Industry News

Cendant boosts real estate revenue in second quarter

Company credits continuing growth in home prices
Published on Jul 26, 2005

Cendant Corp., a top real estate brokerage company and real estate franchisor, reported that its Real Estate Services had improved second-quarter revenue compared to second-quarter 2004. Second-quarter Real Estate Services revenue – which includes real estate franchise brands, brokerage operations, relocation services, settlement services and mortgage results after a Jan. 31 mortgage-origination venture with PHH Corp. -- was up 7 percent in the second quarter. The revenue increase was "primarily due to growth in royalties earned by our real estate franchise businesses, commissions earned by our NRT real estate brokerage unit, and fees earned by Cendant Mobility, our relocation services business," Cendant announced today. Real estate franchise royalty revenue increased 13 percent in the second quarter, primarily due to a 14 percent increase in the average price of homes sold and a 2 percent increase in closed sides volume. Revenue generated by NRT increased 7 percent due to a...

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