Century 21 Real Estate

Last updated
Century 21 Real Estate LLC
Company type Subsidiary
Industry Real estate Franchising
Founded1971;54 years ago (1971), in California, U.S.
Founders Art Bartlett
Marsh Fisher
George Sofokleous
Headquarters Madison, New Jersey, U.S.
Number of locations
86 countries and territories
Key people
Michael Miedler (president and CEO) [1]
Number of employees
147,000
Parent Anywhere Real Estate
Website www.century21.com

Century 21 Real Estate LLC is an American real estate agent franchise company founded in 1971. The system consists of approximately 14,000 independently owned and operated franchised broker offices in 86 countries and territories worldwide with over 147,000 sales professionals. [2] Century 21 Real Estate is headquartered in Madison, New Jersey. [3]

Contents

History

Century 21 Real Estate (Century 21) was founded in 1971 by two real estate agents, Art Bartlett and Marsh Fisher, in Orange County, California. [4]

Here Bartlett reveals how they decided on the name:

We were brainstorming at lunch one day - my former VP and I - and I said the name had to sound like it had been around for a long time. [...] My former VP suggested 20th Century Realty. I thought it would be impossible to get the name registered. He said 21st Realty, but I didn't like that. He then said, "How about Century 21?" I liked it, though it sounded futuristic. [...] I called Marsh and told him, but he thought it was too futuristic. He wanted Green Valley. Well, we finally agreed on Century 21, and we incorporated the company.

— Art Bartlett [5]
Logo from 1991 to 2018 Century 21 Real Estate logo.svg
Logo from 1991 to 2018
A Century 21 Real Estate office in Gillette, Wyoming Century 21 Real Estate in Gillette, Wyoming.jpg
A Century 21 Real Estate office in Gillette, Wyoming

Century 21 was acquired by Trans World Corporation in 1979, when Trans World Corporation decided to focus on hospitality and housing. In 1985, MetLife acquired Century 21 from Trans World Corporation. [6] [7] When MetLife decided to leave the housing business, Century 21 was sold to Hospitality Franchise Systems (later Cendant) in 1995. [8] When Cendant split in 2006, Century 21 became part of Realogy, now Anywhere Real Estate.

2018 Rebrand

In March of 2018, Century 21 Real Estate introduced a comprehensive rebranding campaign to modernize its image and address industry complacency. The initiative introduced a new logo with a refined gold and black color scheme in an effort to maintain relevance to consumers, while retaining their wide-scale brand recognition and appeal. [9]

CENTURY 21 "Gold Seal" logo introduced in 2018. Century 21 seal 2018.svg
CENTURY 21 "Gold Seal" logo introduced in 2018.

Century 21's rebranding campaign prominently featured the term "relentless" to underscore their commitment to exceptional service. This theme was integrated across various platforms, including a partnership with ESPN that highlighted "relentless moments" in sports, aligning the brand with the "pursuit of excellence". The company aimed to position itself as a "challenger brand" with a "relentless mindset," encouraging agents to consistently exceed client expectations. [10]

The Joy of Home Campaign

In November 2024, Century 21 Real Estate launched "The Joy of Home," a global marketing campaign and the most significant update to the brand since its 2018 rebrand. Century 21 cited shifts in consumer decision making towards community and connection as motivators behind the campaign, which features "more humanized" messaging and visual media. [11]

In 2019, Century 21's parent company Realogy was named as a co-conspirator in multiple class-action lawsuits alleging that it artificially inflated commissions paid by home sellers. [12] In September 2023, it agreed to pay $83.5 million to settle two of the lawsuits. One of the cases, Burnett v. National Association of Realtors , went to trial the following month, where a federal jury found that the parent company did participate in the commissions conspiracy. [13] The settlement agreement removed the requirement for Century 21 real estate agents to belong to the National Association of Realtors. [14]

See also

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References

  1. ↑ Bloomberg (3 February 2019). "Company Overview of Century 21 Real Estate LLC". Bloomberg. Retrieved 3 February 2019.
  2. ↑ "Company Profile" . Retrieved 30 June 2015.
  3. ↑ "Company Profile" . Retrieved 30 June 2015.
  4. ↑ Alejandro Lazo (6 January 2010). "Co-founder of real estate giant Century 21". Los Angeles Times. Retrieved 30 September 2012.
  5. ↑ Hayes, John P. (1990) Art Bartlett: The Man Who Redefined Franchising
  6. ↑ FURLONG, TOM (1985-05-29). "Transworld Plans Sale of Its Century 21 Unit : Price for Real Estate Subsidiary May Reach $200 Million; Parent to Buy 11% of Own Stock". Los Angeles Times. ISSN   0458-3035 . Retrieved 2015-01-04.
  7. ↑ BERKMAN, LESLIE (1985-08-21). "Metropolitan Life Will Purchase Century 21". Los Angeles Times. ISSN   0458-3035 . Retrieved 2015-01-04.
  8. ↑ "Century 21 Is Sold To A Hotel Company Metlife Is The Seller, Hospitality Franchise Systems The Buyer. Some Franchisees Don't Expect Much Change Locally. - Philly.com". Archived from the original on January 4, 2015. Retrieved 2015-01-04.
  9. ↑ "CENTURY 21 Real Estate Unveils Rebranding Campaign That Targets Complacency, Inspires Real Estate Consumers To Demand More". PR Newswire. Century 21 Real Estate LLC. March 5, 2018. Retrieved December 5, 2024.
  10. ↑ "CENTURY 21 Real Estate Unveils Rebranding Campaign". Century21.com. CENTURY 21 Real Estate. March 20, 2018. Retrieved December 5, 2024.
  11. ↑ "The Joy of Home". Century21.com. CENTURY 21 Real Estate. December 17, 2024. Retrieved December 17, 2024.
  12. ↑ Harney, Kenneth R. (2019-05-14). "Lawsuits over who should pay buyer's agent could upend housing market". Washington Post. Retrieved 2025-01-13.
  13. ↑ Kamin, Debra (2023-10-31). "Home Sellers Win $1.8 Billion After Jury Finds Conspiracy Among Realtors". The New York Times. Retrieved 2025-01-13.
  14. ↑ Kamin, Debra (2023-10-06). "More Brokerages Leave Powerful Realtor Group". The New York Times. Retrieved 2025-01-13.

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