Engel & Völkers

In 1977, Dirk Engel set up his own business as a real estate agent in Hamburg.[5] 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.[6] 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.[7] 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.[8] Besides, the training and continuing education of real estate agents were professionalized in the international Engel & Völkers Academy.[9]

The first location outside Germany was opened in 1990 in Palma de Mallorca.[10] 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.[11]

The company's own brand was refined in 2023.[12] and its business model is based on the pillars of the franchise business and company-owned operations.

In 2022, Engel & Völkers reported continuous demand for property in the premium segment despite rising interest rates and inflation.[13]

Engel & Völkers has been operating as a stock corporation since 1999. The company intended 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.[17] 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.[18]

At the end of the 2000s, Engel & Völkers expanded to the luxury segment,[5][19] with the new Private Office division targeted above-average wealthy private and business clients. The company also entered the yacht brokerage business.[20] 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.[21] Polo courses are held in Hamburg, Frankfurt and Munich, as well as in Mallorca and Argentina.[22]

In 2008, Engel & Völkers founded the Engel & Völkers Charity with the aim of giving children in West Africa the opportunity to receive an education.[23]

In 2023, Engel & Völkers surpassed the mark of 1000 locations worldwide operating in over 30 countries.[24][25]

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.[19] In 2020, Völkers moved to the Supervisory Board, so that Odia now heads the Management Board alone.[26][27] 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.[28][29] The company is now also active in the partial sale of real estate ("Liquid Home") through a licensed company amd.[30]

Engel & Völkers growth trajectory recently led to double-digit revenue growth.[31] During the global COVID-19 pandemic, demand for high-quality real estate continued. The company is meeting this with virtual tours, for example.[32]

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.[33][34][35][36]

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.[37]