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.

Source: Re/Max

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Use code JULY4 at checkout & save $50 on your Connect Now Bundle!Get the deal×