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| Type | Subsidiary of Realogy |
|---|---|
| Founded | San Francisco, California, U.S. (August 27, 1906) |
| Headquarters | Parsippany, New Jersey, United States |
| Industry | Real estate |
| Website | www.coldwellbanker.com |
Coldwell Banker is a large real estate franchise owned by Realogy, which also owns Century 21 Real Estate and ERA Real Estate. The company was founded in 1906 in San Francisco.
Coldwell Banker has an international presence, with offices on six continents, 46 countries and territories.[1] There are more than 600 Coldwell Banker offices outside of the United States.
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Company history
Early years
The company was launched in 1906. After the devastating 1906 San Francisco earthquake and fires, real estate agent Colbert Coldwell formed a new real estate company.
Coldwell disapproved of the then-common practice of real estate agents acquiring properties for themselves, often from uninformed sellers at ridiculously low prices, and then reselling them for huge profits. He and two partners formed the company of Tucker, Lynch and Coldwell on August 27, 1906.
In 1913, Benjamin Arthur Banker joined the firm as a salesman and became a partner in 1914. He and Coldwell remained active in the company throughout their lives.[2]
In the early years of growth, Coldwell Banker offices were devoted primarily to commercial real estate brokerage firms. In 1925 the first residential real estate office opened in San Francisco, and a full fledged residential real estate department was formed by 1937.
Expansion
The company's geographic expansion began in the 1920s with the opening of offices in Southern California. The company opened its first office outside California (in Phoenix, AZ) in 1952. This was followed by an office in Seattle in 1969.
In the 1970s, Coldwell Banker acquired residential real estate firms in Atlanta, Chicago, and Washington, DC, expanding its geographic footprint. [2]
By 1980, Coldwell Banker had also acquired a national referral service (now Coldwell Banker Referral Network), and Previews Inc., an international luxury real estate marketing organization (which has evolved into the present-day Coldwell Banker Previews International). In 1981, Coldwell Banker was acquired by Sears, Roebuck and Co., joining Dean Witter Financial Services Group and Allstate Insurance group as a member of the Sears Financial Network.
Another landmark in 1981 was the launch of Coldwell Banker Residential Affiliates, Inc. for the franchising of residential brokerage companies. Further acquisition of companies in major metropolitan areas across the United States occurred in the 1980s..
1990s
- By 1990, Coldwell Banker had locations in all fifty states, and had begun international expansion with offices in Canada and Puerto Rico. The company's focus on residential real estate was strengthened with the sale of Coldwell Banker Commercial Group (now known as CB Commercial).
- Coldwell Banker was purchased from Sears by the Fremont Group in 1993. Another milestone in 1993 was the substantial increase of Coldwell Banker presence in Canada. Coldwell Banker Affiliates of Canada, a joint venture of Coldwell Banker and Canada Trust, is one of Canada's largest real estate operations with more than 200 offices and thousands of sales representatives coast to coast.
- Coldwell Banker in 1995 became one of the first national and first-service real estate brands to have a presence online with the launch of www.coldwellbanker.com.
- In May 1996, Coldwell Banker was acquired by HFS Incorporated, then the world's largest franchisor of hotels and residential real estate brokerage offices.
- 1997 saw parent company HFS merge with CUC International, forming the new Cendant Corporation.
2000 - Present
- In 2005, Coldwell Banker became the first full-service national real estate brand to launch a stand-alone Web site for upscale properties with www.coldwellbankerpreviews.com.
- Later that year, it was announced that Cendant would spin off its four divisions – real estate, hotel, car rental and hospitality services. Coldwell Banker would now be part of a stand-alone real estate company named Realogy in late 2006. Realogy’s brands – Coldwell Banker, Coldwell Banker Commercial, Century 21, ERA and Sothebys International Realty (Better Homes and Gardens Real Estate was added in 2007) - combine to participate in one of every four residential real estate transactions in the United States.
- At the start of 2006, Coldwell Banker began celebrating its 100th anniversary. Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate Corporation, led a Coldwell Banker contingent in ringing the closing bell at the New York Stock Exchange on August 21, 2006 to commemorate the brand’s 100th anniversary.
References
- ^ Coldwell Banker Real Estate LLC
- ^ a b Preserving the Trust(c) 2000 by Coldwell Banker Real Estate Corporation.
External links
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