2004 Press Releases

ERA Franchise Systems LLC 1 Campus Drive Parsippany, NJ 07054 (973) 428-9700 FOR IMMEDIATE RELEASE

Media contact: Steven Alessandrini (973) 496-7904 steven.alessandrini@era.com

PARSIPPANY, NJ, July 26, 2004 – As a global leader with more than 30 years of experience in residential real estate, ERA Real Estate has been hard at work serving the housing needs of growing Hispanic communities nationwide. To meet the increasing demand created by the fastest growing demographic group in the United States, the ERA® real estate network relies on its dedication to personalized customer service, international experience and continued development of marketing and training resources for sales associates and brokers.

To meet the specific needs of Hispanic customers, ERA Real Estate focuses on the important roles cultural differences and language play in the real estate transaction process. The company's current initiatives emphasize the influence that homeownership history, borrowing potential and perceptions on financing can have on the housing needs of the Hispanic community. ERA Real Estate also stresses to affiliates the importance of communicating in Spanish - both through Spanish-speaking sales associates and printed materials.

"As part of the 'Always There For You®' service promise, ERA Real Estate strives to provide a personalized and satisfying experience for every customer," says Brenda W. Casserly, president and COO, ERA Franchise Systems LLC. "To that end, we provide our sales associates and brokers with valuable marketing and training support to help them better understand and meet the unique needs of the growing Hispanic community."

"ERA sales associates provide an additional comfort level to many Hispanic families as we guide them through the complexities of real estate transactions," says George Cadman IV, a Spanish-speaking sales associate at ERA South Dade Realty in Miami. "We understand and cater to the unique needs of the Hispanic community and realize the importance of providing specialized services to ease the process of locating and obtaining a dream home."

The franchise system's experience working with customers from various cultures around the world has played a large part in its ability to meet the cultural needs of the Hispanic community. "Most of my customers come from Cuba, but I have had clients from 21 Latin American countries," reports Jose Hernandez, a sales associate at ERA Faust Realty in Naples, Fla.

"As a leading global real estate brand with companies in more than 30 countries, ERA Real Estate has always been adept at serving culturally diverse consumers," adds Casserly. "This cultural experience will become increasingly more important as the domestic landscape becomes more diverse through the continued growth of emerged markets such as the Hispanic community."

ERA Real Estate has announced plans to enhance and expand its capabilities in the Hispanic community throughout the remainder of 2004. This includes recruitment materials and training programs for sales associates, and the development of additional Spanish-language marketing materials and a full Spanish translation of its consumer Web site (www.ERA.com) to provide useful information at the fingertips of the Hispanic community.

About ERA Franchise Systems LLC
ERA Franchise Systems LLC is a global leader in the residential real estate industry with more than 30 years experience in developing consumer-oriented products and services. It is a subsidiary of Cendant Corporation (NYSE: CD) and part of its Real Estate Franchise Group. The ERA® real estate network includes approximately 30,600 brokers and sales associates throughout the United States and 30 other countries and territories. Each office is independently owned and operated except offices owned and operated by NRT Incorporated. ERA® information is available to consumers at ERA.com. ERA® properties can also be viewed at Realtor.com. For additional information about ERA Franchise Systems LLC as well as expert commentary on emerging trends in the real estate industry, visit the Cendant Media Resource Center at http://www.cendant.com/media/.