The region’s largest residential real estate firm is expanding under a franchise program launched this year.
With the conversion of an existing office in the Buffalo and the opening of an office in the Clarence-Williamsville area in Erie County, Nothnagle Realtors Property Center will open two locations by early 2010.
“Our current growth strategy focuses on establishing partnerships with other like-minded brokers to provide them with a successful platform to become market leaders in their area,” said Armand D’Alfonso, Nothnagle Realtors president and CEO, in a statement Friday.
With 600 licensed agents and 6,580 listings last year, Nothnagle Realtors ranks first on the Rochester Business Journal’s most recent list of residential real estate firms.
The franchise arrangement, D’Alfonso said, will allow brokers to maintain their independence while tapping into the company’s infrastructure.
Given Greater Rochester Association of Realtors Inc.’s plan to collaborate with Buffalo and Syracuse in a combined multiple listing service, Western and Central New York will be Nothnagle’s focus for expansion.
To lead the expansion, Nothnagle hired Jay Teresi as director of new business development.
Previously, Teresi owned his own real estate company in Manhattan. Prior to joining Nothnagle, he served as director of regional development with Weichert Real Estate Affiliates, growing their franchise company in several Northeast states.
For Nothnagle, Teresi seeks to open franchised offices initially in New York, New Jersey and Pennsylvania and grow the franchise sales team over the next 24 months. All franchise support staff will be based in Nothnagle’s new corporate headquarters in Rochester’s Cascade District.
Nothnagle Realtors Property Center in Buffalo will be the first franchised office for the company under the platform, but it does not represent the first foray in franchise opportunities for the firm. In the 1950s, Nothnagle launched the “Gallery of Homes” franchise with an international network of 1,100 offices. It was sold off in the 1980s.
Nothnagle Realtors has 900 sales associates and employees and operates 24 company-owned sales offices the Rochester area. The company logged more than $1.1 billion in sales last year.
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