Harcourts announces USA expansion

Harcourts announces USA expansion in JV with Altera

23 June 2010: Harcourts International Managing Director Mike Green has announced the launch of Harcourts in the United States of America through a joint venture with California-based Altera Real Estate.

Entry into the US market is Harcourts’ biggest ever undertaking, with joint venture partner Altera having 23 offices and 700 salespeople in total - 21 offices in California, one in Oregon and one in Hawaii.

Starting out in New Zealand in 1888, Harcourts is a long-standing brand that has gone from strength-to-strength in the industry, entering its first foreign market in 1997 (Australia) with eight additional countries, including the USA, since then.

Mr Green said in just over a decade Harcourts has established itself as one of the top three real estate groups in Australia and expanded into South Africa, China, Indonesia, Zambia, Botswana and Hong Kong in the last two years alone.

“As a 50% shareholder in the US joint venture Harcourts will have a heavy focus on the American market throughout 2010, as long-term plans are put in place for further expansion in the country,” Mr Green said.

“The United States’ property market is just beginning to show signs of improvement and we believe the timing for this step is perfect. The market opportunity is huge, with a population of nearly 310 million,” he said.

“By entering into the US market Harcourts is placed firmly on the world stage, and we hope to further our business activities over the next few years throughout America.”

Altera Real Estate, which was founded by American real estate industry veterans Gary Thomas, Dennis and Colleen Badagliacco in 2008, is looking forward to the growth opportunities off the back of this partnership.

Mr Thomas, Chairman of the new joint venture company, said he has known the principals of Harcourts for more than 15 years and been intrigued with the group’s culture and systems.

“I felt it was a perfect fit for Altera to enter into this joint venture with Harcourts in order to bring a refreshing culture and platform to our network and the ability for rapid growth,” he said.

“Our initial focus will be on the integration of the Harcourts systems and culture across all the existing Altera offices. Once we have achieved this, we will then look at expanding to other states.

“With the training and technology platform Harcourts has to offer, along with our values-based, performance-driven culture, we believe there is huge opportunity for this new Harcourts joint venture company to grow rapidly as the general economic situation in the US improves.”

About Harcourts:
Harcourts is the largest real estate group in New Zealand, the fastest growing in Australia and in total has more than 630 offices across nine countries. Harcourts is the exclusive Australasian and South Pacific representative of Leading Real Estate Companies of the World ™, the largest real estate network on earth consisting of 650 companies, 5,000 offices, and 150,000 sales consultants. In addition Harcourts’ joint venture business NAI Harcourts is the Australia/New Zealand member of NAI Global, the premier network of independent commercial real estate firms and one of the largest groups of commercial real estate service providers worldwide. Harcourts also has its own charitable foundation to provide support that helps, grows, and enriches our communities.

ENDS

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