New Company Combines San Francisco’s Zephyr Real Estate and Tahoe/Reno’s Exceptional Oliver Luxury Real Estate
The Corcoran Group, a Realogy brand and leading brokerage operating in New York City, Miami, the Hamptons, New York and Palm Beach, Fla., today announced its first-ever franchise affiliate, Corcoran Global Living, bringing the company to the West Coast for the first time.
The new company combines leading independent brokerages, Zephyr Real Estate and Oliver Luxury Real Estate, serving Lake Tahoe and Reno, Nev. Led by Global Living Founder and CEO Michael Mahon, the new firm is comprised of 450 agents across 13 offices with annual combined sales of more than $2.6 billion.
“With our deep experience in high-end, competitive East Coast markets, it is a natural move for Corcoran to head West with our first franchise affiliate,” said Corcoran President and CEO Pamela Liebman. “The launch of Corcoran Global Living is a huge first step in our franchise ambitions, combining two leading firms to form one powerhouse company. Leveraging the extensive local expertise of Corcoran Global Living’s 450 agents, along with the strong recognition of the Corcoran brand and the unmatched resources of Realogy, this new partnership will enable agents to dramatically boost their visibility from coast-to-coast and tap into Corcoran’s high-impact tools, training and marketing.”
Mahon—former president of HER REALTORS® in the Midwest and Southern California’s First Team Real Estate—embarked on the mission of uniting independent brokerages and top-performing sales associates in key communities throughout the Western U.S. when he formed Exclusive Lifestyles last year.
“The thought was, ‘What if we stop competing against one another and formed one brand we feel confident in?’” Mahon explained in an exclusive interview with RISMedia. “The announcement today is the key foundation of this concept.”
According to Mahon, when Corcoran announced last year its plans to begin franchising, his interest was piqued. “I was very familiar with Corcoran on the East Coast, so I inquired to find out what they were looking to do,” he explained. “Pam and I hit it off, and decided it made sense to role out Corcoran Global Living as the franchise. We are going to be very strategic about the next markets and who our partners are.
“With access to private equity funding in excess of nine digits, Corcoran Global Living is committed to investing in like-minded professionals uniting as one in brand, action and support in the development of opportunities throughout the communities we call home,” added Mahon.
Mahon also believes that Corcoran Global Living will offer an important competitive advantage over the spate of venture-capital backed firms penetrating the real estate market. “When you look at the money flowing into real estate, it’s more focused on fractionalizing the industry— that’s what they’re capitalizing on in order to gain traction,” he explained. “We’ve also got the financial resources to go out and acquire technology and marketing tools, but it’s the talent piece that’s the big differentiator. They don’t have the recognition in the local communities that we have. We decided we’re not going to be on the defense anymore—we’re going on the offense.”
“As the industry continues to transform, the power of a well-established brand, such as Corcoran, with its significant scale, agent resources, consumer awareness and technology offerings, will be critical to the future potential of agents and brokers in any given market,” said Realogy Franchise Group President and CEO John Peyton. “The Corcoran brand has found a great franchise launch partner in Michael and his vision for Corcoran Global Living, and I am excited for the further success this alignment will bring to the brand, the brokerage and ultimately, its affiliated agents.”
Mahon reported that Corcoran Global Living will look to unite a number of independent real estate brokerage partners across California, Nevada and Texas. “Our overall goal across the Western region—and the U.S.—is to bring the largest independent brokerages together so we have the wherewithal to outpace any of the capitalists,” he said.