Coldwell Banker Bain, the nation’s fourth-largest Coldwell Banker franchise, is bringing in roughly 60 new agents. The company announced Wednesday ZipRealty’s Pacific Northwest agents are leaving ZipRealty — which is owned by Realogy, also the franchisor for Coldwell Banker — to affiliate with Coldwell Banker Bain.
ZipRealty operates as a virtual brokerage under the NRT umbrella, Realogy’s own-side brokerage. The agents will be affiliating with one of Coldwell Banker Bain’s 31 offices located throughout Washington and Oregon.
“Many will be surprised by this acquisition, given ZipRealty’s business model is so different than Coldwell Banker Bain’s,” Barb Hindle, Coldwell Banker Bain’s chief revenue officer said, in a statement.
“However, we believe that we can learn a tremendous amount from brokers who as virtual agents have a proven track record in converting online leads to actual clients in order to close transactions,” Hindle added. “And they will now benefit from the training, education, marketing services and technology support they didn’t previously have, so we’re excited to see what the future brings for this new partnership.”
The acquisition comes in the wake of Coldwell Banker Bain growing its presence in Oregon with the acquisition of Coldwell Banker Morris Real Estate, a fellow Coldwell Banker franchisee. With that acquisition, the company climbed to 300 agents in Oregon, as well as a new office in Bend to join existing offices in Portland and Lake Oswego.
Update: Story updated to clarify, based on previously incorrect information, that ZipRealty agents are affiliating with Coldwell Banker Bain. Realogy is not selling the company’s Pacific Northwest holdings.