Careers at Realogy
Realogy provides a range of real estate brokerage services and operates an extensive real estate franchise network, with a view to providing reliable and high-quality brokerage services to an extensive customer base.
Realogy organises its operations into four reportable business segments:
- Real Estate Franchise Services, which operates a network of real estate franchise brokerage brands, including Century 21, Coldwell Banker, Coldwell Banker Commercial, ERA, Sotheby's International Realty and Better Homes and Gardens Real Estate, across the US and internationally;
- Company Owned Real Estate Brokerage Services, which operates a full-service real estate brokerage business – principally under the Coldwell Banker, Corcoran, Sotheby’s International Realty, Citi Habitats and ZipRealty brand names – assisting home buyers and sellers in listing, marketing, selling and finding homes;
- Relocation Services, which offers a range of employee relocation services, such as homesale assistance, providing home equity advances to transferees, home finding and other destination services, expense processing, relocation policy counseling and consulting services, arranging household goods moving services, coordinating visa and immigration support, and group move management services; and
- Title and Settlement Services, which provides full-service title and settlement services to real estate companies, affinity groups, corporations and financial institutions with many of these services provided in connection with the Company’s real estate brokerage and relocation services business.
Realogy was established in 2006, as the result of Cendant Corporation spinning off its Real Estate Services Division as an independent entity. This was part of a broader reorganization that saw Cendant Corporation divide its business into four separate entities, of which Realogy was one. The Company was subsequently acquired by Apollo Management in 2007.
In 2012 Realogy completed its initial public offering, selling 40 million shares at $27 each, and raising a reported $1.08 billion. The Company has established an extensive network of franchise brands and franchisees, spanning the Americas, Asia Pacific, Europe, Africa, and the Middle East. It also provides a range of real estate brokerage and relocation services.
Realogy is ranked at 449th on the Fortune 500 list. The Company continues to trade a portion of its shares on the New York Stock Exchange and has a current market capitalisation of $3.44 billion.
Benefits at Realogy
Business model of Realogy
Realogy provides a range of real estate brokerage and relocation services to a variety of customer segments. The Company’s clients can be organised into the following categories:
- Real Estate and Institutional Clients, including real estate companies, affinity groups, and financial institutions to which the Company provides title and settlement services, as well as certain brokerage services;
- General Consumers, comprising home buyers and sellers across various consumer demographics, to which the Company provides real estate brokerage services; and
- Commercial and Corporate Entities, including corporate and commercial operators across multiple sectors, to which the Company provides relocations services.
Realogy primarily serves customers in its domestic market of the US, which accounts for the majority of the Company’s revenue. The Company also serves an international customer base, with its real estate franchise systems operating in 110 countries and territories in North and South America, Europe, Asia Pacific, Africa, and the Middle East.
Realogy provides value to its customers in the following ways:
- Its broad portfolio of services, with the Company offering a wide range of real estate services to corporate, institutional and individual customers, including brokerage services, relocation services, and title and settlement services;
- Its franchise network, with the Company operating a broad network of franchisees, including approximately 6,000 brokerage offices in the US and approximately 256,800 independent sales associates worldwide;
- Its international reach, with the Company providing services to a broad international network of customers, with operations across 110 countries and territories in the Americas, Europe, Asia Pacific, Africa, and the Middle East;
- Its industry expertise and experience, with the Company employing an extensive network of real estate professional across its operating segments, as well as a team of experienced industry executives.
Realogy operates a website at www.realogy.com, through which it provides information on its various services, franchise brands, and operating locations. The Company’s various franchise brands have their own separate websites, including www.coldwellbanker.com and www.zaplabs.com. Many of these franchise websites provide online customer portals that allows clients to access certain online tools and services.
Realogy is the largest franchisor of residential real estate brokerages in the world, serving customers through its portfolio of well-known brokerage brands, including Century 21, Coldwell Banker, Coldwell Banker Commercial, ERA, Sotheby's International Realty, and Better Homes and Gardens Real Estate. At 31st December 2015, the Company’s real estate franchise systems comprised approximately 13,600 offices worldwide in 110 countries and territories, 6,000 brokerage offices in the US and approximately 256,800 independent sales associates worldwide, including approximately 181,500 independent sales associates operating under the Company’s own in-house franchise and proprietary brands.
Realogy operates its own real estate brokerage business, with a network of offices across the US. It also provides services through its dedicated relocation, and title and settlement service teams, which deal directly with the Company’s corporate and institutional clients.
Realogy does not directly provide services to its customers on a self-service basis. The Company, however, operates an extensive portfolio of franchise brands, which individually offer certain online services to customers that allow them to manage certain aspects of the sale or purchase of residential real estate.
Realogy also provides services directly to customers through its in-house brokerage operations, working directly with clients to assist them in the buying and or selling of homes. The Company also directly serves its corporate and institutional clients, providing tailored settlement and relocations services that are designed to meet the individual needs of each customer.
Realogy provides personalised customer assistance throughout the delivery of its services to customers, with dedicated staff available to provide responses to queries and concerns. The Company can also be contacted directly with general enquiries either over the phone or online. Additionally, the Company, and its various franchise brands, also provide a range of online resources to customers, including guides and media.
Realogy is also able to interact directly with customers and keep them updated with corporate developments through its social media accounts, including with Twitter and Facebook.
Realogy is an integrated provider of residential real estate services in the US and internationally. The Company is the largest franchisor of residential real estate brokerages in the world. Realogy organises its operations into four reportable business segments: Real Estate Franchise Services, which operates a network of real estate franchise brands around the world; Company Owned Real Estate Brokerage Services, which operates a full-service real estate brokerage business; Relocation Services, which provides employee relocation services to corporate clients; and Title and Settlement Services, which provides full-service title and settlement services to real estate companies and affinity groups.
The Company's operating platform is supported by its portfolio of industry franchise brokerage brands, including Century 21, Coldwell Banker, Coldwell Banker Commercial, ERA, Sotheby's International Realty and Better Homes and Gardens Real Estate. It also owns and operates Corcoran, Citi Habitats and ZipRealty brands.
Realogy works in close partnership with a broad network of companies and organisations, that support the Company’s various operations. These partners can be categorised broadly as follows:
- Supplier and Vendor Partners, including suppliers of services, technologies, and equipment that support the Company’s enterprise-wide operations, as well as companies to which certain functions can be outsourced;
- Franchise and Channel Partners, including the Companies broad network of franchise partners and independent agents, which provide services on the Company’s behalf;
- Joint Venture Partners, including various brokerage and real estate business with which the Company jointly provides products and services through mutually owned entities;
- Strategic and Alliance Partners, including market leading companies and organisations across multiple business sectors, with which the Company collaborates on joint projects, including marketing and branding efforts.
Realogy has launched a number of partnerships in recent years. This includes a marketing partnership with HomeAway Real Estate, a tie-up with eNeighborhoods to develop a national internet data exchange solution, and a partnership with with the National Association of Gay and Lesbian Real Estate Professionals.
Realogy’s key resources are its trademarks and intellectual properties, its network of franchise brands and franchisees, its IT and communications infrastructure, its in-house sales and service network, partnerships, and its personnel.
Realogy owns a number of trademarks that are key to its operations, including those of Century 21, Coldwell Banker, Coldwell Banker Commercial, ERA, as well as related trademarks and logos. All of the Company’s material trademarks are registered, or have applications pending, with the US Patent and Trademark Office, as well as with corresponding trademark offices in major countries worldwide.
Realogy also owns a number of physical properties which are key to its activities, notably its network of offices.
Realogy incurs costs in relation to the management of its franchise network, the development and maintenance of its IT and communications infrastructure, the operations of its in-house sales channels, the implementation of marketing and promotion campaigns, the procurement of professional services, the management of its partnerships, and the retention of its personnel.
In 2015 Realogy recorded total costs in the amount of $5.42 billion. This included commission and other agent-related costs totaling $2.93 billion, operating expenses totaling $1.46 billion, and general and administrative costs totaling $337 million.
Realogy generates revenue through the provision of real estate brokerage services, relocation services, and the operation of a franchise network. The Company derives revenue primarily on a fee-for-service basis, generate fees from multiple aspects of a residential real estate transactions, as well as in the form of royalties received under long-term franchise agreements.
In 2015 Realogy generated net revenue for the year of $5.71 billion, up slightly on the $5.33 billion recorded by the Company in 2014. The majority of the Company’s revenue was derived in the form of commission fees, with the Company recording gross commission income of $4.29 billion for the year.
info: Richard Smith (“Smith”) serves as Chairman, Chief Executive Officer and President at Realogy. He was named Chief Executive Officer of the Company in 2007, and has chaired the Company’s Board of Directors since 2012, overseeing the Company’s overall strategic direction. He is credited in large part for much of the Company’s growth. Smith previously served as Chairman and Chief Executive Officer of the Real Estate Services Division of Cendant Corporation from 1996 to 2006, before the division was spun off to create Realogy. From 1992 to 1996 he served as Executive Vice President of Operations for HFS, which is now part of Realogy.
info: Stephen Fraser (“Fraser”) has served as Senior Vice President and Chief Information Officer at Realogy since joining the Company in 2014. He is responsible for developing and executing Realogy’s enterprise-wide technology strategy, and has direct oversight of the Company’s corporate IT functions. Fraser is an experienced IT executive. In his early career, he held senior IT roles at International Shipholding Corporation in New Orleans, and at Accenture in multiple locations. He went on to hold senior technology leadership positions at Canadian Pacific Corporation’s CP Ships division and at A.P. Moller-Maersk Group in the US, before joining IKEA Group in Sweden, where he served as Global Head of Information Technology Service and Information Management.
info: Anthony Hull (“Hull”) has served as Executive Vice President, Chief Financial Officer and Treasurer at Realogy since 2006. In this role, he has overall responsibility for all corporate finance functions along with mergers and acquisitions, business development, investor relations and corporate communications. Hull began his career as an investment banker at Morgan Stanley and Co, holding a number of roles at the company from 1984 to 1990. He moved into the entertainment industry, joining Paramount Communications, where he held a number of senior financial positions, before moving to Dreamworks, where he worked for several years as Chief Financial Officer. Prior to joining Realogy, Hull served as Executive Vice President of Finance at Cendant Corporation.
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