After announcing on Monday that Corcoran Group was terminating all Corcoran Global Living franchise agreements, which sent affiliated agents and teams throughout California, Nevada and Ohio adrift, the firm has announced the launch of its newest affiliate, Northern California-based Corcoran Icon Properties.
The new affiliate is comprised of 24 offices and over 900 sales associates and staff. In addition to many of the agents impacted by the closure of Corcoran Global Living, Corcoran Icon Properties has staff coming from brands including Zephyr Real Estate, Terra Firma Global Partners, MikkiMoves Real Estate, Barry Ward Realty, Caldecott Properties, Discovery Bay Properties, Thrive Real Estate, and Highland Partners.
The firm will cover six markets including the greater San Francisco Bay Area, Humboldt County, and Calaveras County in California’s Gold Country.
“I’m thrilled to see Corcoran Icon Properties ushering in a new era for Corcoran in Northern California,” Pamela Liebman, The Corcoran Group’s president and CEO, said in a statement. “With the power of our brand behind them, I’m confident that this team will achieve even greater success in 2023 and beyond.”
According to Corcoran, Randall Kostck, who has over 35 years of experience in the real estate industry, will serve as the firm’s CEO, and Steve Belluomini will serve as president. Belluomini is the former president of Thrive Real Estate.
“Forming a new Corcoran franchise with our united NorCal group allowed us to oversee our operations at a local level and position the team for a successful future,” Belluomini said in a statement. “This is an exciting moment for us, and I’d like to thank a very hard-working group of agents and staff for staying the course and joining us on this new road together.”
The rest of the leadership team will be comprised of chief operating officer Matt Borland and chief marketing officer Melody Foster.
In November, three separate lawsuits filed by former Corcoran Global Living agents alleged fraudulent behavior and breach of contract by CEO Michael Mahon. Several agents told Inman News in November that they didn’t receive commission checks for closed deals.
Corcoran Global Living was Corcoran’s largest franchise before the franchise agreements were terminated this week.