coldwell banker real estate
The Coldwell Banker Real Estate brand currently has offices on six continents, in 47 countries and territories. There are more than 600 Coldwell Banker Real Estate offices outside of the United States. Yet the company began with just one man and his idealogy to serve the customer in a fair and honest manner. Coldwell Banker was founded in 1906 by a young real estate Sales Associate, Colbert Coldwell. The Great San Francisco earthquake had devastated his hometown and he was determined to help rebuild it .
Many realtors of the day were unethically buying property from the victims of the quake for pennies on the dollar and re-selling them for huge profits. Thereby, padding their own accounts, instead of looking out for the interests of the customer. Colbert Coldwell, had great disdain for this practice and left his firm to form a new real estate company with a mission.
Together with 2 other agents, he formed Tucker, Lynch and Coldwell. His new company would be based on a revolutionary philosophy: the client’s best interest above all. The company grew and in 1913 took on a new associate, Benjamin Arthur Banker, eventually becoming a full partner. By 1920, Bruce Cornwall joined as a partner, and the company was renamed Coldwell, Cornwall and Banker. They moved to a new 3 story building in San Francisco, CA.
the primary basis of their business up till this time was focused on Commercial real estate. By 1937, the company had 7 offices in northern and southern California and had entered the residential business that same year.
After a comfortable expansion and steady growth for the previous 34 years, The Company was preparing to look forward to expansions beyond California. In 1940, Bruce Cornwall resigned, and the company was renamed Coldwell, Banker & Co. 1950 would see the Coldwell Banker real estate company enter the national market with an opening in Phoenix, AZ, their first office outside of CA, with further expansions into Seattle in 1969. More offices would open up in the 1970s, as the Coldwell Banker real estate company expanded into the Washington, DC, Atlanta and Chicago markets.
Before their vast expansion across the USA, Arthur Banker would pass away in 1965 at 81 years old, and in 1967 Colbert Coldwell died at 84 years of age, working up to the time of his death.
The 1980s would see many changes in Coldwell Banker Real Estate, including the acquisition by the Sears Financial Network. The strength of Sears and their franchise knowledge would help Coldwell Banker Real Estate expand throughout the USA.
By 1990, Coldwell Banker had locations in all fifty states, and had begun international expansion with offices in Canada and Puerto Rico. By the end of the 20th century, the Coldwell Banker real estate company had achieved international recognition with their worldwide expansion and ultimately they were acquired by HFS, Inc, an international franchisor in the hotel and real estate business. This company would later spin off Coldwell Banker Real Estate under their Realogy division. This huge company combined is involved in one out of every four residential transactions in the USA.