The Corcoran Group has signed a new franchise affiliate in Florida.
The Realogy-owned real estate brand said the franchise will be known as Corcoran Reverie It is comprised of two firms formerly known as Hilary & Reverie and 30A Realty which specialize in locations across the Florida panhandle.
The firm is led by Hilary Farnum-Fasth, former Hilary & Reverie brokerage founder and owner.
More than 80 Corcoran Reverie agents serve both buyers and sellers, primarily in the luxury second-home market, in 30A beach communities and surrounding areas. The firm’s offerings include an in-house developer with extensive knowledge of the Emerald Coast market.
Corcoran President & CEO Pamela Liebman made the announcement via video. She said, “As we continue to expand our presence across the U.S. and around the world, equally as important as entering new markets is strengthening where we’re already doing business.
“I know the Corcoran Reverie team, with its inimitable leadership and dedicated agents, will truly shine across the Florida panhandle and provide unparalleled real estate service to the region.”
This is the fourth Corcoran affiliate to launch in the U.S. since the start of the year. Corcoran announced its intention to begin franchising in 2018, calling the move “ multi-faceted.”
Ryan Schneider, CEO of Corcoran’s parent company, Realogy, said at the time, “We believe demand for Corcoran…will help us unlock additional franchisee opportunities, drive productive agent recruitment, and, ultimately, capture more share of the market.”
Corcoran Reverie co-owner Hilary Farnum-Fasth said, “We chose to partner with Corcoran because we felt connectivity with their culture on both a domestic and a global level.
“We wanted to take what we’ve built and partner with their strength in technology, marketing, and unparalleled work in multiple luxury markets to provide optimal value to our agents and their business.”
The new franchise provides agents with all the Realogy-backed high-tech tools, like the company’s “productivity hub” that includes customer relationship management tools such as an app that helps agents communicate with customers.
Realogy, the largest owner of real estate brokerages through its affiliate, NRT, is the parent company of Corcoran as well as Better Homes and Gardens Real Estate, Century 21, Coldwell Banker, Coldwell Banker Commercial, ERA, Sotheby’s International Realty, and more.
Earlier this month, The Corcoran Group, the city’s second-largest firm with just under 1,700 agents, cut 50 percent of assistant pay and enacted across-the-board pay cuts as part of emergency COVID-19 measures.
The initial fee to open a Corcoran franchise is $35,000 with a total investment of up $187,300. Corcoran charges a six percent royalty fee.