Close and consolidate: The new reality of real estate

Guest perspective: Consumers won't continue to subsidize inefficiency

The premier event for luxury agents and brokers
Luxury Connect | Oct. 16-18 | Beverly Hills

Cendant Corp. — which owns the Coldwell Banker, Century 21, ERA and Sotheby’s real estate brands — recently announced plans to close and consolidate offices to slash $50 million in costs at NRT brokerages in 2006. The bold move points to a new reality in the real estate industry: close and consolidate.

The Internet has shaken the foundation of the real estate business and pricing model like no other change before.