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ERA Franchise Systems LLC
6 Sylvan Way Parsippany, NJ 07054 (973) 428-9700 |
Media contact: Erica A. Erickson
(973) 496-7434 or public.relations@ERA.com |
Largest residential real estate franchise in Europe further strengthens global presence
Parsippany, NJ (May 2, 2000) – ERA Franchise Systems LLC today announced the signing of two master franchise agreements in Austria and Sweden. The ERA® System is the first international residential real estate franchise to be introduced in either country.
With the addition of Austria and Sweden, the ERA System has entered two unique real estate markets. In Austria, most real estate transactions are private, with real estate companies involved in only 20 to 25 percent of the market. Generally, real estate professionals receive a maximum commission of no more than 6 percent, which is split between seller and buyer. ERA Austria will initially convert five existing real estate offices into ERA franchises.
The real estate market in Sweden is similar to the U.S. market, with real estate professionals managing roughly 80 percent of the market. Most real estate professionals are part of a loosely structured professional organization – the largest national franchise is nearly 180 offices. According to the Managing Director of ERA Sweden Anders Borstrom, "real estate agents in Sweden, are asking most for education, training and exclusive listings."
"In today's market it is critical to the success of a real estate organization to have not only a strong local and national identity, but also a global market presence and understanding," remarked Peter Burgdorff, President and CEO of ERA Franchise Systems in the United States. "We're proud to welcome the real estate professionals of ERA Austria and ERA Sweden to our worldwide system."
ERA Franchise Systems LLC, a subsidiary of Cendant Corporation (NYSE:CD), is a leader in the residential real estate industry with more than 25 years of experience in developing consumer-oriented products and services. The ERA real estate system includes more than 2,600 independently owned and operated brokerage offices with more than 28,000 brokers and sales associates throughout the United States and 20 countries and territories. The ERA System is accessible to consumers on the Internet at www.ERA.com, a member of the move.com network.
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