BrokerageIndustry News

Global real estate franchisor expands to U.S.

Harcourts International, Altera Real Estate form new company

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A large California-based real estate brokerage with more than 700 agents announced a joint venture with a major international real estate franchisor this week. Altera Real Estate is forming a new company, Harcourts Pacific, with New Zealand-based franchisor Harcourts International. Harcourts has more than 630 offices and more than 4,000 agents in nine countries: New Zealand, Australia, South Africa, China, Fiji, Indonesia, Zambia, and Singapore. Altera marks the company's first venture in the United States, adding 23 independently owned offices and more than 700 agents to the franchise's network. Real Trends ranked Altera Real Estate as No. 101 of the 500 largest brokerages in the country by sales volume in 2009.Financial details about the transaction were not disclosed, though Mike Green, managing director for Harcourts International, said in a statement, "As a 50 percent shareholder in the U.S. joint venture, Harcourts will have a heavy focus on the American market throughou...