Type Public Industry Real estate Products Real estate services Revenue 5.81 billion USD (2016) Chief information officer Stephen Fraser | Traded as NYSE: RLGY Area served United States, Global CEO Richard A. Smith CFO Anthony E. Hull Founded 31 July 2006 | |
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Key people Richard A. Smith (Chairman, CEO)
Anthony E. Hull, MBA (CFO, Treasurer) Headquarters Madison, New Jersey, United States Subsidiaries Coldwell Banker, Realogy Services Group LLC Profiles | ||
Realogy Holdings Corporation (pronounced "rēl′ ə jē", as in "real" estate) (NYSE: RLGY) is an American publicly owned company that provides real estate and relocation services. It owns and franchises several real estate brands and brokerages. It also provides relocation, title and settlement services.
Contents
Realogy s unique business model
History
Realogy was created as a result of an October 24, 2005 announcement by Cendant that it had decided to split into four separate companies, citing a necessity to diversify in appealing to stockholders and in an attempt to increase the value of the post-split up company. These four categories include "Real Estate, Travel Distribution, Hospitality and Vehicle Rental Companies."
On July 31, 2006, the separation was completed, and Realogy became a self-operating company. Subsequently, the Cendant name has been completely retired.
On December 18, 2006, Realogy announced it had accepted a $8.5 billion buyout offer from private equity group Apollo Management. The transaction closed on April 10, 2007.
On October 10, 2012, Realogy became a publicly owned company. In its initial public offering (IPO), the company sold 40 million shares at $27 each, raising $1.08 billion (US).
Realogy's business units include Better Homes and Gardens Real Estate, CENTURY 21, Coldwell Banker, Coldwell Banker Commercial, The Corcoran Group, ERA, Sotheby's International Realty, ZipRealty, NRT LLC, Cartus, Title Resource Group and ZapLabs, its innovation and technology development subsidiary. Collectively, Realogy's franchise system members operate approximately 14,100 offices with 272,300 sales associates doing business in 112 countries and territories around the world. In 2016, Realogy earned $5.81 billion in revenue.
Realogy is led by Chairman, CEO & President Richard A. Smith. Smith was appointed to the Bipartisan Policy Center's newly formed Housing Commission in December 2011. Smith also was named among SmartMoney magazine's "Power 30: The World’s Most Influential Players," in October 2011. In January 2016, he was named the Most Powerful Person in Residential Real Estate Brokerage for the third consecutive year, according to the Swanepoel Power 200 rankings.
Realogy's former headquarters was located in Parsippany, New Jersey, before April 2013, when the company moved its corporate headquarters to a new facility at 175 Park Avenue in Madison, New Jersey.
On July 15, 2014, Realogy acquired California based ZipRealty (as of June 2016, rebranded as ZapLabs ) for approximately $166 million, in order to improve the technology related aspects of real estate.
In March 2016, Realogy was recognized as a 2016 World’s Most Ethical Company by the Ethisphere Institute, an independent center of research promoting best practices in corporate ethics and governance, the fifth consecutive year in which it has received this honor.