[February 14, 2006] Century 21 seeking master franchiser: Firm aims to promote higher standards (Bangkok Post (Thailand) (KRT) Via Thomson Dialog NewsEdge) Feb. 14--The global real estate giant Century 21 plans to open its first office in Thailand late this year to provide quality brokerage services. The Thai market is ready for the entry of international real estate firms that specialise in selling residential units, according to Donald Lawby, the president and chief operating officer for Century 21 Canada and Century 21 Asia Pacific. "We see increasing home ownership in Thailand and stability in the country," said Mr Lawby, adding that the current political atmosphere would not affect Thailand's long-term stability. He was in Bangkok recently to interview 25 individuals and companies seeking to acquire a master franchise. Century 21 has been looking for a master franchiser with the financial capacity to build up a quality businesses in Thailand, and the ability to keep up with new technology to provide customer convenience. "The master franchiser should have experience and deep knowledge in the industry. We will train the master franchiser on how to select franchisers, locations and in other know-how," Mr Lawby said. The company will work with the licence holder to draw up a business plan for the Thai market. Although Century 21 will bring its worldwide way of working to Thailand, it has no specific design for the office because it wants to fit in with Thai culture. Established in southern California in 1972, Century 21 Real Estate now has 7,400 offices operating in 39 countries and territories. It has a total of 144,000 brokers and agents around the globe. Century 21 Real Estate is a subsidiary of Cendant Corporation, a listed travel and real estate services provider on the New York Stock Exchange, which had total revenue of US$19.8 billion in 2004. Cendant also owns the ERA real estate brokerage, which has been operating a business in Thailand since 1992. In Asia-Pacific, Century 21 currently has operations in Indonesia, Singapore, the Philippines, Japan, Korea, Hong Kong, Taiwan, China, Australia and New Zealand. "Thailand also has a plan to regulate the brokerage business. The time is right for Century 21 to be part of the process of change and help the revolution," Mr Lawby said. According to Mr Lawby, the most important element in upgrading brokerage service standards is education, especially in legal issues, so licensed brokers could provide the right recommendations to their customers. "It's not like you wake up one day and want to sell a house and you will immediately become a real estate agent. You should have been able to pass the minimum standard of education," he said. Century 21 is the latest international residential real estate company entering the Thai market. Late last year, Germany's Engel & Volkers opened its first real estate office in Phuket with a goal to expand to 30 outlets in five years. Visit Kunatharakul, managing director of Realty World Alliance, the local brokerage market leader, said Thai brokerages were able to compete with international franchises both in terms of service and technology. He said there was still room for brokerages to develop in the Thai market. He estimated that brokers currently handle only 25 percent of the 220 billion baht worth of second-hand home sales each year. "There are gaps for brokers to develop in unexplored markets. We should educate the public to realise the benefits of using brokerage services," said Mr Visit. Homeowners who use brokers benefit from the convenience of not having to personally show their properties to prospective buyers since the broker handles this chore, he said. As well, they can obtain recommendations concerning legal issues and in many cases houses could be sold more quickly, he added. Mr Visit said that brokerage firms had improved because nowadays they acted as transaction facilitators, and provided advice to both buyers and sellers. [ Back To the Online Project Management Community's Homepage ]