Nationwide changes at RE/MAX LLC are expected to benefit the local RE/MAX offices, from additional training to more advertising, local RE/MAX leaders said.
RE/MAX LLC, based in Denver, recently acquired the offices in the New York region, which include local entities RE/MAX Realty Group and RE/MAX Plus. The local offices have more than 240 agents combined.
Global real estate franchisor RE/MAX LLC entered into the agreement to reacquire the master franchise for New York State from Pierre Titley, who had owned it since 1987. Terms were not disclosed. Titley remains the owner of RE/MAX Quebec, which he founded in 1982.
Thomas Schnorr, president and managing partner of RE/MAX Realty Group, and Terri Granger, a broker/partner at RE/MAX Plus, said the deal is a good one for the Rochester area, given RE/MAX’s long history and track record of success.
“The brand recognition is second to none,” Granger said, adding RE/MAX’s brand and national advertising, as well as training initiatives, will help advance local efforts.
RE/MAX Realty Group and RE/MAX Plus ranked fourth and sixth on the most recent Rochester Business Journal list of residential real estate firms.
Both local operations are experiencing growth. Schnorr’s office sold $70 million worth of real estate in May, an office record, while Granger’s RE/MAX Plus recently opened a second office in Greece.
“It’s an exciting time,” Schnorr said, noting residential sales activity in the Rochester area has been good, with rising home prices, low inventory and multiple bids on properties.
Franchisor RE/MAX LLC was founded in 1973 by Dave and Gail Liniger. Its parent company, RE/MAX Holdings Inc., is publicly traded on the New York Stock Exchange as RMAX.
Liniger said the goal of the New York deal is to support the development of RE/MAX LLC affiliates and expand its presence across the state.
RE/MAX LLC has more than 100,000 agents in nearly 100 countries. The offices are 100 percent franchised, all independently owned and operated.
RE/MAX New York became the 12th company-owned region in the United States to be reacquired since the Central Atlantic and Southwest regions of the United States were purchased in 2013.
At that time, RE/MAX Holdings held an initial public offering, and it used roughly $27 million of net proceeds to reacquire those franchise rights, filings with the Securities & Exchange Commission show.
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