Veteran Canadian Management Team Remains in Place to Help Lead Future
Growth of Coldwell Banker Affiliate Network in Canada
PARSIPPANY, N.J., May 16 /CNW/ - Coldwell Banker Real Estate Corporation
today announced the acquisition of one of its North American master
franchisors, Coldwell Banker Canada, Limited. Founded in 1993 as one of the
first international master franchisors of the brand, Coldwell Banker Canada
previously held the right to franchise the Coldwell Banker(R) brand in Canada.
This acquisition enables Coldwell Banker Real Estate Corporation to expand its
network in Canada and help its affiliated Canadian brokers facilitate
cross-border business leads and opportunities with its U.S. counterparts.
There are currently more than 135 independently owned and operated Coldwell
Banker Canada affiliated companies with 245 offices and 3,900 sales associates
in nine out of the 10 Canadian provinces and also in the Yukon and Northwest
Territories. The terms of the agreement were not disclosed.
The current seasoned executive team will remain intact in its existing
headquarters in Burlington, Ontario. Gary Hockey will remain as president and
Ron Hunter will continue to serve as COO of Coldwell Banker Canada. Both
executives will report directly to Sherry Chris, chief operating officer of
Coldwell Banker Real Estate Corporation based in Parsippany, N.J. Chris is a
Canadian citizen who spent the first 23 years of her real estate career in
Canada before moving to the U.S. in 2003.
"The long term housing outlook for Canada is strong," said Jim Gillespie,
president & chief executive officer of Coldwell Banker Real Estate
Corporation. "Homeownership rates exceed 70 percent and the national average
home price is expected to rise over the next 25 years. This acquisition is in
keeping with our growth strategy."
"Our affiliated companies in Canada will have the opportunity to leverage
marketing and education programs and gain more immediate access to Coldwell
Banker systems and tools," said Chris. "One of the quickest rollouts will be
the Canadian launch of Coldwell Banker LeadRouter(SM), our lead management
system that instantly converts Internet inquiries into voice messages. With
more than 80 percent of consumers now beginning their home search online,
technology-based tools are essential to success."
While Coldwell Banker Canada was previously a separate entity, its
marketing and technology platforms closely mirrored those of Coldwell Banker
Real Estate Corporation over the last few years. Many Coldwell Banker Canada
listings are already displayed on the coldwellbanker.com website.
"I believe the biggest benefit to this arrangement is greater
participation," said Hockey. "With this new relationship, we will have an even
stronger voice in how the brand is marketed. Coldwell Banker Real Estate
Corporation recognizes that while similarities exist between Canada and the
U.S., there are unique differences in the way that real estate is marketed and
legislated here in Canada. With our Canadian leadership and support team
solidly in place, we are confident that Coldwell Banker will continue to grow
and flourish in Canada."
Coldwell Banker Real Estate Corporation continues to employ the master
franchise model elsewhere internationally, with a master franchise owner
responsible for franchise sales and network growth in various countries and
regions. This announcement pertains only to Coldwell Banker franchise
operations in Canada and does not affect master franchise agreements in any of
the other 39 countries or territories around the world. Coldwell Banker Real
Estate Corporation currently services more than 1,260 independently owned and
operated affiliated companies in the United States.
About Coldwell Banker(R)
Since 1906, the Coldwell Banker(R) organization has been a premier
full-service real estate provider. In 2006, Franchise Times magazine's
prestigious Top 200 issue ranked the Coldwell Banker system number one in real
estate for the seventh straight year and number eight among all franchisors.
The Coldwell Banker System has approximately 3,800 residential real estate
offices and more than 120,000 sales associates in 41 countries and
territories. The Coldwell Banker System is a leader in the industry in
residential and commercial real estate, and in niche markets such as resort,
new home and luxury properties through its Coldwell Banker Previews
International(R) division. It is a pioneer in consumer services with its
Coldwell Banker Concierge(R) Service Program and award-winning Web site,
www.coldwellbanker.com. Coldwell Banker Mortgage is one of the largest
telephone/web based lenders in the country. Coldwell Banker Real Estate
Corporation is a subsidiary of Realogy Corporation, the world's largest real
estate franchisor. Realogy is owned by an affiliate of Apollo Management,
L.P., a leading private equity and capital markets investor. Coldwell
Banker(R) is a registered trademark licensed to Coldwell Banker Real Estate
Corporation. Each office is independently owned and operated.
For further information: Coldwell Banker Real Estate Corporation David
Siroty, 973-407-7199 David.Siroty@coldwellbanker.com or Coldwell Banker Canada
Barbara Zaprzala, 1-800-268-9599 905-278-4964 Barb@coldwellbanker.ca
