Corcoran is developing its luxury real estate brand through franchising. The name Corcoran has long been synonymous with luxury real estate. Founded in 1973 by Barbara Corcoran, the brokerage firm originally served New York City, the Hamptons and South Florida. Today he is part of the Realogy group of real estate companies.
In 2002, Barbara Corcoran handed over the reins to Pamela Liebman who became President and CEO. Leibman retains these titles and remains at the helm of the company.
Corcoran franchisees are affiliates. Fast forward to 2020, when Corcoran ventured into the brand’s franchise on a global scale. Over the past year, the Corcoran brand has grown in 21 markets with eleven subsidiaries, from Hawaii to the Hudson Valley to New York and Westchester via California, Arizona, Nevada, Colorado and Corcoran BVI (British Virgin Islands), Florida and New Jersey.
Stephanie Anton, Senior Vice President of Corcoran Franchise, explains Corcoran’s difference in the crowded luxury brokerage industry. “One of the main differences is that Corcoran is a highly elastic brand. This is why it works so well. We’re perfect for a $ 400,000 home or a $ 4 million property. I’m not sure you can say this about other luxury brands. I think we are the right brand at the right time. “
Hilary Farnum-Fasth, owner of the broker, Corcoran Reverie along with over 100 agents in Northwest Florida agrees with Anton. “Looking at all the other high-end brokers, there was never anything identifiable that attracted me or that I could see myself professionally aligned,” Farnum explained. “With Corcoran, you get the complete package; they provide the opportunity to maintain our local identity while providing global reach. The level of customer service offered by Corcoran is unmatched among the competition, with strong ties to their local communities, fierce dedication to their agents and staff, and offering a suite of hard-to-find business tools.
What attracted Anton Steenman, President and CEO of Corcoran Pacific Properties of Hawaii with over 200 agents in Corcoran, began in 2019 during the company’s strategic planning process. “We identified the need to strengthen our brand, catalog marketing, manage the market and manage our reputation more actively,” Steenman said. “At that point, we also emphasized the need to intercept the shift in market orientation beyond beautifully designed homes to the lifestyle and experiences one has within them. The Corcoran Group is distinguished by its innovative marketing based on experience. The well-developed and refined voice of the Corcoran group corresponded very well to our need to become much stronger in these areas, ”he adds.
Michael Mahon, President and CEO of Corcoran Global Living with offices in California and Nevada and over 1,700 associates, points out several good reasons to become a subsidiary. “What drew us to Corcoran was twofold. Barbara Corcoran’s original thoughts on what a successful real estate brokerage could look like in the future and Corcoran’s affiliate network vision become a reality.
Corcoran’s virtual learning program through its Agent Studio is essential to the growth of the affiliate network. Between March 2020 and January 2021, the program hosted and facilitated more than 1,000 training sessions, and more than 30,000 agents (including affiliated agents) participated virtually. Topics covered include demonstrations of integration of technological tools, productivity courses for business creation, thought leadership panels and interviews with the best authors in the industry.
Trust Corcoran to continue the successful expansion of its brand in 2021.