| Type | Subsidiary of Realogy |
|---|---|
| Industry | Real estate |
| Founded | San Francisco, California, U.S. (August 27, 1906) |
| Headquarters | Parsippany, New Jersey, United States |
| Website | www.coldwellbanker.com |
Coldwell Banker is a large real estate franchise founded in 1906 in San Francisco.
Coldwell Banker has an international presence, with offices on six continents, 46 countries and territories.[1] There are more than 600 Coldwell Banker offices outside of the United States.
The company is owned by Realogy, which also owns Century 21 Real Estate, Corcoran Real Estate, Sotheby's International Realty, Better Homes and Gardens Real Estate and ERA Real Estate.
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The company was launched in 1906. After the devastating 1906 San Francisco earthquake and fires, real estate agent Colbert Coldwell formed a new real estate company.
Coldwell disapproved of the then-common practice of real estate agents acquiring properties for themselves, often from uninformed sellers at ridiculously low prices, and then reselling them for huge profits. He and two partners formed the company of Tucker, Lynch and Coldwell on August 27, 1906.
In 1913, Benjamin Arthur Banker joined the firm as a salesman and became a partner in 1914. He and Coldwell remained active in the company throughout their lives.[2]
In the early years of growth, Coldwell Banker offices were devoted primarily to commercial real estate brokerage firms. In 1925 the first residential real estate office opened in San Francisco, and a full fledged residential real estate department was formed by 1937.
The company's geographic expansion began in the 1920s with the opening of offices in Southern California. The company opened its first office outside California (in Phoenix, AZ) in 1952. This was followed by an office in Seattle in 1969.
In the 1970s, Coldwell Banker acquired residential real estate firms in Atlanta, Chicago, and Washington, DC, expanding its geographic footprint.[2]
By 1980, Coldwell Banker had also acquired a national referral service (now Coldwell Banker Referral Network), and Previews Inc., an international luxury real estate marketing organization (which has evolved into the present-day Coldwell Banker Previews International). In 1981, Coldwell Banker was acquired by Sears, Roebuck and Co., joining Dean Witter Financial Services Group and Allstate Insurance group as a member of the Sears Financial Network.
Another landmark in 1981 was the launch of Coldwell Banker Residential Affiliates, Inc. for the franchising of residential brokerage companies. Further acquisition of companies in major metropolitan areas across the United States occurred in the 1980s..
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