ON Collaborative announced today that the company will be purchased by its president and founder, David Wolf.
The transition from being owned by the nation’s largest residential real estate brokerage company, NRT LLC, to being owned by one person is a natural move, according to Wolf.
“From the beginning, ON Collaborative has been an entrepreneurial venture,” Wolf said in a press release announcing the sale. “As we prepare to launch a robust pipeline of projects in 2020, we continue to explore expanded service offerings that will further differentiate ON Collaborative in the marketplace.”
Though it will no longer be owned by NRT, ON Collaborative will continue its affiliation with Coldwell Banker. Wolf was the senior vice president of the NRT brokerage’s development marketing division before he launched ON Collaborative in 2017.
“Our ongoing association with Coldwell Banker will allow us to maintain existing marketing channels and partner with local sales teams who are leaders in their respective markets,” said Christine Lutz, who has been with the firm since the beginning and will continue to lead sales and marketing efforts for the company. “Under our new ownership structure, we also have the capability to white-label sales and marketing services under the developer’s flag, which will be an attractive option to many of our high-profile clients.”
The firm has been offering advisory, marketing and sales services to residential developers for the past two years, with clients in Chicago (1400 Monroe in the West Loop), Florida (The DeMarcay in Sarasota), and Louisiana (The Standard in downtown New Orleans). Wolf told Chicago Agent magazine that the firm has two big projects in the works in Chicagoland, one in the city and one in the suburbs, that he’s excited to unveil soon.
Much of ON Collaborative’ work has centered around providing research, marketing plans, in-house sales strategies and strategic repositioning for developers. Wolf said he’s planning to add a few services to this list, such as marketing and lease-up for new rental developments.
“The continued popularity of the rental lifestyle across demographic groups – and in particular among those who rent by choice rather than buy – presents an opportunity for us,” said Wolf. He also added that the move will allow them to expand the spectrum of companies they serve and the variety of projects they can take on. “We are going to be able to focus on smaller to mid-sized developers, as well as different sized deals.”