Insider’s Look At Queenstown Real Estate Success Ft. Mark Harris Episode 247

In our recent discussion with Mark Harris, Managing Director of New Zealand Sotheby’s International Realty, Mark shares his remarkable journey through the ever-evolving real estate landscape. From weathering the global financial crisis (GFC) to expanding the brand globally, Mark’s insights offer a blueprint for success in both challenging and prosperous times.

Mark reflects on the tough days of the global financial crisis, when the real estate market was at its lowest, and many in the industry were forced to adapt or shut down. He recalls his company’s downsizing during the crisis, when they were forced to move into a much smaller office space to keep costs down. Despite the tough circumstances, Mark and his team remained committed to pushing through. “We just got to get through this,” Mark recalls, a sentiment that carried them through the difficult years.

Thanks to the resilience and determination of the team, they began to see the market turn around. Large transactions, like the sale of high-country stations worth millions, marked the return of wealthy buyers to the market. The ability to weather such storms strengthened the foundation of Sotheby’s International Realty, propelling them forward into new growth opportunities.

Starting with just five employees, Sotheby’s International Realty New Zealand has grown to a team of over 300, with plans to expand even further. Mark emphasizes that growth for the company hasn’t been about becoming the biggest, but rather the best. “We don’t want to be the biggest agency in the country. High-quality, mid-sized teams allow us to work collaboratively and refer business seamlessly,” he explains.

A key aspect of their growth strategy is entering new markets. Mark shared the company’s recent expansion into Victoria, Australia, which took a year and a half of negotiation. The decision to expand into Melbourne was strategic, as it is one of the fastest-growing states in Australia. “The brand belongs there,” Mark states, citing Melbourne’s vibrant real estate market and growing demand for luxury properties as a natural extension for the Sotheby’s International Realty name.

For Mark, the key to growing the business successfully lies in balancing risk with opportunity. “When an opportunity presents itself, you can’t overanalyze it to death,” he shares. “Assess the risk, make sure it feels right, and then give it a crack.” This philosophy has led the company through challenges such as the ash clouds, earthquakes, and even pandemics, all of which have tested the business’s resilience while continuing its growth trajectory.

This risk-taking mentality has proven invaluable as they expanded their presence internationally, adapting to new challenges and markets with confidence and a steady hand.

One of the major advantages of working in luxury real estate is the opportunity to connect with high-net-worth individuals from around the world. Mark emphasizes the importance of building lasting relationships with these clients. For many buyers, purchasing a high-end property is not a quick decision. “At the really high end, many of these buyers are incredibly humble and welcoming,” Mark notes. Developing these long-term relationships has been a rewarding part of the business and continues to drive growth for Sotheby’s.

With a focus on providing exceptional service and understanding the unique needs of their clientele, Sotheby’s has built a reputation for offering exclusive, world-class properties and unmatched expertise in real estate.

Despite an impressive $1.6 billion in annual sales, Mark and his team aren’t slowing down. The company is pushing toward even greater milestones, setting their sights on continued expansion both locally and internationally. “We hit $1 billion, then $2 billion, and now we’re pushing to grow beyond that,” Mark says, emphasizing the company’s continued focus on meaningful growth, even as they face the complexities of new markets.

Mark’s journey offers valuable lessons for anyone navigating the complex world of luxury real estate. From the lows of the GFC to the high points of expansion and new market opportunities, his story underscores the importance of resilience, strategic thinking, and taking calculated risks. Success, as Mark demonstrates, isn’t just about surviving challenges but leveraging them as stepping stones for future growth.

In his own words, “You get knocked over, and you get up again.” This mindset has been instrumental in driving Sotheby’s International Realty to where it is today—and will continue to guide its path forward.