 months, or at least within three raw.
Corcoran Global Living, the very first franchise affiliate of The Corcoran Group – offices were all owned nationwide before – said it already has 110 agents in Las Vegas, including the # 1 real estate agent in Las Vegas. city for dollar volume to Kristin Routh-Silberman, formerly of Synergy Sotheby’s International. Corcoran Global also hosted a merger with Windermere Prestige Properties and its staff led by its owners, Robyn Yates-Gajjar and Sid Gajjar.
It now has offices encompassing luxury real estate properties in Henderson, including MacDonald Highlands, Summerlin and Lake Las Vegas. Since its launch in California in February 2020, it now has 66 offices in both states with 2,200 agents and sales of $ 8.2 million in the past 12 months. It was ranked No. 18 nationally in the country in dollar transaction volume in 2020 with offices now ranging from Northern California, the San Francisco Bay Area and Silicon Valley. in Los Angeles, Orange County and San Diego. She also has an office in the Lake Tahoe area of northern Nevada.
Corcoran Global Living CEO and founder Michael Mahon issued the challenge on Wednesday when he spoke to the new group of agents during a meeting at the Green Valley Ranch Resort.
“We are going on the attack, and the other brokerages are not going to be happy with this announcement,”
Mahon told realtors. “This is a game-changer, guys. The Las Vegas market will never be the same after today.
Berkshire Hathaway was ranked No.1 in 2020 with $ 2.6 billion in transactions. This is what Corcoran is aiming for in the next 18 months. Mahon called the Gajjars and Routh-Silberman “luxury real estate icons” in Las Vegas, who will help make it happen.
“By uniting and empowering the best independent brokerages, the best teams and the best independent sales professionals to come together as one brand and brokerage, we are unstoppable in what we can accomplish together,” said Mahon.
It’s part of the reconfiguration of the real estate industry in Las Vegas. Effective July 1, HomeServices of America Inc., a subsidiary of Berkshire Hathaway, acquired Americana Holdings, the Las Vegas-based brokerage franchise from CEO Mark Stark. Its franchise was operated as Berkshire Hathaway HomeServices Nevada Properties, California Properties and Arizona Properties.
“I’ve had the glove put on so many times,” Stark said. “Write it down in your calendar and in 18 months go interview him.” They’re not even on the map now. It’s (The Corcoran Group) a big company in New York. They are doing well in New York, and we’ll see what they do in Las Vegas. I don’t care at all. Not to be rude, but they’re not even doing business. It’s so small today. They will not be on my radar until what they say is true and they increase their production. But they have a long way to go.
In 2020, Synergy Sotheby’s International in Southern Nevada became a new owner. In August, the company appointed Randy Char of Char Luxury Real Estate as chairman and announced that his entire team had joined Sotheby’s, which has just been renamed Las Vegas Sotheby’s International Realty.
“We are delighted,” Char said of the new competition. “The customer expects quality service and they will vote with whom they go. You can’t do things with the status quo and expect to deliver the same product in today’s age. What sets you apart is your service, your marketing and your brand. There has been a lot of brand consolidation and the big global brands have more credit. Their reach is more difficult to compete with. I loved owning my own brokerage shop, but I think we can energize that with Sotheby’s behind us.
Char has called Sotheby’s the # 1 luxury real estate brand in the world and the largest franchise within its network, which spans Colorado, Utah, Idaho, Palms Springs and Lake Tahoe.
“Las Vegas is an important market for us in a global business,” Char said. “I believe in the brand. There are big projects to come very soon that will put the brand in the spotlight. “
Corcoran Living in the world
Robyn Yates-Gajjar joins the company as a partner and president of the Nevada and Sierra region in California. Sid Gajjar joins the company as vice president of the vacation rental division of the Nevada and Sierra region of California.
Their Windermere Prestige properties had offices in Henderson and Lake Las Vegas and employed approximately 100 people, including 92 agents. Robyn Yates-Gajjar has had her business for 17 years in Las Vegas, but said she saw the merger opportunity. The Corcoran group is part of the international brokerage group Realogy.
“It’s about this idea of working with other entrepreneurs within the same company,” she said. “There’s this amazing support system with the synergy of being part of something bigger, including a marketing team, legal teams, a public relations team, and an I-buyer team.”
Robyn Yates-Gajjar said it won’t be long before their company is # 1 in processing transactions of around $ 1 million and above due to their marketing and branding itself and the attraction of the best luxury agents.
“I think this will give the consumer a great choice to market their property and its representation when buying,” said Robyn Yates-Gajjar. “We have a large international network, so referrals from people entering this market will be great for Las Vegas. “
Routh-Silberman is joining as a partner and team leader in the region and will be based out of his office in MacDonald Highlands. Routh-Silberman, the # 1 luxury agent in Las Vegas as an individual doing transactions, said she could never have dreamed of the opportunity.
“It’s an entirely new brokerage model,” said Routh-Silberman. “It’s a partnership between the agents and the brokerage. Forty-nine percent owned by agents and 51 percent by the brokerage. It’s much more agent-oriented, agent-oriented and people-centric and, most importantly, customer-centric.
Routh-Silberman, who previously worked as a marketing manager in Silicon Valley before becoming a luxury agent in 2007, said Las Vegas needs a business like this with a plethora of luxury agents to compete with d other tax-exempt states across the country for people looking to relocate.
“It will take more than one agent to put Las Vegas on the map, and this is a fantastic opportunity to reunite with Robyn Yates – one of the leaders in our industry – with everyone I bring in from Sotheby’s to create it. one of the biggest brokerages in Las Vegas, ”said Routh-Silberman.
Corcoran, which opened an office in downtown Summerlin about 45 days ago, will move its headquarters from San Francisco to Las Vegas, Mahon said.
“If there has ever been a good time to start a business, it was February 2020,” Mahon said. “We started with a few offices on Lake Tahoe and quickly merged an organization in San Francisco. “
Mahon, the former president of First Team Real Estate in Southern California, said his strategy was to take the best independent brokerages in the market in California and Nevada and the best sales and professional teams, and then merge them. and repackage them. The Gajjars, Routh-Silbermans and others, for example, are associates.
“The trade publications are talking about us,” said Mahon. “We started in February 2020 and by the end of the year we had over 1,500 sales associates and accounted for $ 6.1 billion in closed sales volumes. We went from a start-up in February to the 26th largest closed-end brokerage house in the United States. “
Mahon said the new team represented $ 1 billion in closed sales volume in the past 12 months.
“It keeps us from entering the market in the top 10,” Mahon said.
Mahon said they offer a “lifestyle brand” and a “different culture and vibe” than other real estate companies. As people approach retirement, the company will buy back their business volume and leverage it into an exit strategy, he said.
Mahon said there will be synergy between the offices. They had over 2,700 referrals for 2021. That will inspire Californians to buy homes in Las Vegas, he said.
“There aren’t a lot of brokerages that are very luxury-oriented, and that’s what we do,” said Mahon. “Our demographics are more towards the high end of the market and more luxury appeal.
“We’re in a lot of these different publications. Where we set up our offices – we don’t want to be in every community. We’re not looking to hire a lot of salespeople. What we are looking for are the best performers in the market and the destination communities.
Mahon said they can be the # 1 sales volume broker with one-third of the agents because they have the best results.
“The way we look at it is that we have no competition,” said Mahon. “They have their way of
do business and we have ours.
Mahon said he is excited about Las Vegas’ record-breaking luxury market and plans to continue to grow in 2021 and 2022. There is a lot of pent-up demand from buyers, and he expects to that more inventory be put online.
“You’re going to see a lot of things happen in this market in terms of construction,” said Mahon. “We are very excited about the building stock. I think you are going to see a construction boom.