Realogy Corp. subsidiary Sotheby’s International Realty Affiliates LLC announced today that it’s entering the Australian market, having signed a 25-year master franchise agreement with a Sydney real estate veteran to develop the brand in New South Wales.
Michael Pallier, formerly a principal and licensee of Raine and Horne Double Bay in Sydney, will serve as owner and managing director of Sydney Sotheby’s International Realty, which will market its listings on the sothebysrealty.com global website.
The firm will open an office in Sydney next month, and focus on luxury homes, apartments, and farm, ranch and land markets in New South Wales and the Australian Capital Territory. Additional offices are planned in Sydney’s North Shore and the central business district between 2013 and 2015.
The Sotheby’s International Realty network claims more than 12,000 sales associates in 625 offices in 44 countries and territories worldwide. Realogy entered into an alliance with auction house operator Sotheby’s in 2004 to license the Sotheby’s International Realty name and develop a franchise system.