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