Coldwell Banker: No More Franchise Fees for Minority Brokers
February 13, 2020
Coldwell Banker has announced it will no longer charge a franchising fee to military veterans or minorities as the firm aims to diversify its workforce. The new initiative, called the Coldwell Banker Diversity in Ownership Program, waives the $25,000 fee to set up a new franchise for racial or ethnic minorities, women, military veterans, and brokers who identify as LGBT. The program also provides up to $100,000 to qualifying franchisees to use for mentoring, royalty fee rebates, and industry organization memberships.
“One of the best things we can do to increase homeownership in underrepresented communities is to increase access to and understanding of programs and information related to buying and owning a home,” Coldwell Banker CEO Ryan Gorman wrote in a blog post.
Coldwell Banker oversees more than 3,000 franchised brokerages internationally.
“Increasing Diversity and Representation in Brokerage Ownership,” Coldwell Banker’s Blue Matter blog (Feb. 11, 2020) and “Coldwell Banker Is Waiving Franchise Fees for Minorities,” The Real Deal (Feb. 12, 2020)
Updated: January 22, 2021