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Engel & Völkers AG
Company typeAktiengesellschaft
IndustryReal estate, yachting, aviation
Founded1977; 47 years ago (1977)
Founder
  • Dirk Engel
  • Christian Völkers
Headquarters
Hamburg
,
Germany
Number of locations
38 (2020)
Area served
Worldwide
Key people
Servicesresidential and commercial real estate, project development and financing
RevenueIncrease €937.4 million (2020)
Number of employees
Increase 510 (2018)
Websiteengelvoelkers.com/en/
Footnotes / references
Welcome to the world of Engel & Völkers[1]

Engel & Völkers is a group of companies headquartered in Hamburg, Germany, specializing in the brokerage of high-quality residential and commercial real estate and offering related services.[2] The development of Engel & Völkers dates back to the joint real estate office of Dirk Engel and Christian Völkers.[3] The latter opened up the business model to franchisees, turning the company into a global brand with operations on five continents.[4] Since 2020, Engel & Völkers has been headed by Sven Odia, who is driving the expansion course.[5] Christian Völkers is focusing on the strategic development of the group and is chairman of the supervisory board.[6]

History

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Villa on the Elbchaussee in Hamburg

Founding and structure

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In 1977, Dirk Engel set up his own business as a real estate agent in Hamburg.[7] He took advantage of an exclusive partnership with a U.S. brokerage firm to build up his business. In 1981, Christian Völkers joined the company as a managing partner.[8] Dirk Engel and Christian Völkers had been friends since their youth. After Engel died in 1986, Völkers took over his partner's shares and continued Engel & Cie. under the name Engel & Völkers.[9] He also expanded the portfolio to include commercial properties in addition to residential properties and founded the "Grund Genug Verlag" publishing house, which publishes the GG magazine.[10] Besides, the training and continuing education of real estate agents were professionalized.[11]

Opening the business model

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In 1990, Engel & Völkers opened its first location outside Germany in Palma de Mallorca.[12] The opening up of its business model to third parties proved to be decisive for growth. From then on, independent brokers could operate as licensed partners under the Engel & Völkers brand. In the run-up to the introduction of the franchise system in 1998, the entire external appearance of Engel & Völkers' stores was standardized in 1995.[13] The company's own brand was also standardized.

Internationalization and diversification

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Engel & Völkers has been operating as a stock corporation since 1999. The company wanted to be "the first German real estate broker" to go public,[14][15] but postponed this plan indefinitely after the dot-com bubble burst.[16] Instead, it focused on internationalizing its business and opened its first office outside Europe in South Africa in 2001.[17] Other countries followed, including the United States with the signing of a master license agreement in 2006. Greater public attention was given to the opening of a dedicated office in New York City in 2014.[18] The international presence was later complemented by operations in France, Italy and Spain.

At the end of the 2000s, Engel & Völkers expanded from the premium to the luxury segment.[7][2] The new Private Office division targeted above-average wealthy private and business clients. The company also entered the yacht brokerage business.[19] This offering has since been supplemented by other offerings, such as the company's polo school. Engel & Völkers has been operating this in cooperation with car manufacturer Land Rover since 2014.[20] Polo courses are held in Hamburg, Frankfurt and Munich, as well as in Mallorca and Argentina.[21]

In 2012, Engel & Völkers surpassed the mark of 500 locations worldwide for the first time. To further expand its presence in focus markets such as Madrid, Rome and Paris, it has set up its own offices there.[4] Engel & Völkers refers to these as so-called market centers.

Opening up new business areas

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In 2014, Sven Odia was appointed co-chairman of the management board of Engel & Völkers. He had already been a member of the company's management since 2006 and filled the new position jointly with Christian Völkers.[22] In 2020, Völkers moved to the Supervisory Board, so that Odia now heads the Management Board alone.[23][24] Völkers continues to look after strategic issues as chairman of the supervisory board and is a major shareholder. He pushed the development of new business areas, for example by founding new companies, such as for the brokerage of real estate financing. The portfolio is being expanded with offerings such as a crowd investing platform for real estate.[25][26] The company is now also active in the partial sale of real estate ("Liquid Home") through a licensed company.[27]

Engel & Völkers growth trajectory recently led to double-digit revenue growth.[28] During the global COVID-19 pandemic, demand for high-quality real estate continued. The company is meeting this with virtual tours, for example. A renaissance of the suburbs is expected in the coming years.[29]

Corporate affairs

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Engel & Völkers is a globally operating group whose consolidated group comprises around two dozen domestic and foreign companies ("Engel & Völkers Group"). It is headed by Engel & Völkers AG, a stock corporation under German law. The Engel & Völkers Group operates some locations itself, but as a licensor focuses on staff functions, for example in the areas of sales, finance, and marketing.

Shareholders

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The share capital of Engel & Völkers AG is divided into no-par value shares (ordinary shares). The largest shareholders are Christian and Thomas Völkers and other members of the family and management.[30][31] They control over 50% of the shares. Shareholders also include Beteiligungsgesellschaft Nordmark and the Versorgungswerk der Zahnärztekammer Berlin.[32]

Management

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The Management Board consists of four members. These are Sven Odia (Chairman), Paloma Pérez Bravo, Kai Enders and Thilo von Trotha.[33][34] The Supervisory Board is led by Christian Völkers,[35] joined by Carsten Deecke, Michael de Picciotto, Thomas Völkers and Ralf Wohltmann.

Headquarters

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Dirk Engel and Christian Völkers had their first office together in a villa on Hamburg's Elbchaussee, whose façade is still part of the company's brand identity today.[36] After stopovers at Mittelweg and Stadthausbrücke, the headquarters are now located in Hamburg's Hafencity.[37] Engel & Völkers AG developed the new building project in a joint venture with Quantum Immobilien AG.[38] The design for "Hamburg's highest beach house" was by the internationally renowned architect Richard Meier.[39]

Business activities

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Residential and commercial real estate

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The core of the Engel & Völkers business model continues to be the brokerage of residential and commercial real estate.[40] For this purpose, the company grants licensing and trademark rights to third parties. These are independent real estate agents who run their business entirely on their responsibility but are supported by Engel & Völkers in their operational business. Also, Engel & Völkers operates its market centers in internationally relevant locations.[5]

The core markets are located in Germany, Austria, and Switzerland, as well as in France, Italy, and Spain. North America has also developed into another strong market. According to its information, Engel & Völkers today has a global presence with around 13,000 people in more than 800 locations in over 30 countries.

Project development and financing

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In addition to its core business, Engel & Völkers is active in project development in Germany and Spain. The company pursues a full-service approach, i.e. it takes over all essential tasks from conception to project planning and marketing of properties.[41] Furthermore, project developers and property owners are supported in the organization and provision of financing solutions.[42][43][44]

References

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  1. ^ Engel & Völkers, Welcome to the World of Engel & Völkers, Engel & Völkers, retrieved February 8, 2021
  2. ^ a b Anne Wiktorin (May 1, 2017), "Das diskrete Geschäft mit Superreichen", Handelsblatt (in German), retrieved February 1, 2021
  3. ^ Gisela Reiners (December 28, 2007), "Engel & Völkers feiert sein 30-jähriges Bestehen.", Die Welt (in German), p. 37
  4. ^ a b Norbert Schwaldt (April 18, 2007), "Engel & Völkers baut das Geschäft in den Metropolen aus.", Die Welt (in German), p. 23
  5. ^ a b Thomas Tuma (October 12, 2020), "Luxus boomt trotz Krise – Sven Odia will Engel & Völkers zur Umsatz-Milliarde führen.", Handelsblatt (in German), retrieved February 1, 2021
  6. ^ Lars Haider (August 27, 2019), "Engel & Völkers: Der Gründer und die Bilderbuch-Nachfolge / Entscheider treffen Haider / Podcast", Hamburger Abendblatt (in German), retrieved February 1, 2021
  7. ^ a b "Makler im Luxussegment", Hamburger Abendblatt (in German), p. 25, June 30, 2014
  8. ^ Norbert Schwaldt (October 24, 2010), "Hamburger Pferdefreund", Welt am Sonntag (in German), p. 42
  9. ^ "Interview: Christian Völkers über seine erste Million", Capital (in German), July 9, 2017, retrieved February 1, 2021
  10. ^ GG Magazin (in German), Grund Genug Verlag, retrieved February 1, 2021
  11. ^ Jens Bergmann (2018), "Engel & Völkers: Halt dich an die Fibel!", Brand Eins (in German), retrieved February 1, 2021
  12. ^ Helen Cummins, "Marktführer für Immobilien: Engel & Völkers", Slow Living Mallorca (in German), retrieved February 1, 2021
  13. ^ "Engel & Völkers: „Shop-Konzept" wird weiter verfolgt. Das Volumen der vermitttelten Immobilien ist deutlich gestiegen.", Handelsblatt (in German), p. 11, February 2, 1996
  14. ^ "Engel & Völkers plant IPO.", Aktiencheck (in German), December 20, 2000, retrieved February 1, 2021
  15. ^ "Engel & Völkers: Schrittweiser Börsengang", Immobilien Zeitung (in German), December 13, 2000, retrieved February 1, 2021
  16. ^ "Der Makler-Börsengang liegt auf Eis.", Immobilien Zeitung, 24.04.2001 (in German), retrieved February 1, 2021
  17. ^ "Engel & Völkers expandiert nach Südafrika.", Immobilien Zeitung, 28.02.2001 (in German), retrieved February 1, 2021
  18. ^ "Engel & Völkers eröffnet Büro in New York.", Cash Online (in German), May 14, 2014, retrieved February 1, 2021
  19. ^ Meite Thiede (May 21, 2010), "Luxusyachten vom Immobilienmakler", Süddeutsche Zeitung (in German), retrieved February 1, 2021
  20. ^ "Engel & Völkers + Land Rover Polo School", Polo+10 (in German), April 25, 2014, retrieved February 1, 2021
  21. ^ Doris Banuscher (July 22, 2012), "Ganz in Weiß – Polo Cup auf Mallorca", Welt am Sonntag / Ausgabe Hamburg (in German), p. 10
  22. ^ Anne Wiktorin, Tanja Kewes (October 9, 2014), "Die neue Doppelspitze: Ein Duo führt künftig den Immobilienmakler Engel & Völkers. / Namen des Tages", Handelsblatt (in German), p. 47
  23. ^ "Generationswechsel bei Engel & Völkers", Immobilienmanager (in German), September 4, 2019, retrieved February 1, 2021
  24. ^ Thomas Tuma (October 12, 2020), "Sven Odia: Neuer Chef, neue Rekorde / Unternehmer des Tages", Handelsblatt (in German), p. 44
  25. ^ "Engel & Völkers Capital AG und Kapilendo AG starten neue Immobilien Crowdinvesting-Plattform", Crowdfunding Informationsportal (in German), March 20, 2017, retrieved February 1, 2021
  26. ^ "Crowdinvestingplattform Engel & Völkers Capital geht an den Start", Cash Online (in German), June 16, 2017, retrieved February 1, 2021
  27. ^ "Neues Geschäftsfeld bei Engel & Völkers: Liquid Home soll eine innovative Option darstellen Liquidität zu schaffen.", Immobilienmanager (in German), April 21, 2020, retrieved February 1, 2021
  28. ^ "Engel & Völkers verzeichnet zweistelliges Umsatzwachstum in 2020", Business & People Magazin (in German), January 23, 2021, retrieved February 1, 2021
  29. ^ "2020 war für die Makler von Engel & Völkers ein Rekordjahr – nun erwarten sie die Renaissance der Vororte.", Stern (in German), January 13, 2021, retrieved February 1, 2021
  30. ^ "Christian Völkers, Hamburg", North Data (in German), retrieved February 1, 2021
  31. ^ "Thomas Völkers, Hamburg", North Data (in German), retrieved February 1, 2021
  32. ^ "Unternehmertum im Versorgungswerk: Direktor Ralf Wohltmann erläutert die Beteiligungsstrategie des Versorgungswerks der Zahnärztekammer Berlin.", Portfolio Institutionell (in German), July 24, 2019, retrieved February 1, 2021
  33. ^ "Engel & Völkers beruft Kai Enders in den Vorstand.", Cash Online (in German), July 15, 2010, retrieved February 1, 2021
  34. ^ "Engel & Völkers beruft Paloma Pérez Bravo zum Chief Operating Officer.", Deal Magazin (in German), November 18, 2019, retrieved February 1, 2021
  35. ^ Dennis Kremer (December 31, 2018), "Ein Haus muss eine Seele haben.", Frankfurter Allgemeine Zeitung (in German), retrieved February 1, 2021
  36. ^ Maximilian Kalkhof (December 28, 2017), "Der Ober-Makler: Was bewegt Christian Völkers?", Die Zeit (in German), p. 32, retrieved February 1, 2021
  37. ^ Friedhelm Feldhaus (September 6, 2016), "Hamburg: Engel & Völkers baut in der Hafencity.", Immobilien Zeitung (in German), retrieved February 1, 2021
  38. ^ Melanie Wassink (September 2, 2016), "Makler Engel & Völkers baut größere Zentrale.", Hamburger Abendblatt (in German), p. 5
  39. ^ Doris Banuscher (September 10, 2017), "Hamburgs höchstes Strandhaus", Welt am Sonntag (in German), p. 1
  40. ^ "Engel & Völkers", Immobilien Zeitung (in German), retrieved February 1, 2021
  41. ^ "Engel & Völkers Capital", Immobilien Zeitung (in German), retrieved February 1, 2021
  42. ^ "Engel & Völkers verkauft Kapitalanlagen.", Immobilien Zeitung (in German), December 11, 2000, retrieved February 1, 2021
  43. ^ "Engel & Völkers mit eigenem Fonds", Immobilien Zeitung (in German), July 4, 2003, retrieved February 1, 2021
  44. ^ "Fokus auf sicheren Wohnimmobilien – Engel & Völkers legt ersten Großstadt-Fonds auf.", Börsen-Zeitung (in German), p. 2, June 4, 2009
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