Brokerage Beat: News from Corcoran, @properties, E&V, more 

Editor's note: The brokerage business is a busy one, with frequent moves, mergers and milestones. Here we highlight some of the latest activity among brokerages across the U.S. and globally.

Corcoran franchise expands in Silicon Valley

Corcoran Icon Properties has announced the opening of a new office in Palo Alto, a city at the center of the high-demand Silicon Valley housing market with median single-family home prices often exceeding $3 million.

Benyam Mulugeta, managing broker, and Susan LaRagione, sales manager and partner, will lead the new office, which aims to support both current agents and attract new talent from the local area.

Corcoran Icon Properties, which was established in 2022 after Corcoran severed ties with the previous franchisee in the region, operates 24 offices across Northern California and ranks as the No. 8 largest Bay Area residential real estate brokerage, according to the San Francisco Business Times. 

"Our expansion into Palo Alto allows us to offer expert market insights and exceptional service to local consumers," Mulugeta in the announcement. "This office will enhance our ability to support our agents and serve one of the nation's most high-end real estate markets."

LaRagione added that "there has been significant demand for a Palo Alto presence" from her team and that the new office will "offer innovative tools and top-tier support to both our current team and prospective agents."

@properties grows in Indiana

The Indianapolis-based @properties IND has announced its expansion into Evansville, Indiana, with a new office located in Newburgh. The affiliate now operates eight offices with nearly 190 agents. 

The newest office will primarily focus on the Evansville and Newburgh markets in southwest Indiana. Evansville is Indiana's third-largest city with a major commercial hub and diverse real estate market.

The expansion is spearheaded by a team of 13 agents and staff transitioning from F. C. Tucker Emge, including brokers Marc Hoeppner, Will Ritter and Chris Schafer, who will lead the office. With over 25 years of combined experience, the leaders are recognized as top performers in southwest Indiana.

Hoeppner, Ritter and Schafer said @properties' emphasis on innovation, technology and collaboration sets the firm apart from the more traditional brokerages in the area.

"@properties IND brings a fresh perspective that's needed in Evansville and Newburgh, and we're thrilled to lead the charge," said Hoeppner. "We will offer a new kind of real estate experience that we know will resonate with local buyers, sellers and agents."

Mark Nottingham, broker/owner of @properties IND, highlighted the strategic importance of this expansion, noting, "Evansville's economic vitality aligns with our growth strategy, offering significant potential for our brand."

Engel & Völkers opens third shop in Costa Rica

Luxury real estate brokerage Engel & Völkers has announced its latest expansion into Samara, Costa Rica, marking its third office addition in the Central American country within the past year. The new office, led by license partner and managing broker Dawn Wolfe, will serve the coastal neighborhoods of Playa Samara, Garza, Carrillo, Camaronal and Punta Islita.

"Costa Rica has been a dynamic market for Engel & Völkers," said Anthony Hitt, president and CEO. "Samara, with its stunning beaches and unique charm, is a perfect addition to our portfolio, offering the high-end real estate services and expertise our brand is known for."

Wolfe, who has extensive experience in both commercial real estate and asset management, noted, "We are excited to leverage Engel & Völkers' global network to enhance luxury real estate offerings in this region and serve clients from the US, Canada, and beyond."

Wolfe's real estate career began in 2008, and she successfully transitioned from short sales to managing large portfolios and local transactions. "Bringing Engel & Völkers to Samara allows us to offer unparalleled service and capitalize on global connections," she added.

Coldwell Banker nabs lucrative Massachusetts team

Lara O'Rourke and Chelsea Robinson, leading Massachusetts agents with over $1 billion in sales in the Wellesley area, have moved from Sotheby's International Realty to Coldwell Banker. 

The duo reported annual sales of $145.6 million in 2023 and has been recognized as one of the top three teams in Massachusetts. 

O'Rourke and Robinson said the move to Coldwell Banker Realty was a "natural step forward" as they focus on client services.

"Our business is built on the pillars of collaboration and connections, with a deep understanding that relationships are the cornerstone for success, both with our clients and within the brokerage community. The relationships we have cultivated over the years are the core of our professional network, which is constantly growing," they said in a joint statement.

Chantelle Persac, branch manager of Coldwell Banker Realty's Wellesley and Weston offices, welcomed them, stating that "Lara and Chelsea are highly respected for their professionalism and innovation. We look forward to supporting their continued success."

Century 21 picks up New England and NorCal affiliates

Century 21 Real Estate is expanding its presence in Southern Massachusetts with the addition of Custom Home Realty. 

Founded in late 2017 by Deborah Flanagan and Naomi Vogt, the dual-office brokerage in Mendon and Framingham has achieved over $1 billion in sales and received multiple local accolades.

Flanagan and Vogt, who previously collaborated at an independent brokerage, specialize in luxury marketing, lead generation and agent coaching and have been recognized for their expertise in various real estate sectors, including luxury and historic properties.

The decision to affiliate with Century 21 was driven by the leaders' desire to grow. "We're very hands-on in our onboarding process, as we only look for agents that fit within our company's culture," said Vogt. "We've been incredibly fortunate to establish a well-known name for ourselves locally, but as growth-oriented owners, Deb and I knew we had to look for more. The Century 21 brand was the answer."

Mike Miedler, president and CEO of Century 21, praised Flanagan and Vogt for their ability to quickly become "a premier real estate provider" in the region. "Not only do they have the industry know-how, but they also have the drive to keep getting bigger and better," Miedler added.

Additionally, Century 21 has announced its expansion into Silicon Valley through its affiliation with Anew Elite Realty, a boutique luxury firm led by Karen Fangfang Xu. The brokerage serves clients in the Bay Area, San Jose and surrounding areas.

Xu, a global traveler with a background in hospitality and business, founded the firm in 2022. Under her leadership, Anew Elite Realty has become known for its concierge services and expertise in luxury real estate, investment properties and rentals.

"Our market represents one of the most diverse areas in all of America," said Xu. "If you aren't able to go the extra mile to understand the unique background, cultural values and specific needs of every client who comes through your door, you simply won't make it in San Jose real estate," Xu said. 

CEO Mike Miedler agreed, noting that Xu was a great fit for the market: "There is no 'typical' consumer in the Silicon Valley or Bay Area, instead, it takes case-by-case digging and a personal level of understanding to be able to truly address a consumer's needs. Karen's international background and adept industry knowledge make her an exceptional role model in her market."

Now operating as Century 21 Anew Realty, Xu aims to leverage the strength of the brand, along with the tools and resources it offers, to grow by supporting existing agents and recruiting new ones.

Realty ONE hits agent growth milestone

Realty ONE Group International has now surpassed 20,000 agents, the company announced.

The milestone was achieved in part with the recent acquisition of Florida-based MVP Realty, which added 1,200 agents to the firm's roster.

Realty ONE describes itself as a lifestyle brand which offers a 100% commission model. The company has been growing rapidly over the past two years — expanding from two countries to 20 — despite the challenging real estate market. The firm now has more than 450 offices across 49 states and Washington, D.C., in addition to its international presence.

The company also claimed the top spot among real estate franchisors for the third consecutive year on Entrepreneur's 2024 Franchise 500 list.

"We're entering a new era of the ONE — through unity and togetherness, we achieve greater success faster," said Kuba Jewgieniew, CEO and Founder of Realty ONE Group International. "With the historic changes in the real estate industry, our proven, winning model and COOLTURE will fuel our growth now and in the future more than ever!"