Realogy Continues Strategic Growth in Pennsylvania with Real Estate Brokerage and Title Company Acquisitions
Company-Owned Brokerage, NRT, Acquires Realty Select, Inc. in Central Pennsylvania Creating Combined Coldwell Banker Operation with over $1.1 Billion in Home Sales Volume Company's Title Resource Group Announces Agreement to Acquire Guardian Transfer
October 01, 2014 // Franchising.com // Madison, N.J. - Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services, today announced strategic acquisitions in Harrisburg and Lancaster, Pennsylvania by its subsidiaries, NRT LLC and Title Resource Group.
A subsidiary of NRT, the nation's largest residential real estate brokerage, has acquired substantially all of the assets of Realty Select, Inc. - a multi-office residential brokerage and property management operation in Harrisburg, Pennsylvania that does business as Coldwell Banker Select Professionals, Select Property & Association Management and Select Partners. NRT will combine the newly acquired brokerage operations with the brokerage operations of its Camp Hill, Pennsylvania-based company, Jack Gaughen Realtor® ERA®. The combined operations, which accounted for more than $1.1 billion in sales volume and more than 6,000 closed transaction sides in 2013, will now do business under the newly launched banner of Coldwell Banker Residential Brokerage in Central Pennsylvania. After a transition period, Select Property & Association Management's operations will become part of NRT's recently announced Property and Asset Management Services division.
Title Resource Group (TRG) - Realogy's full-service title, settlement and vendor management services company - announced that its Harrisburg-based operation, Secured Land, has signed a definitive asset purchase agreement to acquire the assets of Guardian Transfer Corporation, which is Realty Select's affiliated title and escrow company in Harrisburg, Lancaster and surrounding areas. Secured Land plans to use the Guardian Transfer name after the closing of the transaction, which is anticipated to occur prior to year-end 2014, once closing conditions are met.
NRT will combine its current Jack Gaughen Realtor ERA operations with those of Coldwell Banker Select Professionals. Together, they will now operate as Coldwell Banker Residential Brokerage in Central Pennsylvania with headquarters in Camp Hill and more than 650 affiliated independent sales professionals and 22 offices throughout the region.
"This is part of our opportunistic approach to growth, and we are excited to strengthen our position in this important real estate market," said Bruce Zipf, president and CEO of NRT. "This move is part of our long-term strategy to create near seamless coverage for our Coldwell Banker clients in Pennsylvania from Philadelphia to Pittsburgh, and I am confident that the affiliated sales associates will greatly benefit from this union."
Quentin Miller, former co-owner of Realty Select, will now serve as president of Coldwell Banker Residential Brokerage in Central Pennsylvania. Also taking leadership roles with this newly combined operation are Barbara Schmidt, who was most recently Jack Gaughen Realtor ERA's president and will assume the role of senior vice president and general sales manager; and, Ryan Hess, former co-owner of Coldwell Banker Select Professionals, who will serve as vice president of strategic initiatives.
Miller said, "In addition to our continuing affiliation with an internationally recognized and respected brand, we will fully take advantage of the invaluable benefits of NRT's state-of-the-art brokerage tools, technology and training as well as expanded marketing exposure throughout the NRT family of companies. This is certain to be a win-win for our affiliated sales professionals and ultimately their homebuyers and sellers."
In 2013, Coldwell Banker Select Professionals closed 3,873 transaction sides worth more than $739 million in total sales volume placing it in the top 2 companies in Harrisburg/York/Lancaster in the REAL Trends 500 annual ranking report. The company has 11 offices and more than 350 affiliated independent sales professionals.
NRT's Jack Gaughen Realtor ERA accounted for nearly $400 million in closed sales volume, and closed 2,221 transaction sides in 2013, placing it in the top 3 companies in Harrisburg/York/Lancaster in the REAL Trends 500 annual ranking report. Jack Gaughen Realtor ERA has 11 offices and more than 300 affiliated independent sales associates.
Title and Settlement Services
Upon acquiring the assets of Guardian Transfer, TRG's market presence in Central Pennsylvania will considerably increase, doubling the number of title and closing units as measured over the last 12 months. Guardian Transfer provides title services to clients of Coldwell Banker Select through 10 locations in Harrisburg, Lancaster and surrounding areas.
Don Casey, president and chief executive officer of Title Resource Group, said, "This acquisition will significantly expand our title and settlement services operations in Central Pennsylvania, as our sister company, NRT, enlarges its presence in this market. Guardian Transfer is a well-managed company with leaders who are forward-thinking decision-makers and a team of professionals who exhibit a passionate commitment to exceeding their customers' expectations."
Scott Storck, currently president of TRG's operations in Philadelphia and Harrisburg, will expand his role to also oversee the newly combined entity, post-closing. Brian Zulli, currently president of Guardian Transfer, will become vice president of sales for the combined company.
Zulli said, "With this announcement, Guardian Transfer will become an important part of a national title company that is a driving force in the title and settlement services industry. Our natural fit within TRG will create new business opportunities and potential for growth, while maintaining our personalized approach to every customer interaction."
About Realogy Holdings Corp.
Realogy Holdings Corp. (NYSE: RLGY) is a global leader in residential real estate franchising with company-owned real estate brokerage operations doing business under its franchise systems as well as relocation and title services. Realogy's brands and business units include Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, The Corcoran Group®, ERA®, Sotheby's International Realty®, ZipRealty®, NRT LLC, Cartus and Title Resource Group. Collectively, Realogy's franchise system members operate approximately 13,500 offices with 251,000 independent sales associates doing business in 104 countries around the world. Realogy is headquartered in Madison, N.J.
With approximately 715 offices and 45,500 independent sales associates, NRT LLC owns and operates real estate brokerage companies that do business in more than 40 of the 100 largest metropolitan areas in the United States. NRT, its affiliated companies, marketing partners or joint ventures also provide mortgage, title, insurance, escrow, warranty, relocation, concierge and property and asset management services to customers and clients of NRT's family of companies.
Title Resource Group
Title Resource Group (TRG) is a full-service title, settlement and vendor management services company serving real estate companies, corporations and financial institutions in support of residential and commercial real estate transactions. TRG operates in 48 states and the District of Columbia and provides closing services in all 50 states.
SOURCE Realogy Holdings Corp.