Coldwell Banker’s largest New York City franchise has left for more independent pastures.
What was formerly Coldwell Banker Reliable Real Estate has disaffiliated from the franchise brand and launched an independent brokerage, MYNY.
The new brokerage counts 135 agents and closed over $350 million in sales last year, which made it the largest franchise on both measures in the five boroughs, according to MYNY principal Joseph Hamden.
The firm has offices in Brooklyn, Manhattan, and Long Island. It also operates in the Hamptons, including offices in Westhampton Beach, Southampton, Bridgehampton and Hampton Bays, thanks to its 2022 merger with another Coldwell Banker franchise, Coldwell Banker Beau Hulse Realty Group.
The move comes months after Compass closed on its $1.6 billion acquisition of Anywhere Real Estate, the holding company for Coldwell Banker, as well as Corcoran, Century 21, Sotheby’s International Realty, Better Homes and Gardens Real Estate and ERA Real Estate.
Disaffiliating from Coldwell Banker was part of an effort to help his agents position themselves differently from the competition, much of which now falls under Compass International Holdings umbrella, according to Hamden.
“When there’s a lot of sameness across brands, it becomes difficult to differentiate,” he said.
MYNY will be part of LeadingRE, a network of independent brokerages that provides backend support like relocation services, referrals and market intelligence.
Hamden also said that the appeal of the franchise model has since faded. “Companies would affiliate with a franchise because there was a big gap in tech and reach,” he said. “That gap is no longer existent.”
Going independent will also allow him to “expand the business without restriction,” he added, whereas under a larger holding company, brokerage leaders had to consider the impact of an expansion on corporate sister companies.
The resources that come with being part of a larger organization also began to dwindle as Anywhere struggled with its sizable debt load in recent years, according to Hamden. “Whether or not Compass can turn it around, we’ll see,” he said.
The move echoes concerns raised by other agents who have left Compass or its new subsidiaries over brand identity. In the last two months, top agents in Houston and Connecticut joined Elliman from Compass and Sotheby’s, respectively, citing a desire for a more boutique, luxury experience.
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