CORCORAN

Item 7 details the initial investment at $62,150-$365,200, unusually broad due to the conversion focus for existing brokerages rather than full startups, which are rare. Franchise fee sits at $25,000, competitive for business services, while ongoing royalties start at 6% but decline to 4% over time—a franchisee-friendly structure uncommon in real estate. Add 1% Brand Marketing Fund dropping to 0.5%, plus $1,000-$3,000 annual software fees ($83-$250/month), keeping total fees lower than many peers at 5-8% flat rates. No Item 19 means no disclosed revenues or profits, critical in a market where location and luxury sales drive wild variances—top 50% ASP or top-five-market brokerages only need apply.

Franchise locations dipped from 109 in 2024 to 108 in 2025 (-1% contraction), alongside 25 corporate units, signaling caution amid real estate cycles. Projected new units at just 4 suggest measured growth under parent Anywhere Real Estate Inc., franchising since 2019 from Madison, NJ. For owners of qualifying brokerages, declining fees and brand perks could boost margins without massive rebuilds, but the lack of earnings transparency and slight shrinkage raise flags on scalability. Weigh if your operation fits the elite profile before committing.