Several of the large, national real estate companies have been announcing plans to consolidate offices and close down underperforming branches.
Realogy announces more office consolidations – By Glenn Roberts, Jr, Inman News
Realogy Corp. officials on Monday detailed continued plans to cut costs through office consolidations and other actions in response to the reeling real estate market.
After consolidating about 67 company-owned brokerage offices in 2007, Realogy has plans to consolidate or reduce in size an additional 70 company-owned office locations during the first two quarters of this year …
… Realogy, in addition to its company-owned offices, also operates several national and international real estate franchise networks. Company-owned and franchise brands include Coldwell Banker, Century 21, ERA and Sotheby’s International Realty with plans to launch a Better Homes & Gardens franchise network in July.
There certainly seems to be room for consolidation. For example, there are seven Coldwell Banker brokerages within the city of Boston: South End, Charlestown, Jamaica Plain, Beacon Hill, Waterfront, and two in the Back Bay. Plus sales offices at D4 and Olmsted Green. Add in the Realogy brands of Century 21, ERA and Sotheby’s, and it seems like Realogy has the city pretty well covered, don’t you think?
(Not all news is bad for your local real estate agent: Keller Williams is quick to point out that it has actually been expanding in Boston.)