After a successful rollout of the Inclusive Ownership Program at Coldwell Banker, Realogy is expanding the program to Better Homes and Gardens Real Estate, Century 21, Corcoran Group, ERA, and Sotheby’s International Realty, according to an announcement on Tuesday.
“As a champion of equal and fair housing for all, Realogy’s leading brands must serve the unique needs of diverse communities they serve around the country,” Realogy Franchise Group President and CEO Sue Yannaccone said in a prepared statement. “We are an industry of opportunity for all entrepreneurs, and the expansion of this groundbreaking ownership program demonstrates Realogy’s commitment to helping invest in and successfully move diverse leaders to what’s next in their business.”
Minority, women, LGBTQ+ and military veteran agents can apply for the program starting April 27 at Realogy’s diversity homepage. The chosen franchisees will receive multiple financial and educational benefits, including waived initial franchise fees, royalty fee rebates and a maximum of $100,000 in funding alongside continued education and mentorship.
Furthermore, they’ll receive membership and conference registration for an industry partner group of choice, such as the National Association of Real Estate Brokers, the National Association of Hispanic Real Estate Professionals or the Asian Real Estate Association of America.
“Through the program, we’ve been given the tools, structure (something independents don’t always have), mentorship and confidence boost to back up the hard work that goes into our business every single day to serve our beloved community,” said Coldwell Banker Omni Group broker-owner Tina Marie Hernandez, who was one of the first franchisees to complete the program.
The application process happens in multiple stages and starts with intensive individual and group training that covers the basics of business planning. From there, the franchisee hopefuls will complete a franchise disclosure document, which provides biographical information, a real estate resumé, licensure, and personal and business finances.
After the business plan and franchise disclosure document are approved, the franchisors will help franchisees with the final steps, which include filing final paperwork, onboarding agents and preparing for the launch.
“The part I’m most excited about is the education and mentorship component,” Coldwell Banker President and CEO M. Ryan Gorman told Inman of the process in August. “We partner each individual with three different people, including me, and I’m loving the conversations thus far, especially about coaching and accountability.”
In total, Coldwell Banker has onboarded 12 franchisees through the Inclusive Ownership Program. Another 33 diverse franchise owners joined Realogy brands in 2020, according to the announcement.