NRT LLC, a subsidiary of Realogy Corporation that is the nation’s largest residential real estate brokerage company, today announced it has acquired the assets of Coldwell Banker Preferred in Philadelphia. Coldwell Banker Preferred is a leader in the greater Philadelphia and northern Delaware marketplaces and was the third-largest independently owned Coldwell Banker franchise affiliate ranked by sales production in the brand’s award rankings for North America in the second quarter of 2010.
The company’s eight offices and 500 sales associates plus staff will continue to operate under the banner of Coldwell Banker Preferred as part of NRT’s Eastern Seaboard region. In addition, Regina Coia, president of Coldwell Banker Preferred, and the Coldwell Banker Preferred leadership team will remain in their current roles.
“This union with NRT was initiated by Harry before he passed away in August,” said Coia. “In addition to maintaining our affiliation with the Coldwell Banker brand, we will now be able to provide our clients with the invaluable benefits of NRT’s state-of-the-art tools, technology and training as well as expanded marketing exposure throughout the NRT family of companies. Combined with the experience, expertise and talents of our 500-strong sales force, this is certain to be a win-win for our sales professionals and their homebuyers and sellers, particularly since our companies clearly share the same culture of service excellence.”
In 2009, Coldwell Banker Preferred closed 3,160 transaction sides worth nearly $850 million in total sales volume. Honored as the winner of the Cartus Cup in 2004, the company is also a two-time winner of the Cartus Master’s Cup (2008 and 2010) for highest overall performance and service delivery in the world’s top performing broker relocation network.
“We are very excited to align ourselves with the industry leader,” said David Krieger, senior vice president and general sales manager of Coldwell Banker Preferred. “Along with additional tools and technology to grow the business, our management team remains aligned to assist our sales professionals in their career development and ensure our customers receive the quality service that they expect from our team.”
“Coldwell Banker Preferred, under the superb leadership of the late Harry Caparo, has secured an impressive and, indeed, enviable presence in the greater Philadelphia market over the last 30 years, and we are excited to expand our presence into this important real estate market,” said Bruce Zipf, president and CEO of NRT. “This move fits perfectly into our expansion model on the East Coast, creating seamless coverage area for our Coldwell Banker clients from Washington, D.C., to Maine.”
“We are incredibly pleased to welcome Coldwell Banker Preferred as part of the NRT family of companies,” said Maureen Passerini, NRT's executive vice president for the Eastern region. “Through the continued leadership of their management team, united with the strength of NRT, the sales professionals at Coldwell Banker Preferred are poised to grow and continue to succeed. We greatly look forwarding to supporting them now and into the future.”
NRT LLC is the nation's largest residential real estate brokerage company, with approximately 750 offices, 45,000 sales associates and 5,100 employees operating in 36 major metropolitan areas. NRT, its affiliated companies, marketing partners or joint ventures provide mortgage, title, insurance, escrow, warranty, relocation and concierge services to NRT's family of companies. NRT (www.nrtllc.com), a subsidiary of Realogy Corporation, operates Realogy's company-owned real estate brokerage offices under the world-renowned brand names of Coldwell Banker®, Coldwell Banker Commercial®, ERA®, Sotheby's International Realty® and The Corcoran Group®. Realogy is the world's leading real estate brokerage franchisor.