As a result of a company-wide consolidation, Realogy will be renaming NRT, the business unit that includes Corcoran Group, Sotheby’s International Realty and Coldwell Banker.
Now, its new name will be Realogy Brokerage Group.
The company will also rename TRG, its title insurance business. TRG will now be known as Realogy Title Group, while Realogy Franchise Group will not be renamed.
“As Realogy continues to transform its efforts in supporting our leading residential real estate brands, brokerages and businesses, we have made significant progress in simplifying our organization to focus on our core drivers,” Realogy President and CEO Ryan Schneider said in a statement.
“Renaming our operating and business segments further streamlines how we communicate our real estate service offerings and amplifies the Realogy name across the work we do,” Schneider continued.
The consolidation announcement was made on Tuesday, the same day that Realogy released its fourth-quarter earnings report. According to the report, the company generated $1.3 billion in revenue during the fourth quarter of 2019, an increase of 4% year over year.
As the largest owner of U.S. 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.
In November 2019, Realogy agreed to sell the company’s Cartus Relocation business, which is expected to close in the next several months.
As part of the transaction, Realogy will retain the Cartus affinity and broker-to-broker business as well as the Realogy Broker Network, which generates high-quality, high-converting leads for Realogy’s affiliated agents and franchisees, the company said in a release. The business to be retained will be included within the Realogy Franchise Group operating segment, commencing with the first quarter of 2020.
The renaming of Realogy’s operating segments does not change the operational or go-to-market approach for the companies or brands that fall within any of the three main units, the company said.
Just last month, Realogy unveiled a new suite of tools for its agents it’s calling a “productivity hub,” which includes a customer relationship management (CRM) program as well as an app that allows agents to instant message with customers.