Nick Bailey is stepping down as CEO and president of Century 21, he announced in a Facebook post. Century 21 parent company Realogy confirmed the move to Inman on Monday. Michael Miedler, currently Century 21’s chief growth officer, will be promoted to chief executive and president.
“I have had an amazing journey within this industry, and I am so proud of the countless ‘thank yous’ I have received for my focus on growth, technology, C21 Gives and the bold and successful rebrand of the Century 21 brand, which have led to an overall excitement that ultimately helped more real estate professionals realize their potential and families achieve their dreams,” Bailey said in a statement.
A spokesperson for Realogy said they were not aware of any future plans for Bailey, but told Inman that Bailey’s immediate plans are to focus on the transition of powers and he will stay on until March 1 to ensure a smooth transition.
In a statement, Bailey, a former executive at Zillow, said that after much consideration, he and his wife and two young children have decided to move back to Colorado, which he considers home not only for his young family but also for work. Realogy is headquartered in Madison, New Jersey. One of the company’s franchise rivals, RE/MAX, is headquartered in Colorado.
A spokesperson for Realogy re-affirmed they were not aware of any future plans at this time when asked if Bailey is taking a role at RE/MAX.
Bailey is credited with trying to breathe new life into Century 21 since taking on the role of CEO in August 2017, through not only its brandmark refresh, but changing the culture at the 50-year-old company. Bailey arrived from a real estate tech company and brought more of that Silicon Valley energy to an office he once dismissed as looking “more like a morgue,” before he got there, in an interview with Entrepreneur Magazine in September 2018.
“We are grateful for the unique mix of experience and industry insights that Nick brought to Century 21 Real Estate during his leadership,” John Peyton, president and chief executive officer of Realogy Franchise Group, said in a statement. “I would like to thank Nick for his vision and tenacity, which have strongly positioned the Century 21 brand as well as our brokers and agents for the future.”
Less than a week ago, Bailey spoke with Tony Geraci, a real estate broker with Century 21 Homestar in Ohio and the two discussed company plans in the future tense on Facebook Live, giving no indication that his departure from the company was imminent. He even discussed plans for One21, Century 21’s conference in Las Vegas in March.
“What we’re working on in 2019 that you’ll hear more about at One21 is what does the next generation of tech stack look like for the brand and the system,” Bailey told Geraci in the video, “Behind the scenes, lots going on with how do we streamline a lot of this.”
Miedler has served as Century 21’s chief growth officer since March 2018 and has worked under the Realogy umbrella since 1998. He also served as the senior vice president of Century 21, prior to being named chief growth officer, where he oversaw the franchise sales team, brand development and market share strategy in the U.S., while advising new and existing real estate businesses on growth strategies, business planning and transaction structuring, according to a Realogy spokesperson.
“We are intensely focused on the growth of Century 21 Real Estate,” Miedler said in a statement. “The team is ready to kick our efforts into high gear as we continue to fulfill our mission and show industry professionals and consumers the value of C21 brand.”
Miedler assumes the top role during a time of growth for the legacy real estate franchisor, which has experienced the highest years of franchise sales since 2006 over the past three years. Office count is also up year-over-year by approximately 18 percent and the company now boasts approximately 127,000 independent sales professionals in approximately 9,400 offices spanning 80 countries and territories.