Coldwell Banker Real Estate Corp. has acquired one of its North American master franchisors, Coldwell Banker Canada, in a move that expands the company’s network in Canada and aims to help affiliated Canadian brokers work cross-border business leads and opportunities.
Terms of the agreement were not disclosed, according to the recent announcement.
Coldwell Banker Canada was founded in 1993 and previously held the right to franchise the Coldwell Banker brand in Canada.
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 of the 10 Canadian provinces and also in the Yukon and Northwest Territories.
The current 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 Corp., based in Parsippany, N.J.
“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,” Chris said in a statement. “One of the quickest rollouts will be the Canadian launch of Coldwell Banker LeadRouter, 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.”
“The long-term housing outlook for Canada is strong,” said Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate Corp. “Home-ownership 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.”
Coldwell Banker, a subsidiary of Realogy Corp., has about 3,800 residential real estate offices and more than 120,000 sales associations across the globe.