Realogy’s Brokerage, Title Segments Have New Names
Title Resource Group, also known as TRG, the company's national title and settlement services business, will go forward as Realogy Title Group, the company states.
MADISON, NJ—National real estate services firm Realogy reports it has renamed some of its operating segments, including its NRT brokerage, which will now be known as Realogy Brokerage Group.
NRT is the country’s largest brokerage by transaction volume, operating the company-owned offices of Coldwell Banker, Corcoran and Sotheby’s International Realty.
Title Resource Group, also known as TRG, the company’s national title and settlement services business, will go forward as Realogy Title Group, the company states.
Realogy did note that there will be no name change for its Realogy Franchise Group segment, which is the world’s largest franchisor of residential real estate brands.
“As Realogy continues to transform its efforts in supporting our leading residential real estate brands, brokerages and businesses, we have made significant progress in simplifying our organization to focus on our core drivers,” says Ryan Schneider, Realogy president and CEO. “Renaming our operating and business segments further streamlines how we communicate our real estate service offerings and amplifies the Realogy name across the work we do.”
In November 2019, Realogy entered into an agreement to sell the company’s Cartus Relocation business, which is expected to close in the next several months. As part of the transaction, Realogy will retain the Cartus affinity and broker-to-broker business as well as the Realogy Broker Network. The business to be retained will be included within the Realogy Franchise Group operating segment, commencing with the first quarter of 2020, the company states.
On Tuesday, Realogy reported fourth quarter and full year 2019 financial results. The company posted fourth quarter generated revenue of $1.3 billion, an increase of 4% year over year. During the fourth quarter Realogy delivered 6% transaction volume growth with solidly positive growth across both its owned and franchise businesses and posted a net loss of $45 million, driven by the fair value adjustment on the assets being sold as well as tax expense associated with the tax gain on the relocation sale.
For the full year, Realogy’s generated revenue totaled $5.6 billion, a decrease of 3% year over year and a net loss of $188 million due predominately to the impairment charge taken in third quarter of 2019, the company noted.