Considerably less than six months just after asserting it would be acquired by a nationwide title insurance policy company, Bellevue-based actual estate brokerage Coldwell Banker Bain has been bought to the nationwide authentic estate company Coldwell Banker Realty.
The corporation introduced the sale Tuesday, indicating Coldwell Banker Realty had purchased the neighborhood brokerage from US RES Holding, the investment decision business that acquired the brokerage previous fall.
Coldwell Banker Bain associates declined to elaborate on the reasons for the shift from the earlier customer.
“Coldwell Banker Realty is a genuine estate business and is a much better match,” CEO Mike Grady said in a assertion.
The shifting ownership has been a important go for the almost 50-yr-aged neighborhood enterprise that is amid the region’s biggest residential actual estate corporations. With about 1,300 agents in 37 places of work, Coldwell Banker Bain had previously operated as an independently owned franchise of Coldwell Banker.
Like other conventional brokerages, Coldwell Banker Bain has faced rising force from startups such as Redfin and Zillow. Without having naming rivals, Grady told brokers last slide that other companies’ “deep money, and deficiency of the necessity for gain, allows these rivals to operate in a manner conventional actual estate companies would locate hard.”
Coldwell Banker Bain had “searched and investigated for a lengthy time” ahead of saying past year’s offer, Grady claimed at the time.
The new sale “establishes a more robust foothold for our company,” Coldwell Banker Bain instructed brokers this week.
Grady and other executives will continue to be on, and existing workplaces will go on with the Coldwell Banker Bain branding “for the foreseeable long run,” the enterprise said.
The organization did not disclose the sale selling price. The new owner, Coldwell Banker Realty, is owned by Realogy Brokerage Group, a subsidiary of a New York-primarily based keeping company that is publicly traded.