Huge global franchisor Re/Max LLC has sold one of its three company-owned brokerages — a six-office, 270-agent firm located in the nation’s capital — to a local affiliate.
With the acquisition of the franchisor’s former firm (Re/Max 100), the Gaithersburg, Maryland-based Re/Max Realty Group now has 11 offices spread across Maryland, northern Virginia and Washington, D.C.
“For some time, we’ve said that we would look for the right opportunity to sell this East Coast brokerage, and we couldn’t be more pleased that this deal with (Ken Crowley, Re/Max Realty Group’s owner) has worked out so well,” said Re/Max’s CEO, Chairman and co-founder Dave Liniger, in a statement.
Re/Max now owns just two brokerages: Portland, Oregon-based Re/Max Equity Group and Seattle-based Re/Max Northwest, Re/Max spokesman Shaun White told Inman.
Re/Max itself doesn’t own or operate many brokerages, unlike competitors like Realogy, which owns popular real estate franchise brands such as Coldwell Banker Real Estate and Century 21 Real Estate, and HomeServices of America Inc., which operates the new and growing Berkshire Hathaway HomeServices brand.
If fact, Re/Max is looking to sell the two firms it still owns. When it went public in October 2013, Re/Max’s CEO at the time, Margaret Kelly, said the firm wanted to offer investors a pure franchise play.
Rather than operate offices in specific markets, the firm wants to focus 100 percent of its energy on growing its network, which surpassed 100,000 agents earlier this month, Re/Max spokesman Shaun White told Inman.