The country's largest residential real estate brokerage has made a big move to further expand its presence throughout the U.S. NRT LLC, a subsidiary of Realogy Holdings, has acquired Coldwell Banker United, Realtors, giving NRT 60 new offices in Texas, Florida, North Carolina, and South Carolina, as well as 2,000 additional sales associates, NRT announced Wednesday. The offices will continue to operate under the Coldwell Banker brand.
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"This announcement positions the No. 1 Coldwell Banker independent affiliate to be part of the No. 1 residential real estate brokerage in the nation, and I personally take great pride in that," says Richard Smith, founder of Coldwell Banker United, REALTORS®, which originally joined the Coldwell Banker brand as an independent affiliate in 1986. In 2014, Coldwell Banker United, REALTORS® did $5.8 billion in sales and more than 23,400 transaction sides.
The acquisition gives NRT a particularly strong presence in Texas, with the addition of 19 offices in Houston, 11 in Austin, and three near Dallas-Fort Worth. NRT will also get Coldwell Banker United, Reealtors' 16 offices in North Carolina and South Carolina, as well as 11 offices in Florida.
"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. "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."
The financial details of the acquisition were not disclosed.
NRT has about 795 offices and about 47,000 independent sales associates operating in 45 metros across the country.