Re/Max LLC announced today that it has signed a master franchise agreement to bring the brand to South Korea.
The master franchise sale in South Korea, which took place last July, and a $1 million sale in Japan last October were among the 18 countries Re/Max sold franchise rights to in 2013. The large Denver-based global franchisor had a presence in 97 countries as of Dec. 31, 2013.
The two South Korean entrepreneurs who purchased the Re/Max franchise rights to the country and opened their first office in November have plans to sell 50 franchise offices and 400 agents in the next five years and have a long-term goal of establishing 200 offices and 3,000 agents.
Although the company currently has a presence in nearly 100 countries, an overwhelming majority (94.3 percent) of its $158.9 million revenue in 2013 came from its U.S. and Canada operations, according to its 2013 full-year financial statement with the U.S. Securities and Exchange Commission.
Re/Max sold master franchise rights in 10 countries in 2012 including a franchise region spanning, China, Hong Kong and Macau for $2.1 million.