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ERA Franchise Systems LLC
6 Sylvan Way Parsippany, NJ 07054 (973) 428-9700 |
Media contact: Erica A. Erickson
(973) 496-7437 erica.erickson@ERA.com |
Global Franchise System Continues Strong Growth
PARSIPPANY, NJ (May 16, 2001) – ERA Franchise Systems LLC, one of the world's residential real estate leaders, announced today that franchise sales for the first three months of 2001 were the best in its history. This continues a period of strong growth for the brand and surpasses its previous franchise sales high set in the third quarter of 2000.
Franchise sales increases are measured by the annual Gross Closed Commissions (GCC) of brokerages affiliated with ERA during the quarter.
For the quarter ended March 31, ERA Real Estate set a new record by posting $31.4 million in GCC, more than 200 percent higher than the $10.3 million tallied during the same period in 2000. The previous record was set in the third quarter of 2000, when ERA posted $21.7 million in GCC.
ERA Real Estate recorded its best year ever in franchise sales in 2000, with franchise sales of more than $60.7 million in GCC. Royalties paid to ERA Franchise Systems LLC by its franchised brokerages are based on a percentage of the GCC.
"On the heels of our best year ever in franchise sales year, ERA Real Estate continues to experience strong growth and set new records," said Peter Burgdorff, president and CEO for ERA Franchise Systems LLC. "This momentum well positions us to take advantage of the many opportunities that exist in the coming year. As the recent conversion of ERA Fowler – our largest single franchise sales transaction with $12.4 million in GCC – shows, our continuing focus on growing the ERA® brand is paying dividends."
In addition to ERA Fowler, the following companies with GCC in excess of $1 million joined the ERA franchise system during the first three months of 2001:
- ERA Stirling Realty, Lafayette, LA, ($5.26 million)
- ERA National Realty of Arizona, Prescott, AZ, ($3 million)
- ERA Harvey McLean & Associates, Dallas, TX, ($1.1 million)
Also joining the ERA franchise system, with GCC below $1 million were:
- ERA Pennink & Strother, Fayetteville, NC
- ERA Save Realty, Yonkers, NY
- ERA First Valley Realty, Van Nuys, CA
- ERA Rizzo Realty, Belleville, NJ
- ERA Legacy Realtors, Salt Lake City, UT
ERA Franchise Systems LLC, a subsidiary of Cendant Corporation, is a leader in the residential real estate industry with nearly 30 years of experience in developing consumer-oriented products and services. The ERA real estate network includes more than 2,500 independently owned and operated brokerage offices with more than 28,000 brokers and agents throughout the USA and 26 other countries and territories. The ERA System is accessible to customers on the Internet at www.ERA.com and www.ERAeurope.com. ERA listings can also be found on www.REALTOR.com®.
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