Who owns nrt llc

Knowledge is power, and we put that power into the hands of our clients every day via smart, relevant data. This in turn equates to opportunities for agents to engage with existing and prospective clients. NRT owns companies in more than 50 of the largest metropolitan areas in the United States, with approximately offices and more than 50, independent sales associates.

Media Contact: Roni Boyles Roni. Boyles NRTNortheast. Coldwell Banker boasted a long history, founded by Colbert Coldwell in in San Francisco in the aftermath of the great San Francisco earthquake that essentially leveled the city. He soon joined forces with Benjamin Arthur Banker, which led to the Coldwell Banker franchise system, which at the time it was acquired by HFS ranked as the second largest real estate brokerage network, with some 2, independently owned operations.

Coldwell Banker also owned brokerage offices. In order to remain a pure franchiser, HFS elected to package these assets into an independent trust it named National Realty Trust, established in May A year later, NRT Incorporated was formed in conjunction with Apollo Management to purchase National Realty as a roll-up vehicle that would then be able to convert purchases to one of the three HFS real estate brands.

NRT-acquired brokerages would also pay royalty fees to HFS for one of its three real estate franchise brands. A month after NRT was created, veteran real estate executive Robert Becker was named chief executive officer. Despite his extensive experience in real estate, he maintained that he drifted into the business to assist his mother. She had become involved in real estate as a part-time associate and went on to own with her husband a Mountain Lakes, New Jersey, agency named Klintrup Realtors.

When he was 19 he earned his real estate license in order to help her during the summers. In an interview with the Star-Ledger, Becker recalled, "Funny thing was, as I started to get involved, listing and selling real estate in my spare time, I found that I really loved it.

In he sold it to Coldwell Banker, became a manager, and began working his way up through the ranks of the organization. He became a regional vice-president, general sales manager, and senior vice-president before being named president and CEO of the firm in Becker and NRT wasted no time in pursuing the plan to roll up independent brokerages and become a major player in the consolidation trend taking place in the real estate industry.

Not only did a booming real estate market make brokerages an attractive investment, many independents were owned by older individuals with no children interested in carrying on the business, and they were thus looking to cash in. In September the company acquired the nation's third and tenth largest residential real estate agencies, both operating in the California market. NRT's aggressive move into the West Coast, in particular the San Francisco area, was not free of controversy, however.

There are tales of threats to company executives who refuse to sell, the hiring of private detectives to follow agents thinking about leaving companies already bought by NRT, and promises of retribution for agents that do leave.

NRT was further alleged to have hired private detectives to take pictures of dissidents and threaten to have commissions withheld. NRT officials categorically denied all such charges. Several months later, Business News New Jersey addressed concerns about NRT, but took a more positive slant: "NRT's steamrolling approach to growth caused substantial anxiety both industry-wide and in some of the brokerages that it acquired. Local firms feared losing their independence. These cookies will be stored in your browser only with your consent.

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