The franchise group for Realogy Corp. (NYSE: H) announced today that its Coldwell Banker and Sotheby’s International Realty brands have entered into long-term franchising agreements with the Tomlinson Black Group of Companies, which has 14 offices and about 500 sales associates in the Northwest.
Sales associates for Tomlinson Black, a formerly independent real estate brokerage company based in Washington and Idaho, reported more than 10,500 closed transactions sides and a closed residential sales volume of $2.01 billion in 2005, and the company ranked 43rd in the nation for transaction sides and 79th in sales volume, according to real estate research and information company REALTrends.
The company offers residential and commercial real estate services.
Alex Perriello, president and CEO of the Realogy Franchise Group, said in a statement that the franchise affiliation is the largest in the history of the Realogy Franchise Group. Realogy was created last year through a spin-off of Cendant Corp.’s real estate division.
“For 65 years, Tomlinson Black has steadfastly improved upon our operations and our service to our customers,” said Bob Tomlinson of the Tomlinson Black Group in a statement. “We are entering into a long-term, strategic alliance with Realogy and its franchise brands to maintain our momentum in a changing marketplace and to infuse our company with greater access to technology, marketing programs, and a global clientele base. These new business relationships will enable us to rapidly expand in broader regional markets.”
And Fred Meyer, who oversees growth and development for Tomlinson Black, said in a statement, “We made strategic decision to affiliate our various offices with the individual Realogy brands that we felt would work best for our competitive advantage within the respective market areas served. This multibrand approach was an option that was not available to us from anyone else, and we think it’s a great fit.”
Realogy offered no details about the financial arrangement in the franchise agreements, though announced that the deal is “not expected to have a material impact on Realogy’s financial results.”
Realogy’s company-owned and franchise brands include Century 21, Coldwell Banker, Coldwell Banker Commercial, ERA and Sotheby’s International Realty, among others. The company has announced a potential $9 billion buyout deal with private equity fund Apollo Management that is subject to shareholder approval.
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