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Global luxury brokerage Engel & Völkers has landed a new partnership that will substantially expand the company’s footprint across the state of California, the brokerage exclusively informed Inman on Tuesday.
Through its new partnership with Dilbeck Real Estate, the luxury brand is adding roughly 400 real estate professionals and support staff and nine new office locations across Southern California.
The arrangement will see Mark Dilbeck, the company’s long-time second-generation owner, retain partial ownership of the company as well as control over day-to-day operations of Los Angeles and Ventura County shop locations.
Meanwhile, license partner Paul Benson will gain a new ownership stake in the business under Engel & Völkers, and all new offices coming in from Dilbeck Real Estate will adopt the Engel & Völkers name.
Anthony Hitt | Engel & Völkers
“For Engel & Völkers, growth doesn’t come at any cost,” Anthony Hitt, president and CEO of Engel & Völkers Americas, said in a statement.
“As a culture-driven company, every new business opportunity, whether a large merger, brokerage partnership or individual real estate professional joining the brand, is approached with the intent not simply to help us grow, but with the expectation and responsibility to further the ethos of the brand and our philosophy toward exceptional client service, as well as helping our advisers grow with us. This is an exciting move in California. Paul and Mark working together is certainly just the beginning of many great things to come.”
Dilbeck Real Estate has nine offices across Southern California that it’s bringing to Engel & Völkers, including Burbank, San Marino, Camarillo, La Canada Flintridge, Glendale, Encino, Pasadena, Santa Clarita and Westlake Village. Since Dilbeck has been in charge of the business, dating back to 1998, the brokerage has closed about $1.3 billion in annual sales volume.
Each office services a market with its own unique flavor with residents who come from all over the world, a statement from Engel & Völkers notes. The merger will raise Engel & Völkers’ total office count in the greater L.A. area to 15. Prior to the announcement, Engel & Völkers had existing locations in Westlake Village, Manhattan Beach, Redondo Beach, Calabasas, Laguna Beach, Newport Beach, Long Beach/Belmont Shores, Beverly Hills, Santa Barbara and Santa Ynez.
“I’m excited that my heart and mind tell me that we have found a partner that makes us stronger and more vibrant for years to come,” Dilbeck said in a statement.
Mark Dilbeck | Dilbeck Real Estate
“The real estate industry has changed significantly since the inception of Dilbeck Real Estate more than 70 years ago,” he continued. “The competitive landscape is completely different, and with so many options for today’s consumers and real estate professionals to choose from, it became clear that we needed to affiliate with a large, established player in order to bring the business into its next era of growth.
“The tools and resources that Engel & Völkers provides will help our advisers secure more listings and advance professionally, and nothing excites me more than knowing that we’ve found a partner that shares similar values. This partnership will truly make our business stronger.”
Prior to this merger, Benson, who is co-founder and CEO of Engel & Völkers Gestalt Group, already operated more than 40 Engel & Völkers locations across California, Arizona, Colorado, Idaho, Nevada, Utah and Washington.
Paul Benson | Engel & Völkers
“It is an honor to welcome Mark and the entire Dilbeck Real Estate team to Engel & Völkers,” Benson said in a statement. “Their organizational expertise and passion for real estate align with our own commitment to excellence.
“We share a vision for the future that combines growth with people, and are deeply committed to doing what is right for both our clients and advisers through a focus on collaboration, collegiality and support via all the systems, tools, coaching, training and marketing needed to be successful, all backed by the power of Engel & Völkers’ respected global brand.”
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