David Ogilvy is shuttering his 34-year-old eponymously named brokerage, David Ogilvy and Associates, and bringing his team to Sotheby’s International Realty in Greenwich, Connecticut.
In the pricy New York City suburb of Greenwich, Ogilvy has sold in excess of $2 billion, closing more than 370 properties including what was once the largest single-family home sale in the nation, the $120 million Cooper Beach Farm.
In the current climate, a number of indie brokerages are either selling to bigger brokerage companies or closing. Last year, Nick Segal, former president of Pacific Union International’s Southern California division, told Inman that indie brokerages are facing “a very difficult time.”
“I think you see a lot of that, and it’s probably part of the reason for it, but what it really is, is my attraction, of what a great job Sotheby’s is doing,” Ogilvy told Inman. “This is a really important time here and I realize the amount of effort it takes to make a company as good as this and so it just looked like a logical place to be.”
Ogilvy pointed specifically to the collegial, “family-like” atmosphere of the Sotheby’s International Realty Office – which is not an independent franchise, but part of parent company Realogy’s company-owned brokerage portfolio. He also pointed to the brand’s legacy in the industry, global network and ability to maximize exposure on his listings.
“I have closely observed the company as a competing brokerage for some time and, for me, there was no other choice when making the decision to focus on my future as an agent,” Ogilvy said.
For Sotheby’s International Realty, the move brings a 40-year veteran and his team of eight agents into the fold. The team is also bringing 28 listings valued at $138 million.
“[Ogilvy’s] reputation proceeds him,” Pam Pagnani, vice president and brokerage manager of Sotheby’s International Realty – Greenwich said in a statement. “He has worked in this business and been someone everyone loves, admires and respects.”
Pagnani said agents in her office were already very familiar with Ogilvy, who often competed with Sotheby’s for listings or working alongside her agents on separate ends of the transaction.
“We have always cooperated well together,” Pagnani said. “Some of the biggest deals done in this town have been done with our office and David’s office working together. We have already been in the trenches with them.”
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