Realogy Subsidiary NRT Enters New Strategic Markets With Acquisition Of Regional Brokerage Firm
Nation's Largest Residential Brokerage Significantly Expands Presence in Texas; Enters the Carolinas and Florida's Gulf Coast; Welcomes 2,000 Affiliated Agents and 60 Offices Under the Coldwell Banker Banner
MADISON, N.J., April 7, 2015 /PRNewswire/ -- NRT LLC, the largest residential real estate brokerage company in the United States and subsidiary of Realogy Holdings Corp. (NYSE: RLGY), today announced its acquisition of Coldwell Banker United, Realtors® in Texas, Florida, North Carolina and South Carolina. Coldwell Banker United, Realtors has 60 offices and 2,000 affiliated sales associates, and will continue to operate under the Coldwell Banker® brand as Coldwell Banker United, Realtors®. In 2014, the company accounted for approximately $5.8 billion in closed sales volume and over 23,400 transaction sides. According to the 2015 REAL Trends 500 report (based on 2014 data), Coldwell Banker United was ranked as the nation's No. 7 brokerage by transaction sides and No. 11 by sales volume. Financial terms of the transaction were not disclosed, and no federal regulatory approvals were required in connection with this transaction.
"This announcement marks NRT's entrance into important new markets and positions us to build on the success of Coldwell Banker United, Realtors' strong leadership team and the quality of its affiliated sales associates and employees," said Bruce Zipf, president and chief executive officer of NRT LLC. "This is a strategic acquisition for NRT, within our time-tested and disciplined financial return criteria, and timely in that it comes at the start of the spring home-selling season."
The acquisition strategically expands NRT's Coldwell Banker presence in the nation's second largest state, Texas, where it currently operates in Dallas/Fort Worth as Coldwell Banker Residential Brokerage. NRT is gaining 19 offices in Houston, 11 in Austin, and 3 near Dallas/Fort Worth.
This acquisition also connects NRT's Eastern Seaboard presence contiguously from Maine to Florida with the addition of Coldwell Banker United, Realtors' 16 offices in North Carolina and South Carolina. The company ranks among the market leaders in Charlotte, N.C., and Columbia, S.C., in both transaction sides and sales volume.
NRT also welcomes Coldwell Banker United, Realtors' 11 offices in the Florida Gulf Coast, where the firm is ranked No. 1 by sales volume and transactions. NRT is already a leader across Florida with approximately 75 offices and more than 4,800 agents affiliated with Coldwell Banker Residential Real Estate in the following markets: Tampa/St. Petersburg, Sarasota/Bradenton, Fort Myers/Naples, Miami/Fort Lauderdale, Palm Beach, Melbourne and Orlando.
"This announcement positions the No. 1 Coldwell Banker independent affiliate to be part of the No. 1 residential real estate brokerage in the nation, and I personally take great pride in that," said Coldwell Banker United, Realtors' founder Richard Smith (no relation to Realogy Chairman, Chief Executive Officer and President Richard A. Smith). "We have the same dedication to ethics, remarkable customer service, agent empowerment and community service that have been our hallmark over the past four decades, and I am highly confident our growth with NRT will continue to provide real estate consumers with outstanding value and service."
Smith and his regional management team will continue with Coldwell Banker United, Realtors. The company joined the Coldwell Banker brand in 1986 and has been ranked as the No. 1 Coldwell Banker independent affiliate by transaction sides since 2002. Coldwell Banker United, Realtors has been a member of the Cartus Broker Network since 1997. Cartus, a Realogy subsidiary, is the recognized industry leader in providing corporate relocation services to organizations worldwide.
About NRT LLC
NRT LLC is the nation's largest residential real estate brokerage firm. NRT owns and operates companies in more than 45 of the 100 largest metropolitan areas in the United States, with approximately 795 offices and approximately 47,000 independent sales associates. NRT is the subsidiary of Realogy (NYSE: RLGY) that operates all company-owned real estate brokerage offices under Realogy's Coldwell Banker®, Coldwell Banker Commercial® Sotheby's International Realty®, and ZipRealty® brands, as well as powerful regional and local brands, The Corcoran Group® and Citi Habitats.
About Realogy Holdings Corp.
Realogy Holdings Corp. (NYSE: RLGY) is a global leader in residential real estate franchising and brokerage with many of the best-known industry brands including Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, The Corcoran Group®, ERA®, and Sotheby's International Realty®, as well as ZipRealty®, its technology-focused brand. Collectively, Realogy's franchise system members operate approximately 13,500 offices with more than 251,300 independent sales associates conducting business in 104 countries and territories around the world. NRT LLC, Realogy's company-owned real estate brokerage, is the largest residential brokerage company in the United States, operates under several of Realogy's brands and also provides related residential real estate services. The Company also owns Cartus, a prominent worldwide provider of relocation services to corporate and affinity clients, and Title Resource Group, a leading provider of title, settlement and underwriting services. Realogy is headquartered in Madison, New Jersey.
Forward-Looking Statements
Certain statements in this press release constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Realogy Holdings Corp. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Various factors that could cause actual future results and other future events to differ materially from those estimated by management include the Company's inability to realize the benefits from acquisitions. Consideration should be given to the risks set forth under the headings "Forward-Looking Statements" and "Risk Factors" in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2014, and our other filings made from time to time, in connection with considering any forward-looking statements that may be made by us and our businesses generally.
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SOURCE NRT LLC
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