Coldwell Banker Real Estate LLC Expands Its Global Network to Korea: First Office Opens in Seoul
December 20, 2007 // Franchising.com // PARSIPPANY, N.J., – Coldwell Banker Real Estate LLC today announced that Coldwell Banker Republic of Korea, which has the exclusive rights to franchise the Coldwell Banker brand in South Korea, has opened its first office in Seoul. This marks the 46th country or territory with a Coldwell Banker presence.
"I am proud to see that the strength of the Coldwell Banker brand continues to drive our international growth," said Jim Gillespie, president and CEO of Coldwell Banker Real Estate LLC. "It is my belief that one of the major growth opportunities for the brand is outside of the United States. Through meeting with members of the Coldwell Banker Republic of Korea leadership team I have no doubt that the Coldwell Banker brand will thrive in their nation. We wish the newly opened Coldwell Banker offices in South Korea great success in their operations."
In 2004, South Korea joined the trillion dollar club of world economies. In addition to an estimated per capita GDP of $25,500 for 2007, which ranks 33rd out of 180 countries around the world*, its solid economy is characterized by moderate inflation, low unemployment and fairly equal distribution of income.**
"My team and I are thrilled to be associated with the Coldwell Banker brand and have great respect for Mr. Jim Gillespie's leadership," said Yang Kim, president of Coldwell Banker Republic of Korea. "Since gaining the master franchising rights to build the Coldwell Banker presence in Korea, we have worked diligently and are excited that we now have offices open for home buyers, sellers, renters and investors to benefit from the 100+ years of history and experience that the Coldwell Banker brand offers. There is also a great opportunity for referrals in the United States."
* According to International Monetary Fund 2007 data; GDP based on purchasing power parity (PPP)
** Based on 2006 figures supplied in "CIA World Fact Book"
About Coldwell Banker®
Since 1906, the Coldwell Banker® organization has been a premier full-service real estate provider. In 2007, Franchise Times magazine's prestigious Top 200 issue ranked the Coldwell Banker system No. 1 in real estate for the eighth straight year and 12th among franchisors in all industries. The Coldwell Banker System has approximately 3,800 residential real estate offices and nearly 120,000 sales associates in 45 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International® division. It is a pioneer in consumer services with its Coldwell Banker Concierge® Service Program and award-winning Web site, www.coldwellbanker.com. Coldwell Banker Mortgage is one of the largest telephone/Web-based lenders in the country. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.