Corcoran is officially ready to start selling franchises.

The New York City-headquartered real estate brokerage, under the umbrella of its parent company Realogy, officially filed its franchise disclosure document Dec. 28, which was subsequently approved this week on a state-by-state basis by various state agencies, meaning prospective franchise owners can finally bring the Corcoran brand to their home market.

Corcoran currently has brokerage offices in Manhattan, Brooklyn, The Hamptons and South Florida. But by franchising, parent company Realogy hopes to make money by licensing the brand name out to brokerages across the country.

Prospective franchise owners in Michigan and Indiana can open a Corcoran franchise starting today, Wednesday, January 9. The effective date is still pending in several states that require a franchise disclosure document, but elsewhere, in states that do not require such a document, franchises are available today.

Corcoran CEO Pamela Liebman. (Credit: Corcoran)

The total initial investment necessary to begin operation of a Corcoran franchise is estimated to cost roughly between $43,850 and $231,200 for a conversion office and $153,350 to $518,500 for a startup office, according to a franchise disclosure document obtained by Inman Tuesday. That figure includes $10,000 to $35,000 that must be paid to the franchisor as an initial franchise fee. The franchise fee of $35,000 is for the first branch office and $10,000 is for each additional office.

“We are excited to begin a dialogue with prospective franchisees who believe the Corcoran brand provides a competitive edge in their market,” Corcoran CEO Pamela Liebman said in a statement.

Additional required fees included in that total cost, include marketing materials, legal expenses, computer equipment, website and branding.

Alvaro Cardenas, the senior vice president of global development for Realogy will oversee the Corcoran franchise rollout in U.S. and global markets.

Email Patrick Kearns

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