More Brands, More Choice: Realogy To Launch Two New Franchise Options To Fuel Growth
Corcoran and Climb Real Estate to be Franchised for the First Time, Expanding and Diversifying Realogy's Brand Offerings for Brokers, Agents, and Consumers
MADISON, N.J., Oct. 24, 2018 /PRNewswire/ -- Realogy Holdings Corp. (NYSE: RLGY), the largest full-service residential real estate services company in the United States, today announced plans to franchise Corcoran® and Climb Real Estate® for the first time, expanding its portfolio of brand offerings for brokers, agents, and consumers. Both Corcoran and Climb plan to begin selling franchise agreements in early 2019.
Born in New York City, the epicenter of global real estate, Corcoran will leverage its strong brand reputation for highly personalized service and groundbreaking marketing to expand beyond its current East Coast owned offices as it targets franchise opportunities in global megacities and sought-after leisure markets both within the United States and internationally. Climb – born in San Francisco and raised in Silicon Valley – will bring to U.S. urban markets a mobile-first model, appealing to a new generation of brokers, agents, and consumers seeking a more flexible real estate experience.
"Realogy serves more aspects of the real estate transaction than any other entity with an incredible legacy of shepherding and growing some of the most well-known and respected brands in the industry," said Ryan Schneider, Realogy CEO and president. "The decision to add two new franchise options to our portfolio is critical to Realogy's long-term organic growth strategy, and we believe demand for Corcoran and Climb will help us unlock additional franchisee opportunities, drive productive agent recruitment, and, ultimately, capture more share of the market."
Beyond launching these two new franchise brands as part of the company's growth strategy, Realogy is also focused on company-wide initiatives that include enhancing the agent and consumer experience across all brands through technology and data, expanding national business partnerships to better leverage its industry-leading scale, and innovating with new products, services, and marketing.
Individual Power, Collective Strength – a Brand for Every Agent and Consumer
"We believe in the power of our brands, and from extraordinary estates to starter homes, each brand offers a distinct personality, history, and expertise, all fueled by Realogy's leading technology, data, and partnerships," said John Peyton, president and CEO, Realogy Franchise Group. "With the addition of Corcoran and Climb, we have identified two areas within our existing franchise portfolio where we can address unmet demand from brokers, agents, and consumers in two very different and compelling ways."
Corcoran and Climb will join Realogy's world-class franchise brand portfolio, which includes Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker® and Coldwell Banker Commercial®, ERA®, and Sotheby's International Realty®.
Answering Demand, The Corcoran Group Brings Its 'Live Who You Are' Philosophy to Global Markets
The Corcoran Group®, the leading brokerage firm in the highly competitive markets of New York City, the Hamptons, New York, and Palm Beach, Florida, was founded in Manhattan in 1973 with 30 agents. Since then, Corcoran has grown organically to more than 2,300 affiliated agents across 33 offices, serving both domestic and international clientele. The Corcoran "Live Who You Are®" brand philosophy is the foundation of Corcoran's success, guiding people on their journey to find their new home. Through Corcoran Sunshine® Marketing Group, the recognized pioneer in new high-end residential development, Corcoran has marketed the most high-profile, best-selling properties that have changed the Manhattan skyline and is the exclusive marketing firm for all residential sales at Hudson Yards, the largest private development project in the history of the United States.
"At Corcoran, clients have the advantage of being at the center of every transaction. We work closely with clients to find them the home and community where they can truly live who they are," said Pamela Liebman, President and CEO, The Corcoran Group. "Corcoran's personal approach, unmatched experience, and success in marketing and selling every type of residential property and new development project has created demand for us to move into new markets, near and far. With the power of the Corcoran brand, combined with the resources and support of Realogy, the time to expand Corcoran's presence on a global level is now."
Climb Real Estate Targets Connected Generation with Real Estate in the Palm of Your Hand
Founded by Chris Lim in 2010, Climb was built by agents, for agents with a mobile-enabled, flexible approach to its products, services, and office footprints. Climb was acquired by Realogy in 2016 and has grown to more than 200 agents with offices serving both emerging and established neighborhoods across San Francisco, San Jose, and Oakland, California. Climb, a testing ground for new technology, services, and ways of completing the deal, is designed for the Connected Generation, a mindset that is always on, always moving, and always connected. Climb's mobile-first model and urban market appeal is a new type of offering for Realogy.
"As a consumer, I saw an opportunity to improve the client experience, so I became an agent, and, as an agent, I felt there was room for a new kind of model that would bring mobility and flexibility to the transaction, so I founded Climb," said Chris Lim, founder, Climb Real Estate. "Both Realogy and I share a vision to bring Climb's freedom to choose to new U.S. markets where the Connected Generation is demanding a different approach as they enter their prime real estate years."
About Realogy Holdings Corp.
Realogy Holdings Corp. (NYSE: RLGY) is the leading and most integrated provider of residential real estate services in the U.S. that is focused on empowering independent sales agents to best serve today's consumers. Realogy delivers its services through its well-known industry brands including Better Homes and Gardens® Real Estate, CENTURY 21®, Climb Real Estate®, Coldwell Banker®, Coldwell Banker Commercial®, Corcoran®, ERA®, Sotheby's International Realty® as well as NRT, Cartus®, Title Resource Group and ZapLabs®, an in-house innovation and technology development lab. Realogy's fully integrated business model includes brokerage, franchising, relocation, mortgage and, title and settlement services. Realogy provides independent sales agents access to leading technology, best-in-class marketing and learning programs, and support services to help them become more productive and build stronger businesses. Realogy's affiliated brokerages operate around the world with approximately 192,000 independent sales agents in the United States and approximately 102,000 independent sales agents in approximately 115 other countries and territories. Realogy is headquartered in Madison, New Jersey.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements, other than those of historical fact, contained in this report are forward-looking statements including, but not limited to, statements regarding Realogy's expectations regarding the expansion of its franchise brands, including whether the Corcoran and Climb Real Estate brands will be available for franchising by early 2019. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including that there can be no assurance that the anticipated expansion of Realogy's franchise brands will be successfully completed in the expected time frame, or at all, as well as those discussed in Realogy's filings with the SEC. Any forward-looking statements speak only as of the date of this press release and, except to the extent required by applicable securities laws, Realogy expressly disclaims any obligation to update or revise any of them to reflect any changes in expectations or any change in events. For additional information concerning risks, uncertainties and other factors that may cause actual results to differ from those anticipated in the forward-looking statements, and risks to Realogy's business in general, please refer to Realogy Holdings Corp.'s SEC filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2018 and June 30, 2018.
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