Coldwell Banker
Encyclopedia
Coldwell Banker is a large real estate
franchise
founded in 1906 in San Francisco.
Coldwell Banker has an international presence, with offices on six continents, 46 countries and territories. There are more than 600 Coldwell Banker offices outside of the United States.
The company is owned by Realogy
, which also owns Century 21 Real Estate
, Corcoran Real Estate, Sotheby's International Realty
, Better Homes and Gardens Real Estate
and ERA Real Estate.
and fires, real estate agent Colbert Coldwell formed a new real estate company.
Coldwell disapproved of the then-common practice of real estate agents acquiring properties for themselves, often from uninformed sellers at ridiculously low prices, and then reselling them for huge profits. He and two partners formed the company of Tucker, Lynch and Coldwell on August 27, 1906.
In 1913, Benjamin Arthur Banker joined the firm as a salesman and became a partner in 1914. He and Coldwell remained active in the company throughout their lives.
In the early years of growth, Coldwell Banker offices were devoted primarily to commercial real estate brokerage firms. In 1925 the first residential real estate office opened in San Francisco, and a full fledged residential real estate department was formed by 1937.
(in Phoenix, AZ) in 1952. This was followed by an office in Seattle in 1969.
In the 1970s, Coldwell Banker acquired residential real estate firms in Atlanta, Chicago, and Washington, DC, expanding its geographic footprint.
By 1980, Coldwell Banker had also acquired a national referral service (now Coldwell Banker Referral Network), and Previews Inc., an international luxury real estate
marketing organization (which has evolved into the present-day Coldwell Banker Previews International). In 1981, Coldwell Banker was acquired by Sears, Roebuck and Co., joining Dean Witter Financial Services Group and Allstate Insurance
group as a member of the Sears Financial Network.
Another landmark in 1981 was the launch of Coldwell Banker Residential Affiliates, Inc. for the franchising of residential brokerage companies. Further acquisition of companies in major metropolitan areas across the United States occurred in the 1980s..
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
franchise
Franchising
Franchising is the practice of using another firm's successful business model. The word 'franchise' is of anglo-French derivation - from franc- meaning free, and is used both as a noun and as a verb....
founded in 1906 in San Francisco.
Coldwell Banker has an international presence, with offices on six continents, 46 countries and territories. There are more than 600 Coldwell Banker offices outside of the United States.
The company is owned by Realogy
Realogy
Realogy is a privately owned company that provides real estate and relocation services. It owns and franchises several of the industry's leading real estate brands and brokerages...
, which also owns Century 21 Real Estate
Century 21 Real Estate
Century 21 Real Estate LLC is a real estate agent franchise company founded in 1971. The Century 21 System consists of over 8,000 independently owned and operated offices. Other examples of such a system are Coldwell Banker, Engel & Völkers, ERA Real Estate, ...Century 21 has offices in more than...
, Corcoran Real Estate, Sotheby's International Realty
Sotheby's International Realty
Sotheby’s International Realty is a luxury real estate brokerage agency that offers a collection of luxury homes, estates and properties for sale throughout the world. It is owned by parent company Realogy, which was spun off in July 2006 from former parent company Cendant. Sotheby’s has real...
, Better Homes and Gardens Real Estate
Better Homes and Gardens Real Estate
Better Homes and Gardens Real Estate LLC is an international real estate company which began operations in July 2008. In October 2007, Realogy Corporation entered a 50-year agreement to license the Better Homes and Gardens brand from Meredith Corporation...
and ERA Real Estate.
Early years
The company was launched in 1906. After the devastating 1906 San Francisco earthquake1906 San Francisco earthquake
The San Francisco earthquake of 1906 was a major earthquake that struck San Francisco, California, and the coast of Northern California at 5:12 a.m. on Wednesday, April 18, 1906. The most widely accepted estimate for the magnitude of the earthquake is a moment magnitude of 7.9; however, other...
and fires, real estate agent Colbert Coldwell formed a new real estate company.
Coldwell disapproved of the then-common practice of real estate agents acquiring properties for themselves, often from uninformed sellers at ridiculously low prices, and then reselling them for huge profits. He and two partners formed the company of Tucker, Lynch and Coldwell on August 27, 1906.
In 1913, Benjamin Arthur Banker joined the firm as a salesman and became a partner in 1914. He and Coldwell remained active in the company throughout their lives.
In the early years of growth, Coldwell Banker offices were devoted primarily to commercial real estate brokerage firms. In 1925 the first residential real estate office opened in San Francisco, and a full fledged residential real estate department was formed by 1937.
Expansion
The company's geographic expansion began in the 1920s with the opening of offices in Southern California. The company opened its first office outside CaliforniaCalifornia
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
(in Phoenix, AZ) in 1952. This was followed by an office in Seattle in 1969.
In the 1970s, Coldwell Banker acquired residential real estate firms in Atlanta, Chicago, and Washington, DC, expanding its geographic footprint.
By 1980, Coldwell Banker had also acquired a national referral service (now Coldwell Banker Referral Network), and Previews Inc., an international luxury real estate
Luxury real estate
Luxury real estate is the real estate market niche targeted at the highest socio-economic group of consumers. -Definition:The characteristics that define luxury real estate differ among countries...
marketing organization (which has evolved into the present-day Coldwell Banker Previews International). In 1981, Coldwell Banker was acquired by Sears, Roebuck and Co., joining Dean Witter Financial Services Group and Allstate Insurance
Allstate
The Allstate Corporation is the second-largest personal lines insurer in the United States and the largest that is publicly held. The company also has personal lines insurance operations in Canada. Allstate was founded in 1931 as part of Sears, Roebuck and Co., and was spun off in 1993...
group as a member of the Sears Financial Network.
Another landmark in 1981 was the launch of Coldwell Banker Residential Affiliates, Inc. for the franchising of residential brokerage companies. Further acquisition of companies in major metropolitan areas across the United States occurred in the 1980s..
1990s
- By 1990, Coldwell Banker had locations in all fifty states, and had begun international expansion with offices in Canada and Puerto Rico. The company's focus on residential real estate was strengthened with the sale of Coldwell Banker Commercial Group (now known as CB Commercial).
- Coldwell Banker was purchased from Sears by the Fremont GroupFremont GroupFremont Group is a private investment group based in San Francisco, California, USA. It was formerly known as Bechtel Investments, reflecting its ownership by the Bechtel family.The firm consists of three business areas:* - a private investment partnership...
in 1993. Another milestone in 1993 was the substantial increase of Coldwell Banker presence in Canada. Coldwell Banker Affiliates of Canada, a joint venture of Coldwell Banker and Canada Trust, is one of Canada's largest real estate operations with more than 200 offices and thousands of sales representatives coast to coast. - Coldwell Banker in 1995 became one of the first national and first-service real estate brands to have a presence online with the launch of www.coldwellbanker.com.
- In May 1996, Coldwell Banker was acquired by HFS Incorporated, then the world's largest franchisor of hotels and residential real estate brokerage offices.
- 1997 saw parent company HFS merge with CUC International, forming the new Cendant CorporationCendantCendant Corporation was a New York-based provider of business and consumer services, primarily within the real estate and travel industries. In 2005 and 2006, Cendant broke up and spun off or sold its constituent businesses...
.
2000 - Present
- In 2005, Coldwell Banker became the first full-service national real estate brand to launch a stand-alone Web site for upscale properties with www.coldwellbankerpreviews.com.
- Later that year, it was announced that Cendant would spin off its four divisions – real estate, hotel, car rental and hospitality services. Coldwell Banker would now be part of a stand-alone real estate company named Realogy in late 2006. Realogy’s brands – Coldwell Banker, Coldwell Banker Commercial, Century 21, ERA and Sothebys International Realty (Better Homes and Gardens Real Estate was added in 2007) - combine to participate in one of every four residential real estate transactions in the United States.
- At the start of 2006, Coldwell Banker began celebrating its 100th anniversary. Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate Corporation, led a Coldwell Banker contingent in ringing the closing bell at the New York Stock Exchange on August 21, 2006 to commemorate the brand’s 100th anniversary.