Our continued investment in new and innovative technology is focused exclusively on delivering value back to our associates and to the clients they serve every day.
Washington, D.C. December 27, 2017
TTR Sotheby’s International Realty, one of the top residential real estate brokerages in the nation, is on a mission.
As the firm concludes its best year ever — finishing with over $3 Billion in closed gross sales — TTR Sotheby’s International Realty is doubling down on technology with the launch of Bloom, a fully-integrated digital marketing and customer relationship platform.
Bloom, which supports a suite of digital marketing capabilities, including: property marketing, customer relationship management, and business intelligence, is the first of many new digital applications TTR Sotheby’s International Realty plans to release in the months and years ahead.
In anticipation of Bloom’s release, TTR Sotheby’s International Realty worked with Bright MLS and Sotheby’s International Realty to redevelop the brokerage’s underlying data platform — a platform upon which the brokerage will develop new tools and services for its 350+ agents across Washington, D.C., Maryland, and Virginia. As part of the platform overhaul, TTR Sotheby’s International Realty implemented a direct data feed linking the brokerage’s listings to the global distribution destinations exclusive to Sotheby’s International Realty.
“Our new data platform is the foundation of a truly integrated, digital-first brokerage,” says Mark C. Lowham, CEO and Managing Partner at TTR Sotheby’s International Realty. “As the first true product of our new data platform, Bloom represents a huge step in the right direction.”
The launch of Bloom comes at an inflection point for the residential real estate industry. As legacy firms are learning, competition is no longer at the brokerage next door, but rather from everywhere else, with upstarts entering the industry from the world of design, finance, and consumer technology. Each with their own vision for the future of residential real estate, many pose different — if not conflicting — views of the traditional brokerage model that has powered the industry for decades.
“Our continued investment in new and innovative technology is focused exclusively on delivering value back to our associates and to the clients they serve every day,” says Lowham. “With that, we also acknowledge the larger trends in the marketplace, and that consumers — both established and emerging — often have different expectations and in turn require a different experience.”
Bloom, which will serve over a growing roster of agents at TTR Sotheby’s International Realty, was developed in partnership with the New York-based web development firm Gabriels Technology Solutions.
“Gabriels has been a valued partner since day one,” says Lowham. “So when we started looking for partners to help us build a product that would serve our needs — partners who really understood our business, understood the urgency of the problem we were trying to solve, and understood the direction we wanted to take our brokerage — they were the clear choice.”
“Gabriels has been providing technology solutions for the real estate industry since the inception of the consumer web,” says Tom Morgan, Vice President of Sales and Marketing at Gabriels Technology Solutions. “It’s clear, based on the feedback we receive from our partners, both domestic and international, that the need for integration at all levels is key.”
At the highest levels of the residential real estate industry, Chief Executives are collaborating with management consulting firms like Boston Consulting Group to chart a course for the future.
“It’s my belief that agents and brokers aren’t going anywhere, particularly at the higher end of the market,” says Kevin Thompson, Chief Marketing Officer at Sotheby’s International Realty. “With that said, we have to understand the needs of the emerging consumer — the next generation — and how to build an experience that meets, and then exceeds those expectations. Brand and customer service are fundamental elements of a great experience, and those elements cascade across platforms.”
According to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index — regarded as one of the leading indicators for the health of United States real estate market — housing has never been stronger, with the National Index settling at 195.63 as of October 2017 (the highest ever). With the growing value of the United States real estate market, along with additional revenues surrounding the typical transaction, the industry has drawn the attention of giants like Facebook, Google, and Amazon, all of which are rumored to enter the space in 2018.
“Despite the fact that these events can trace their origins back at least a decade, neither the traditional brokerage sector nor organized real estate has created adequate defensive or competitive positions,” states Jeremy Conaway of Recon Intelligence Services, a real estate consulting firm based in Traverse City, Missouri which recently advised top Sotheby’s International Realty affiliates on market dynamics. “While the focus of these trends have changed over this period their basic objectives have remained consistent. We are witnessing the formation of a new real estate marketplace environment.”
“The customer journey has changed,” says Lowham. “Bloom is about furthering our commitment to staying ahead of that change, and by continuing to find new and innovative ways to infuse customer service excellence in all that we do.”
About TTR Sotheby’s International Realty
TTR Sotheby’s International Realty is the exclusive Sotheby’s International Realty affiliate for the Washington Metropolitan Region. With seven offices located strategically across Washington, D.C., Maryland, and Virginia, our 350 real estate professionals are ranked among the highest performing in the nation, and are regarded for their integrity, professional service, and community leadership. Through our relationship with the venerable Sotheby’s auction house, TTR Sotheby’s International Realty produces extraordinary results for our clients by leveraging proprietary global marketing, cutting edge digital strategies, and unrivaled access to the most affluent and discerning global clientele. To learn more about TTR Sotheby’s International Realty, visit TTRSIR.com.
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