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Engel & Völkers

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Engel & Völkers
Company typeLimited liability company (LLC)
IndustryReal estate, yachting
FoundedDecember 1977
Founders
  • Dirk Engel
  • Christian Völkers
Headquarters
Hamburg
,
Germany
Number of locations
33 (2023)
Area served
Worldwide
Key people
Servicesresidential and commercial real estate, project development and financing
RevenueIncrease €1.2 billion[2] (2022)
Number of employees
Increase 16500[2] (2023)
Websiteengelvoelkers.com/en/
Footnotes / references
Welcome to the world of Engel & Völkers[3]

Engel & Völkers is a German company that provides services related to real estate transactions.[4][5]

Engel & Völkers was founded under the name Engel & Cie in 1977 in Hamburg, Germany.[6] The company has expanded internationally via a series of franchised offices and company owned operations.

In 2023, the company has around 950 residential property offices and more than 100 commercial offices brokering retail, office, industrial and investment properties, as well as logistic complexes, hotel revenues and property portfolios.[6]

History

Villa on the Elbchaussee in Hamburg

Founding and structure

In 1977, Dirk Engel set up his own business as a real estate agent in Hamburg.[7] He engaged in 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 childhood. 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 produces the lifestyle GG magazine.[10] Besides, the training and continuing education of real estate agents were professionalized in the international Engel & Völkers Academy.[11]

Establishing the business model

The first location outside Germany was opened in 1990 in Palma de Mallorca.[12] 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 branding of the Engel & Völkers' group was standardized in 1995.[13]

The company's own brand was refined in 2023.[14] and its business model is based on the pillars of the franchise business and company-owned operations.

Internationalization and diversification

Engel & Völkers has been operating as a stock corporation since 1999. The company intended to go public,[15][16] but postponed this plan indefinitely after the dot-com bubble burst.[17] Instead, it focused on internationalizing its business and opened its first office outside Europe in South Africa.[18] Other countries followed, including the United States with the signing of a master license agreement. Greater public attention was given to the opening of a dedicated office in New York City.[19]

At the end of the 2000s, Engel & Völkers expanded to the luxury segment,[7][20] with the new Private Office division targeted above-average wealthy private and business clients. The company also entered the yacht brokerage business.[21] This offering has since been supplemented by other offerings, such as the company's polo school. Engel & Völkers has been operating it together with car manufacturer Land Rover since 2014.[22] Polo courses are held in Hamburg, Frankfurt and Munich, as well as in Mallorca and Argentina.[23]

In 2008, Engel & Völkers founded the Engel & Völkers Charity with the aim of giving children in West Africa the opportunity to receive an education.[24]

In 2023, Engel & Völkers surpassed the mark of 1000 locations worldwide operating in over 30 countries.[25][26] Jawed Barna took over as CEO on 1 November 2023. Sven Odia became president.[1]

Opening up new business areas

In 2014, Sven Odia was appointed co-chief executive officer 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.[20] In 2020, Völkers moved to the Supervisory Board, so that Odia now heads the Management Board alone.[27][28] Völkers continues to look after strategic issues as chairman of the supervisory board and is a 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.[29][30] The company is now also active in the partial sale of real estate ("Liquid Home") through a licensed company.[31]

Engel & Völkers growth trajectory recently led to double-digit revenue growth.[32] During the global COVID-19 pandemic, demand for high-quality real estate continued. The company is meeting this with virtual tours, for example.[33]

In 2020, Engel & Völkers attracted criticism for the failed real estate investments of its franchise firms. These firms, operating under the Engel & Völkers brand, used Engel & Völkers' reputation to attract investors for projects in Dubai and Nova Scotia. The franchisor rejected calls to accept responsibility for the franchisees' investments, describing them as financially and legally independent.[34][35][36][37]

In 2021, Engel & Völkers generated commission revenues of more than 1 billion euros for the first time - with major business growth in the U.S.[38]

References

  1. ^ a b "Engel & Völkers holt neuen CEO: Jawed Barna wird neuer Group CEO bei Engel & Völkers. Zum 1. November übernimmt er die Position von Sven Odia". immobilienmanager.de (in German). 14 September 2023. Retrieved 8 December 2023.
  2. ^ a b "Engel & Völkers erzielt 1,2 Mrd. Euro Courtageumsatz in 2022". presseportal.de (in German). 1 February 2023. Retrieved 7 December 2023.
  3. ^ Engel & Völkers, Welcome to the World of Engel & Völkers, Engel & Völkers, retrieved 8 February 2021
  4. ^ "Franchisetoown". Franchisetoown.com. Retrieved 13 June 2015.
  5. ^ "Private office – Engel & Völkers". Engel & Völkers.
  6. ^ a b "About – Engel & Völkers". Engel & Völkers. Retrieved 13 June 2015.
  7. ^ a b "Makler im Luxussegment", Hamburger Abendblatt (in German), p. 25, 30 June 2014
  8. ^ Norbert Schwaldt (24 October 2010), "Hamburger Pferdefreund", Welt am Sonntag (in German), p. 42
  9. ^ "Interview: Christian Völkers über seine erste Million", Capital (in German), 9 July 2017, retrieved 1 February 2021
  10. ^ GG Magazin (in German), Grund Genug Verlag, retrieved 1 February 2021
  11. ^ Jens Bergmann (2018), "Engel & Völkers: Halt dich an die Fibel!", Brand Eins (in German), retrieved 1 February 2021
  12. ^ Helen Cummins, "Marktführer für Immobilien: Engel & Völkers", Slow Living Mallorca (in German), archived from the original on 5 January 2022, retrieved 1 February 2021
  13. ^ "Engel & Völkers: "Shop-Konzept" wird weiter verfolgt. Das Volumen der vermitttelten Immobilien ist deutlich gestiegen.", Handelsblatt (in German), p. 11, 2 February 1996
  14. ^ "Engel & Völkers: An iconic brand. Refined". www.businesswire.com. 14 March 2023. Retrieved 2 June 2023.
  15. ^ "Engel & Völkers plant IPO.", Aktiencheck (in German), 20 December 2000, retrieved 1 February 2021
  16. ^ "Engel & Völkers: Schrittweiser Börsengang", Immobilien Zeitung (in German), 13 December 2000, retrieved 1 February 2021
  17. ^ "Der Makler-Börsengang liegt auf Eis.", Immobilien Zeitung, 24.04.2001 (in German), retrieved 1 February 2021
  18. ^ "Engel & Völkers expandiert nach Südafrika.", Immobilien Zeitung, 28.02.2001 (in German), retrieved 1 February 2021
  19. ^ "Engel & Völkers eröffnet Büro in New York.", Cash Online (in German), 14 May 2014, retrieved 1 February 2021
  20. ^ a b Anne Wiktorin, Tanja Kewes (9 October 2014), "Die neue Doppelspitze: Ein Duo führt künftig den Immobilienmakler Engel & Völkers. / Namen des Tages", Handelsblatt (in German), p. 47
  21. ^ Meite Thiede (21 May 2010), "Luxusyachten vom Immobilienmakler", Süddeutsche Zeitung (in German), retrieved 1 February 2021
  22. ^ "Engel & Völkers + Land Rover Polo School", Polo+10 (in German), 25 April 2014, retrieved 1 February 2021
  23. ^ Doris Banuscher (22 July 2012), "Ganz in Weiß – Polo Cup auf Mallorca", Welt am Sonntag / Ausgabe Hamburg (in German), p. 10
  24. ^ e.V, Deutscher Franchise-Verband (15 December 2017). "15. Türchen: Mit Schulbildung den richtigen Weg bahnen". Deutscher Franchiseverband (in German). Retrieved 2 June 2023.
  25. ^ Norbert Schwaldt (18 April 2007), "Engel & Völkers baut das Geschäft in den Metropolen aus.", Die Welt (in German), p. 23
  26. ^ "Engel & Völkers". Nous Partners. Retrieved 2 June 2023.
  27. ^ "Generationswechsel bei Engel & Völkers", Immobilienmanager (in German), 4 September 2019, retrieved 1 February 2021
  28. ^ Thomas Tuma (12 October 2020), "Sven Odia: Neuer Chef, neue Rekorde / Unternehmer des Tages", Handelsblatt (in German), p. 44
  29. ^ "Engel & Völkers Capital AG und Kapilendo AG starten neue Immobilien Crowdinvesting-Plattform", Crowdfunding Informationsportal (in German), 20 March 2017, retrieved 1 February 2021
  30. ^ "Crowdinvestingplattform Engel & Völkers Capital geht an den Start", Cash Online (in German), 16 June 2017, retrieved 1 February 2021
  31. ^ "Neues Geschäftsfeld bei Engel & Völkers: Liquid Home soll eine innovative Option darstellen Liquidität zu schaffen.", Immobilienmanager (in German), 21 April 2020, retrieved 1 February 2021
  32. ^ "Engel & Völkers verzeichnet zweistelliges Umsatzwachstum in 2020", Business & People Magazin (in German), 23 January 2021, retrieved 1 February 2021
  33. ^ "2020 war für die Makler von Engel & Völkers ein Rekordjahr – nun erwarten sie die Renaissance der Vororte.", Stern (in German), 13 January 2021, retrieved 1 February 2021
  34. ^ Haseborg, Melanie Bergermann, Volker ter. "Engel & Völkers: In den Sand gesetzt". www.wiwo.de (in German). Retrieved 22 August 2021.{{cite web}}: CS1 maint: multiple names: authors list (link)
  35. ^ "Geplatzte Immobilienträume". www.zdf.de (in German). Retrieved 22 August 2021.
  36. ^ "Flop-Investments in Kanada: Totalverlust statt Megarendite: Millionenschwerer Anlegerskandal belastet Maklerfirma Engel & Völkers". www.handelsblatt.com (in German). Retrieved 22 August 2021.
  37. ^ "Vertrauenskrise: Engel & Völkers in der Franchise-Klemme". www.fondsprofessionell.de (in German). Retrieved 22 August 2021.
  38. ^ Balzer, Von: Julia. "Engel & Völkers verzeichnet zweistelliges Umsatzwachstum in 2020 – Business & People – Das Wirtschaftsmagazin aus den Metropolregionen Hamburg, Bremen und Bremerhaven" (in German). Retrieved 2 June 2023.
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