Realogy Holdings Group, parent company of brokerage brands like Coldwell Banker, Better Homes and Gardens Real Estate and several others, announced last week that it will embark on a process of “strategic organizational changes.”
The New Jersey-based company said in a press release that these plans include integrating its Coldwell Banker affiliate network with the brand’s brokerage business under a single corporate leadership, as well as the formation of an “expansion brands portfolio” that will include Better Homes and Gardens Real Estate, ERA brands as well as the Climb brokerage operations. The changes to the Coldwell Banker brand are designed to foster greater integration of the brand’s marketing efforts across regions of the country.
“These changes are designed to empower our teams to move faster and more nimbly take advantage of Realogy’s scale and resources to benefit agents and franchisees across all of our brands,” Realogy President and CEO Ryan Schneider said in the release.
Over the weekend, Schneider reportedly sent an email to employees countering claims that the company had been in discussions for a sale to rival Compass.
“We want to be clear with you that we have never had discussions to sell or merge Realogy with Compass,” the letter reads in part.
In a lawsuit filed in July, Realogy alleged that Compass has engaged in illegal and “predatory” recruitment of its employees designed to work around non-compete agreements, and that an attempt at price-fixing was proposed.
Realogy’s stock price has been on a downward slide throughout the year, down from a January peak of $18.40 per share to lows of under $5 per share this August and September.