The firm's booked transactions rose from $19,765,000 in Q1 2013 to $45,387,500 in Q1 2014, a 129.63% increase.
Concierge Auctions drove its YOY growth by expanding its inventory while further narrowing its criteria for the luxury market that it serves.
"Concierge has created an effective auction model for high-end real estate and led the U.S. industry in implementing it," said business philosopher Matthew Ferrara. "The auction approach is a win-win. It helps sellers reduce the amount of time it takes to sell their property, and moves the pricing question directly into the open market. Buyers can quickly acquire their dream homes, too. For brokers, auction platforms minimize the time and expense of marketing homes, and can significantly increase cash flow. The model has proven itself overseas, and Concierge has already proven it can work in the North American markets as well."
The firm increased the number of auctions it held from six in Q1 2013 to fourteen in Q1 2014. At the same time, the firm maintained its commitment to selectivity, with Q1 2014 pending sale prices increasing 4% over the same period in 2013 to$4,126,136.
"Our aggressive growth strategy places brand equity first and foremost," said Chad Roffers, Chairman of Concierge Auctions. "In addition to the terrific returns we've enjoyed this quarter, the nontangible investments we've made in our brand assets should be seen as a positive indicator for our long-term growth prospects."
Concierge Auctions' Q1 2014 performance comes on the heels of a successful 2013, in which the firm produced $194 million in sales, a 36% increase over 2012, outperforming broader growth in the industry.
"The speed, ease, and value that the auction model delivers makes it the smartest way to buy and sell luxury real estate," saidMike Russo, Chief Operating Officer. "Sophisticated buyers and sellers recognize the model's advantages, and the greatest challenge we face is responding to the overwhelming demand for our services."