Corcoran gains 400+ agents with new DC-area affiliate
The luxury-focused firm announced its first franchise in the D.C. metro, which will boost its total agent count and number of offices by nearly 10% each.
Key points:
- The longtime independent McEnearney Associates brokerage is now under the Corcoran umbrella.
- The affiliation brings 420 agents, 40 support staff and 13 offices to Corcoran, the company said.
- Corcoran parent company Anywhere Real Estate has been bullish on the luxury segment and its upscale brands despite the sluggish market.
Corcoran Group has picked up its first franchise in the Washington, D.C., area with the affiliation of McEnearney Associates, one of the region's biggest independent firms. The move not only expands Corcoran's geographic reach, but boosts the brand's agent count and total number of offices by about 10% each.
According to Corcoran's website, the company counts over 4,500 agents among its ranks. The addition of McEnearney, which was established more than four decades ago, brings another 420 agents, 40 support staff and 13 offices under the Corcoran banner.
What Corcoran had to say: In announcing the deal, Corcoran Group President and CEO Pamela Liebman said the move represents "a pivotal step in expanding our company's physical footprint and strategic network" and that the affluent D.C. area's "discerning clientele aligns perfectly with the Corcoran brand's premier positioning." She added that the McEnearney Associates sales team "resonates with our brand's premium offerings," further emphasizing the luxury market.
Leaning into luxury: Picking up McEnearney — which was founded in 1980 and has acquired competitor brands in its market over the years — appears to align with parent company Anywhere's strategy to remain focused on leaning hard into its luxury brands.
In earnings calls and media interviews, Anywhere CEO Ryan Schneider has repeatedly highlighted the company's luxury brands — including Corcoran — and shown the most confidence in that market segment. In January, Schneider told Real Estate News that he was bullish on luxury housing this year because the segment tends to be "more immune to some of the negatives that are hurting the housing market" and that cash-flush buyers aren't impacted as much as those who rely on financing.
"We sell more million dollar homes than anyone else. We remain excited about that leadership position and the great brands we have, including Sotheby's International Realty, Coldwell Banker and Corcoran, as three of the brands that sell a lot of our luxury properties," Schneider said in his conversation with Real Estate News earlier this year.