The spring home-selling season is underway, and a regional real estate firm with local offices just closed its own sale.
Coldwell Banker United Realtors, an independent Coldwell Banker affiliate operating in the Carolinas, Texas and Florida, has been snapped up by NRT LLC, the largest residential real estate brokerage company in the U.S. NRT is a subsidiary of New Jersey-based Realogy Holdings Corp.
The acquisition gives NRT 2,000 agents and 60 offices under the Coldwell Banker banner and extends its contiguous East Coast presence from Maine to Florida.
Coldwell Banker has 16 offices in North Carolina and South Carolina, with 420 agents in South Carolina and four offices in the Charleston region. The acquired company will continue to operate as Coldwell Banker United. Financial terms were not disclosed.
Based on 2014 data, Coldwell Banker United ranked as the nation’s No. 7 brokerage by transaction sides and No. 11 by sales volume, according to the 2015 REAL Trends 500 report. It accounted for about $5.8 billion in closed sales volume and more than 23,400 transaction sides last year.
“This announcement marks NRT’s entrance into important new markets and positions us to build on the success of Coldwell Banker United Realtors’ strong leadership team and the quality of its affiliated sales associates and employees,” said Bruce Zipf, president and chief executive officer of NRT LLC. “This is a strategic acquisition for NRT, within our time-tested and disciplined financial return criteria, and timely in that it comes at the start of the spring home-selling season.”
Coldwell Banker United is the No. 1 Coldwell Banker independent affiliate, according to founder Richard Smith.
Smith, who is not related to Realogy CEO Richard A. Smith, and his regional management team will continue with Coldwell Banker United. His company joined the Coldwell Banker brand in 1986 and it entered the Charleston market in 2008, when it acquired several independent agencies.
Coldwell Banker United has been a member of the Cartus network since 1997. Cartus, a Realogy subsidiary, provides corporate relocation services worldwide.
NRT operates 795 offices with 47,000 independent sales associates. Most of its offices are in the Northeast, the Southwest, the West Coast and parts of the Midwest. Its Southeast presence was limited to Florida and Georgia before Tuesday’s deal, according to its website.
Reach Warren L. Wise at 937-5524 or twitter.com/warrenlancewise.