Century 21 NY Metro is undergoing a growth spurt. The residential brokerage, formed last fall in a merger, last month aligned itself with New York Mortgage Company to provide loan services to home buyers. The alliance joins several other city-based partnerships between residential firms and mortgage companies.
The move is one of several by Century 21 to make their product offering more complete, said company president and CEO Michael Simon. The firm is rumored to be completing a number of brokerage acquisitions in the near future. The company will be “as big as I can make it,” added Simon.
According to Steven Schnall, president and CEO of New York Mortgage Company, the nonexclusive relationship will increase the mortgage company’s number of referrals by agents — their primary source of business.
Century 21 is looking to acquire brokerages that bring in between $1 and $5 million in commissions a year — mid-tier brokerages that are large enough to have a market presence and small enough to be affordable.