MADISON, N.J., Oct. 1, 2020 /PRNewswire/ -- Realogy
Brokerage Group, the nation's largest residential real estate
brokerage company by sales volume, today announced the completed
sale of its Property Frameworks residential property management
company to HomeRiver Group (HRG), the nation's leading provider of
property management services for single-family and small
multifamily properties. HRG will continue to offer property
management and related services to the clients of Realogy Brokerage
Group affiliated agents.
The acquisition creates the largest third-party property
management company of its type in the
United States, with approximately 25,000 homes under
management, and increases HRG's operations from 14 to 22 states,
expanding the service market areas for Realogy Brokerage Group
affiliated agents.
"The sale of Property Frameworks is a strategic move that allows
us to further strengthen and hone the value proposition of our
owned brokerage operations," said M. Ryan
Gorman, president and CEO of Realogy Brokerage Group. "This
transaction allows us to both simplify our core business and
continue delivering high-quality services to the affiliated agents
of Realogy Brokerage Group."
Realogy Brokerage Group is a subsidiary of Realogy Holdings
Corp. (NYSE: RLGY). Financial terms of the transaction were not
disclosed.
About Realogy Brokerage Group
Realogy Brokerage Group,
the nation's largest residential real estate brokerage company in
sales volume, operates a full-service real estate brokerage
business with approximately 680 owned and operated brokerage
offices with approximately 51,800 independent sales agents
principally under the Coldwell
Banker®, Corcoran®, and Sotheby's
International Realty® brand names in
many of the largest metropolitan areas in the U.S. Realogy
Brokerage Group is a subsidiary of Realogy Holdings Corp. (NYSE:
RLGY).
About Realogy Holdings Corp.
Realogy Holdings Corp.
(NYSE: RLGY) is the leading and most integrated provider of U.S.
residential real estate services, encompassing franchise,
brokerage, and title and settlement businesses as well as a
mortgage joint venture. Realogy's diverse brand portfolio
includes some of the most recognized names in real
estate: Better Homes and Gardens® Real
Estate, CENTURY 21®, Coldwell
Banker®, Coldwell Banker
Commercial®, Corcoran®, ERA®,
and Sotheby's International Realty®. Using
innovative technology, data and marketing products, best-in-class
learning and support services, and high-quality lead generation
programs, Realogy fuels the productivity of independent sales
agents, helping them build stronger businesses and best serve
today's consumers. Realogy's affiliated brokerages operate around
the world with approximately 187,500 independent sales agents in
the United States and more than
130,800 independent sales agents in 114 other countries and
territories. Recognized for nine consecutive years as one of
the World's Most Ethical Companies, Realogy has also been
designated a Great Place to Work and one of Forbes' Best
Employers for Diversity. Realogy is headquartered in Madison, New Jersey.
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SOURCE Realogy Brokerage Group