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ERA REAL ESTATE REPORTS OUTSTANDING YEAR OF INTERNAL GROWTH
Affiliate renewals, mergers and acquisitions and sales associate recruitment programs result in continued strong organic growth for the global real estate brand PARSIPPANY, NJ, March 10, 2003 – ERA Real Estate continues to realize strong organic growth of its global network of franchised real estate brokerages, fueled by mergers and acquisitions among its existing affiliates, successful recruitment of top producing sales associates and a high rate of contract renewals by current ERA® brokerages. Mergers and acquisitions among ERA affiliates totaled more than $14.6 million in Gross Closed Income (GCI) in 2002, up from $8.8 million in the previous year, showcasing the continued strength of the brand in the global real estate community. Also, 100 percent of the top 20 ERA companies that were eligible for renewal in 2001 and 2002 have renewed their affiliation with the brand. Additionally, the ERA network reported a 120 percent increase in sales associate recruitment during 2002, another sign of the brand's prominence among quality real estate professionals. Sales associate recruitment is measured by agent GCI, which totaled more than $10 million in 2002, up from $8.3 million in 2001. To support the brand's organic growth, ERA offers two incentive programs to assist and empower its affiliates to increase their market share. The first, its mergers and acquisitions program, provides professional and financial assistance to brokerages for mergers and acquisitions. Similarly, its agent-affiliation program supports brokers' efforts to recruit highly productive sales professionals. "The growth within the ERA network exceeded our expectations in 2002," said Brenda W. Casserly, president & COO, ERA Real Estate. "The success of our internal growth initiatives combined with high renewal rates is a reflection of the value that ERA residential brokerages find in their affiliation with our network." Notable among the mergers and acquisitions that took place in 2002 is the merger of Springfield (MO)-based ERA Rutherford and neighboring Jones & Company Realtors, which created a company with a GCI of $4 million and more than 100 sales associates. In the San Francisco Bay area, network affiliates ERA Win Realty in Union (CA) and The Property Professionals of Fremont (CA) united to create a team of nearly 100 sales professionals serving the region. Among the companies that benefited as a result of the ERA Agent Affiliation Assistance program is ERA The Masiello Group. Headquartered in Keene (NH), the company has been actively recruiting new sales associates since it joined ERA Real Estate in 1978 with 15 agents. Today, the company has 22 offices and a sales team that is more than 400 strong. "By leveraging the unique products and services offered by ERA Real Estate, we have been able to attract new sales associates," explained Christopher Masiello, president, ERA The Masiello Group. "The brand offers tools that help foster the growth of real estate sales professionals' businesses while saving them time and money." Renewals by existing affiliates are another important indicator of the brand's success. Like many brokers considering their options, John Veneziano, broker/president of ERA Andrew Realty in Medford (MA) said he focused on two things. "I asked myself 'Is the affiliation with the brand helping my sales associates to remain competitive? Does the brand do things for me that I can't do as an independent?'" Veneziano said. "To help me answer these questions, I looked back to where I was when I joined ERA Real Estate in 1989. After being with the brand for just 12 weeks, I went from zero to 12 listings," he said. "Today, I have five locations and a sales team of more than 40." Casserly says the focus for the brand is clear. "I strongly believe that the ability ERA Real Estate has to help make its affiliates more profitable and competitive is the key," she says. "Successful in their own right, entrepreneurial leaders choose to become part of our growing ERA family because they appreciate the role we play in supporting their entrepreneurial spirit."
About ERA Franchise Systems LLC
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