RE/MAX, LLC, the global real estate franchisor headquartered in Denver, CO, is buying back its New Jersey franchise as it continues a re-newed push into the tri-state housing market.
The company announced last week it has signed an agreement to purchase the Master Franchise for the state of New Jersey from RE/MAX of New Jersey, Inc.
The announcement comes less eight months after the company re-acquired RE/MAX New York as part of a national plan that has seen it buy back 16 regional offices from franchise owners.
“We’re excited to continue growing these offices with our Broker/Owners by recruiting the most experienced agents in the business, making RE/MAX the No. 1 choice for buyers and sellers in the state,” said RE/MAX founder Dave Liniger of the Garden State deal.
In March, Liniger tapped company veteran, Terri Bohannon, to lead a specialist team running a fresh marketing and branding campaign to help grow the New York operation.
RE/MAX has more than 100,000 agents in offices across the U.S. and 100 countries around the world. Liniger started the company in the 1970’s, and expanded the network of offices by selling master franchises, which set up regional offices.
While RE/MAX does have a Manhattan office, like many franchises before it, the company has found it tough to grow here.
Getting into the cut-throat and fast-paced residential Manhattan scene has been a struggle for firms that are well-established nationally in suburban areas.
Liniger believes the answer is a generational and branding issue, and likens getting a foot in the Manhattan door to transferring to a new high school and trying to be a part of the popular clique.
“The sales people that work in major metro markets — New York City, Chicago, Atlanta, Philadelphia — are very different than salespeople in the suburbs and rural areas,” said Liniger.
RE/MAX of New Jersey agents represent approximately six percent of Realtors in the state and they were No. 1 statewide in transaction sides in 2015.
The acquisition of the Region is expected to close before the end of the year. Elena Dean, who leads Regional Development for Pennsylvania and Delaware, will become Region Vice President of New Jersey as well. She has worked in RE/MAX Regional Development since 2006.
The company joins a rash of industry upstarts such as Keller Williams New York, Rutenberg Realty, BOND New York and TOWN which have been growing at a rapid clip in the city.