Coldwell Banker, the American real estate firm with a global sales force of 82,000 agents, in 3,100 offices, has opened in Kenya as its first step into the African market.
“The vibrancy and spread of the Kenyan real estate market represents a real opportunity for our franchising model, which offers transparency, reliability and trust for buyers and sellers in the middle and top end of the market,” said Danielle Callaway, the Managing Director of
Coldwell Banker Kenya.
Coldwell Banker, owned by Fortune 500 Company Realogy Holdings Corporation, will be partnering with existing Kenyan real estate agencies to offer them a brand, technological capability, and marketing expertise of a new order in the local market. It then has plans to
develop the business in first Ghana, and then Nigeria.
Realogy, a global leader in real estate franchising, brokerage, and relocation services, is one of the companies in the Fortune 500 list, the prestigious annual ranking of America’s leading corporations, based on its revenue of $5.3bn in 2014. It is the only residential real estate
franchise or brokerage company on the list, affirming its position as the world leader in its field.
Other Fortune 500 companies that have entered the Kenyan market in the recent past include General Electric, Facebook, Google, American Express and Wal-mart, which came in through its Game franchise. “We are at a point where people in Kenya know exactly what they want
from their homes, and we, at Coldwell Banker, are set to mobilize the local market to ensure that their desires are met,” said Ms Callaway.
Coldwell Banker will use the internet as one of its key marketing tools, with almost 90 per cent of buyers now using the internet when looking for a home. “Coldwell Banker invests millions in technology to expose properties online to more than 16m potential buyers on 575+websites daily,” said the company.
The technology being deployed in Kenya is part of Coldwell Banker’s mission to roll out a suite of technologies and systems that will give its franchisees a competitive edge as the Kenyan housing market continues to develop rapidly.
“The local market has become far richer and more diverse in recent years, making for a different level of service requirement by both buyers and sellers in matching the right consumers and the right properties,” said Ms Callaway.
“The rising middle class has substantial disposable income, is able to service mortgages, and now demands and desires quality products, seeking well-constructed houses in safe and secure locations, with classy finishing, for which they are willing to pay premium prices.”
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