McGill University - School of Continuing Studies

Company report:
CENTURY 21
REMAX

TO BE PRESENTED TO:
Mr. John Gradek

As part of the course

Strategic Planning & Implementation
CPAG-410-751

Student:
Mora Cerquetti, Rodrigo 260722031

Fall 2019
Table of Contents
1. Summary.................................................................................................................................. 1
2. Introduction ............................................................................................................................. 2
3. Century 21 ............................................................................................................................... 3
3.1. Company overview .......................................................................................................... 3
4. RE/MAX Inc. ............................................................................................................................. 4
4.1. Company overview .......................................................................................................... 4
5. The SWOT analysis (Strengths - Weaknesses -Opportunities and Threats) Century 21 Inc.... 6
5.1. Strengths ......................................................................................................................... 6
5.2. Weakness......................................................................................................................... 6
5.3. Opportunity ..................................................................................................................... 7
5.4. Threats ............................................................................................................................. 7
6. The SWOT analysis (Strengths - Weaknesses -Opportunities and Threats) RE/MAX.............. 8
6.1. Strength ........................................................................................................................... 8
6.2. Weakness......................................................................................................................... 8
6.3. Opportunity ..................................................................................................................... 9
6.4. Threat .............................................................................................................................. 9
7. Porter’s 5 Forces Analysis ...................................................................................................... 10
7.1. Threat of Substitutes (Moderate to high) ..................................................................... 10
7.2. Threat of New Entrants (Low) ....................................................................................... 10
7.3. Bargaining Power of Supplier (Moderate)..................................................................... 11
7.4. Bargain Power of Buyer (High) ...................................................................................... 11
7.5. Competitive Rivalry (High) ............................................................................................. 12
8. Findings and recommendations ............................................................................................ 12
9. ANNEXE 1 – SWOT MATRIX CENTURY 21 .............................................................................. 14
10. ANNEXE 2 - SWOT MATRIX REMAX ....................................................................................... 15
11. ANNEXE 3 – FINANCIAL STATEMENT & RATIO ANALYSIS ...................................................... 16
12. BIBLIOGRAPHIC REFERENCES ................................................................................................ 18
 1. Summary

This paper is designed to analyze the main differences between two important companies
working in the real estate industry: Remax Inc and Century 21 Inc.

Analysis of the strategies and business trends were applied to understand the achievements
and objectives searched by each company. With this review, key factors made an appearance to
allow us to understand the main differences defining the position for these two companies. Also,
data and ratio analysis were included to give us a deeper comprehension of both of them.

After the analysis, we were able to put Remax Inc in a better position than Century 21 Inc
based on its further name recognition and more sustainable ratios. Furthermore, Remax Inc
becomes the company in whose strategies and deployment, we will base our recommendations
aiming the enhancement of Century 21 strategies development.

The recommendations for Century 21 will include:

• Looking for alternatives to improve returns and efficiency of this company

• Mission definition and embracing of the objectives aimed by this company
• Assets allocation and distribution of resources available for the company

The findings and conclusions included in this report are based on industry analysis and
forecasts for the Canadian Real Estate market, based on their importance for this paper.

1
 2. Introduction

The real estate sector in Canada has managed to stabilize during the year that is ending.
In particular, the report of the Canada Mortgage and Housing Corporation (CMHC)1 showed that
the last quarter the degree of vulnerability, although moderate, the imbalances would continue
to diminish in the next two years. Indeed, this improvement in the market is mainly due to the
economic growth of 1.3%, the stability of the key rate 1.75%, as well as a 1.9% increase in the
young adult population which could have increased the pool of buyers of the first home.

In this paper, we will analyze how external and internal factors in two companies should
be directly involved in their decisions, that is, they should be the main tools in decision-making.
Today, managing information systems effectively is creating a sustainable business that increases
profits by generating savings, driving growth, and reducing risk. To this end, the SWOT Matrix
(Strengths, Weaknesses, Opportunities, and Threats) is applicable to our needs because we will
be able to frame the strengths and weaknesses of the selected companies: RE / MAX Inc. and
CENTURY 21 Inc. which are elements under their control, as well as work harder on opportunities
and threats. Certainly, these companies already have strong competitive advantages. To maximize
their potential, we must continue with the continuous development of strategies. Regarding the
opportunities, let's check how they handle different issues. Threats to these companies are
beyond their control that can prevent or limit their sustainable development, as a result, they
must be constantly monitored and used with their distinctive skills in investment research and
stakeholder satisfaction.

1
https://www.ledevoir.com/economie/566618/le-marche-immobilier-canadien-se-stabilise

2
 3. Century 21
3.1. Company overview

Founded in 1971 in California, Century 21 is an American international real estate

brokerage agent franchise.2 Since its conception, by Arthur Bartlett and Marsh Fisher, the main
idea was to induce a futuristic concept onto the real estate industry. That is until today at the
heart of its activities. The company history shows us several acquisitions. For example, the first
one took place in 1979, when Trans World Corporation had taken possession of its operations.
Seven years later, in 1985, it was acquired by MetLife. Afterward, in 1995, Century 21 was
acquired by Hospitality Franchise Systems, which was later known as Cendant. Finally, this
company becomes part of Realogy.

Century 21 has stated as Mission: “To defy mediocrity and deliver extraordinary
experiences – and comes to life in our identity as a brand and the services we develop for our
system members”3. In order to achieve this objective, they provide training, management and
support for its 9700 independently franchises, with 129 000 members in 82 territories worldwide4.
In fact, the principal strength of this company is the adaptability of its agents and to deliver advice
to the customers. The local know-how and expertise are an integral piece of the teams of this
company, reinforced on many agents distributed on different sectors and territories. Michael
Miedler, president and chief executive officer has mentioned that “the culture of the company is
to help build better communities in which the agents and affiliated agents live and work”5.

Other significant characteristics of this company fall into two subcategories. Social media
interaction with customers and training made to agents about the use of these resources. First,
according to Digiday Website6, this company already owns the largest online presence in the real
estate world and could increase its benefit on transforming this media presence or online
followers onto contacts to real estate agents. The second factor, in the same category, is given

2
https://www.bloomberg.com/profile/company/0120256D:US
3
https://www.century21.com/about-us/about/company-profile
4
https://www.bloomberg.com/press-releases/2019-05-09/century-21-real-estate-renews-20-franchisees-in-q1
5
https://www.century21.com/about-us/about/philanthropy
6
https://digiday.com/marketing/century-21-social-media/

3
by the training of more than 100,000 professionals. During that training, they learn the
fundamental social tools and their application as an analytical implement. The main objective of
these courses is to improve the understanding of agents about customers and their needs.

According to the information showed on the Canadian franchise website7, Century 21

started in British Columbia, in 1976 by the Charlwood Pacific Group. “Each office is independently
owned and operated. ®(™) Registered trademarks of Century 21 Real Estate LLC used under
license.” (www.century21.ca, 2019). The two slogans used by the company are “A family-run
business of family-run businesses”8 and “To make you feel at home”9. With these two styles
Century 21 looks to transmit their capacity to create an extraordinary experience for their
customers. They also have a mission including their compromise with other stakeholders. To
summarize, the key to success of this company is helping all members with consistent training
and advanced marketing technology.

4. RE/MAX Inc.
4.1. Company overview

Dave Liniger used his savings, from his three part-time jobs, to buy and fixed his first house
and sold it for a $ 4,000 profit. He quickly will realize the urgency to react to this new challenge,
so in 1973, he co-founded Real Estate Maximums officially called “RE/MAX” in Denver, Colorado.
This American international company is a group of professional agents in the real state business.
Mr. Liniger with his wife Ms. Gail Liniger were the bearers of two shared Vision: “ RE/MAX will
always be the right place for real estate entrepreneurs who want a combination of independence,
support and unique competitive advantages - and the right choice for customers who understand
the benefits of having someone like that working on their behalf.” 10 The answer to this goal was
to develop a franchise system by professional agents with high levels of experience on the field
and an unceasing market. “The concept was to help agents maximize their earnings while
receiving a variety of benefits and services”.11 In fact, the agents were offered to maintain a
considerable percentage of the commissions, sharing the expenses of office costs based on the
consensus and the participation of those same agents to make important decisions about the

7
https://www.century21.com/about-us/about/company-profile
8
https://www.century21.ca/the-c21-difference
9
ibid
10 https://www.comparably.com/companies/re-max/mission
11
https://www.comparably.com/companies/re-max/mission

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vision they had for the company. Furthermore, expansion as a key factor in this business. For
example, first outside of its hometown in Denver, and then to reach Canada four years after its
foundation. Until consolidating themselves in Europe and South America. After that, it was
Australia's turn to be added to the list of territories to receive Remax's logo.

RE/MAX Mission is “To be the worldwide real estate leader, achieving our goals by helping
others achieve theirs”12 and it is oriented towards a culture of innovation and a commitment to
society. To fulfill this Mission, RE/MAX has over 120,000 agents which becomes a milestone to
support its ongoing growth. As mentioned in the beginning, their expertise was a strength aiming
to achieve the same target of expansion and growth. The expertise brought in by the first agents
gave birth to diversified training courses trying to expand this characteristic among an also
expanded base of agents. To increase support of this movement, 2007 was also the year of
RE/MAX University launching that includes an educational platform and a training library.

According to the Bloomberg article13, in their initial public offering (IPO), in 2013, RE/MAX,
LLC's parent company, RE/MAX Holdings Inc had gained after $220 Million priced above target. In
the second, in 2015, approximately $185 million. By the end of 2015, the total number of diluted
shares, both private and public, was around 30.2 million shares. RE/MAX Holdings owns 58.3%
and RIHI 41.7% of RE/MAX LLC. Launching the company in more than 100 countries and territories
as a public company and giving them, the necessary fuel to keep adjusting its business model to
current needs. Moreover, the financial crisis of 2007 meant a big blow for the real estate industry
in the United States. Remax's businessmen saw this period as an opportunity to show their
creativity during tough times. Those agents' experience became a competitive advantage to assist
numerous families facing foreclosing during that year.

RE/MAX remains the number one company for several diverse markets, facing the new
requirements of and industry that, although it keeps fulfilling a basic human need, its approach
has been updated to new wants on data and detailed information. Further than that, the franchise
model adds a new challenge to uphold key factors across different cultures and managers.

12 https://www.comparably.com/companies/re-max/mission
13
https://en.wikipedia.org/wiki/RE/MAX#cite_note-32

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 5. The SWOT analysis (Strengths - Weaknesses -Opportunities and
Threats) Century 21 Inc.
5.1. Strengths

The cash flow related to income revenue and the net incomes achieved by Century 21 Inc.
represent one of the most important strengths of this company. This factor allows the company
to put itself among the leaders in the industry, which can also be translated into the development
of relevant strategies to continue improving its position. This previous factor signifies a
considerable total and current asset turnover which is translated into a higher brut net income.
This force may also represent the possibility to invest in new strategies to try to improve the
results obtained by the company.

From a different point of view than the financial scheme, the online presence of this
company can also be seen as a force that will allow the company to keep up with the new trends
required by a new group of users. At the same time, the exposure and the knowledge that can be
achieved through these channels can be used as a competitive advantage over other companies
based on more traditional methods.

Likewise, and always based on historical records, this company is now part of an
important conglomerate, where the synergy between products and services can also be
considered a point in favor of the development of this company. This, combined with the
diversification of the source of income, can support diversified scenarios that may arise
throughout the life and development of this company.

5.2. Weakness

Obtaining non-performant ratios, when current ratios and cash ratios are analyzed, forces
us to point out these factors as a weakness. This situation leads the company to face the risk of
not fulfilling its short-term obligations, which complicates the possibility of keeping the
transactions made by this company stable. In the same sense, the negative results showed
regarding the return on assets and capital also put the company in a negative position against its
competitors in the dispute over investors, as well as longer-term planning. To the previous point,
the net and operational margins obtained over the years analyzed in this document are also
added. This factor represents a comparative disadvantage in terms of the efficiency obtained in
the operations.

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 Again, from a different point of view than the financial one, the various acquisitions
suffered by this company represented a very often change in the mission and objectives pursued
by this company. The intention to continue revolutionizing the way of doing business, although it
has not been entirely neglected, has become an additional point among other elements that also
share the focus of this company.

5.3. Opportunity

The domain of condominium construction can represent an advantage that can be

exploited by this company, considering the price range of this type of buildings, also based on the
low-interest rates offered by the financial sector, this may represent an element to be used to
exploit the channels that have been identified as a force of this company. Although the increase
in demand for houses represents an added value for the entire industry, the possibility of this
company to make better use of its access to knowledge about the trends operating in the market
can represent a tangible competitive advantage considering its dominance over social networks
and online transactions.

Although in the launch of this company, and even in its name it is based on the use of new
resources available to companies, this has been a point that has been worn out by the successive
change of conglomerates, as well as the constant evolution of this type of technologies. However,
the repositioning and conviction of this mission could again represent a new starting point on
which to base new strategies and launches to be considered to support the growth and
improvement of this company.

5.4. Threats

While costs and experience still allow the dominance of traditional companies in this
industry, new competitors are a factor representing a latent threat for this industry, it represents
a greater impact on this company based on the values originally pursued. Therefore, this should
be maintained as a constant point of attention trying to anticipate the progress of similar
organizations.

Another factor that needs ongoing observation is the high rivalry between the
participants in this industry. The importance of this factor is related to the deteriorated return on
assets and capital, as well as the reduced operating and net margins. The deterioration in market

7
share could result in further deterioration of margins by seriously bringing them closer to the area
of losses.

Although the aging of the population is a condition affecting the entire industry, again the
advantage of the online sector may represent a certain primacy to attack the new sector that
would now become the target to be pursued by all the companies in the industry.

6. The SWOT analysis (Strengths - Weaknesses -Opportunities and

Threats) RE/MAX

6.1. Strength

Firstly, among the several strengths, we can find on RE/MAX, the main ones are related
to its financial performance. Liquidity and cash ratios allow the company to meet short terms
liabilities to support its operations. At the same time, even though the company is not a leader in
revenues, the company’s net and operating margins allow the company to maintain a steady
growth, which is an integral element of this company’s mission.

Secondly, an increasing number of experienced agents represent a relevant strength to

allow this company to reach and keep new territories with different cultures and tendencies. This
strength allows the company to support the growth and development of their organization. As a
result, this second point will be translated into an extensive, as well as a diverse number of
locations and territories, which represents many clients trying to fulfill their housing needs.
Although this can be seen as an intense labour work, this can also be identified as a vital challenge
for the company.

As an outcome, these two previous strengths result in a strong brand and name
recognition despite the diversity of locations that make part of this franchise. Thus, this could be
interpreted as an opportunity from a marketing perspective to assure the type of value rendered
to customers making business whit this company.

6.2. Weakness

Whereas most financial indicators make part of the strengths met by the company, flow
revenues, cannot necessarily be considered as a strength known by the brand. While this number

8
has known a relevant evolution, the gap, from other important companies leading the industry,
transforms this value into a key factor.

Consequently, to the company’s first weakness, total asset rotation is another weak
element among the financial ratios presented by this company. This situation is lead by the
relation between current assets and incomes achieved by the company. Despite this financial
underperformed ratio, this is not affecting the return over the total asset, where the company is
achieving a relevant high performance.

Although this factor is almost a characteristic of the industry, a growing expense account
cannot let unobserved when the performance of this company is being reviewed. Also, and even
though the returns of this company still can be included as financial strength, the importance of
the financial effort required by the negotiation and other transactions of this company must be
included as a weakness.

6.3. Opportunity

The expertise of the agents on the sale of condos, which currently represent the dominant
product from construction companies can embody an advantage for this company. Also, the low-
interest rates, as well as sustainable macroeconomic factors, create the support to increase the
number of customers having access to fulfill this need.

Simultaneously, the increased demand for households can also be taken as an

opportunity representing the evolution of this industry.

Furthermore, new technologies still have a deep effect on the way companies are
approaching clients, although this element is not currently among the key factors in the
development of this company.

6.4. Threat

The lighter structure from new competitors entering the industry allows them to find new
and more performing technologies than the leaders of the market. Even though, so far new
businesses didn’t get to take sustainable advantage from this perspective yet, it still represents a
relentless threat to this industry.

At the same time, the intense competition among the industry's more influential
companies leads to a relentless rivalry in the industry. This position forces continual disputes from

9
different stakeholders trying to make a profit on the industry and representing high entry barriers
for starters companies.

Lastly, an aging population with opposite tendencies face to younger generations with
different tendencies to fulfill housing needs. Accompanied by a declining inventory of homes for
sale across the territory, this also symbolizes a current threat for the industry.

7. Porter’s 5 Forces Analysis

7.1. Threat of Substitutes (Moderate to high)

Rental proprieties are the only product that can be considered as a substitute for the real
estate industry. According to PWC trend analysis14, this demographic and economic trend
continues to move the dial in favor of purpose-built rental housing in Canada, where the national
vacancy rate was 2.4% in 2018.

Furthermore, we need to include millennials tendencies which should become the next
house-owners according to previous demographic studies. They are however taking different
actions in this regard, considering long term rental as a suitable option to their needs.

The counterfactors to the previous items remain low-interest rates and high employment
rates, which should increase confidence of potential home seekers to increase the rotation of this
industry

7.2. Threat of New Entrants (Low)

In theory, it is not difficult to enter the sector with an innovative product, but maintaining
the business becomes an expensive matter due to its reliance on advertising and other fixed costs.
Necessary costs to keep the company running such as permanent employees, services, office, and
maintenance can represent high costs and expenses. This situation ends up on negative rates of
return considering the large capital investment required and the low income obtained during the
development.

14
https://www.pwc.com/ca/en/industries/real-estate/emerging-trends-in-real-estate-2020/property-type-outlook.html#purpose

10
 A massive amount of capital and low returns during the first periods of the business,
contribute to maintaining well-established companies as leaders of the industry developing entry
barriers for starters.

7.3. Bargaining Power of Supplier (Moderate)

Two aspects establishing contraposition on the industry are given by a lower single-family
residential construction, which according to PWC trend analysis15, went from 55000 units in 2017
to 46747 in 2018 facing an industry dominated by Condos, which now accounts for 54% of the
inventory under construction. According to RBC Economics Research16, that led to a small
improvement in the affordability of a single-family detached home in the first quarter of 2019.
This is due to a moderate demand for new homes, whose prices have remained stable.

7.4. Bargain Power of Buyer (High)

The strength that buyers have in the sector represents one of the most relevant forces in
the development of this business. Low cost to exchange service provider and the hard time for
companies to include distinctiveness on the service provided contribute to a high bargain power
for the client. Due to the sensitivity of buyers to prices, this matter also set off another imperative
aspect that increases strength for the buyers. Furthermore, low-interest rates and stable price
growing also represents a wider flux of customers increasing again the power on this side of the
balance.

Prices, according to Royal Lepage Report for Q3 201917, showed that the median price of
a home in Canada increased by 1.4% year-over-year to $630,335 in the third quarter of 2019.
When broken out by housing type, the median price of a two-story home rose 1.3% year-over-
year to $738,346, while the median price of a bungalow remained flat at $521,250. Nationally,
condominiums remained the fastest appreciating housing type, with the median price rising 3.4
per cent year-over-year to $457,911.

15
https://www.pwc.com/ca/en/industries/real-estate/emerging-trends-in-real-estate-2020/property-type-outlook.html#purpose
16
https://www.pwc.com/ca/en/industries/real-estate/emerging-trends-in-real-estate-2020/property-type-outlook.html#purpose
17
https://www.royallepage.ca/en/realestate/info-and-advice/market-reports-and-surveys/

11
 7.5. Competitive Rivalry (High)

Although only two of the four forces analyzed so far can be identified as high, the rivalry
between the competitors themselves cannot be considered lower than high. The power of the
buyers and the sensitivity about the price are triggers, which provided by a steady number of
companies lead to high competition between them.

8. Findings and recommendations

According to every one of the elements previously assessed, the strategies and
recommendations to improve the position and the results of Century 21, three main
fundamentals should be included. These elements, although can be approached individually, need
to be understood as one unique strategic force to be owned by the whole company. With the
deployment of this strategy, the company will be looking primarily for the reduction of costs,
which will later represent an enhanced and more efficiently managed company.

An improved and well-embraced mission needs to give rebirth to the values that were
originally stated in the foundation of the company. The futuristic concept brought in by the
founder of the company must be revisited by this new mission. The use of online resources needs
to be reconsidered for advertising and even transaction purposes. Moreover, the use of online
capabilities should represent the main source of contact of new buyers, going through the point
of letting these means to become the main point of contact and exploration of proprieties.

The advantage provided by using online resources, instead of another type of assets
should be faced as the principal tool to look for transaction cost reduction that will eventually
represent a lower expense account for the whole company. Higher commissions, instead of vain
structural costs, should be used as a pulling tool to be surrounded by a more qualifiable sales
force, which has been the remarkable source of distinction from the company currently leading
the market according to our analysis.

A more precise analysis of the composition of the assets account needs to be performed
to fully comprehend the gain obtained from each one of them. A deeper understanding of the

12
reachable synergies among the companies making part of this conglomerate is necessary to fully
elucidate the gains that could be attained from a better asset distribution.

While each one of these recommendations could be put in practice individually, there is
a close approach between the three of them. The cost reduction based on the better utilization
of data resources maintains a direct link with the implementation of a mission representing the
principal values searched by the company. This action also keeps a straight connexion with the
necessary analysis of the asset investment presently done by this company. Likewise, the full
implementation of these strategies will bring attached other benefits beyond the ones included
in this paper.

The design and later implementation of a strategic plan are now the paths to be taken for
being able to assure the proper reach and deployment of each part of the recommendations
stated in this paper. The arrangement of an inside team accompanied by a team of experts on
strategic planning becomes the first step of this project. The idea of a bipartite team gives the
project suitable support and knowledge from current employees, properly supported by experts
on this type of subject. Also, the right implication and motivation offered by an internal team
remain a key factor to attain acceptance and ownership, without letting behind the expertise of
a team of experts.

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9. ANNEXE 1 – SWOT MATRIX CENTURY 21

14
10.ANNEXE 2 - SWOT MATRIX REMAX

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11. ANNEXE 3 – FINANCIAL STATEMENT & RATIO ANALYSIS

2018 2017 2016 2015

RLGY (Century 21) Current 0.50 0.83 0.78 0.60
Remax Hld Ratio 1.87 1.60 1.74 2.30

RLGY (Century 21) Cash 0.15 0.24 0.26 0.26

Remax Hld Ratio 1.28 1.02 1.24 1.93

RLGY (Century 21) Asset 0.83 0.83 0.78 0.76

Remax Hld Turnover 0.50 0.47 0.40 0.46

RLGY (Century 21) Current 7.92 7.75 7.10 5.94

Remax Hld Asset Turn 2.43 2.42 2.17 1.35

RLGY (Century 21) Debt to 1.64 1.35 1.51 1.63

Remax Hld Equity 0.47 0.50 0.50 0.45

RLGY (Century 21) Current 0.66 0.36 0.43 0.66

Remax Hld Debt to Eq 0.10 0.11 0.10 0.13

RLGY (Century 21) Net 2% 4% 4% 3%

Remax Hld Margin 24% 16% 27% 29%

RLGY (Century 21) Operating 7% 8% 9% 5%

Remax Hld Margin 37% 51% 40% 42%

RLGY (Century 21) 2% 4% 3% 2%

ROA
Remax Hld 12% 8% 11% 13%

RLGY (Century 21) 6% 10% 8% 7%

ROE
Remax Hld 10% 7% 10% 11%

16
 Current Ratio Current Debt to Equity
2.50 0.80
2.00 0.60
1.50
0.40
1.00
0.50 0.20

- -
2018 2017 2016 2015 2018 2017 2016 2015

RLGY (Century 21) Remax Hld RLGY (Century 21) Remax Hld

Cash Ratio Net Margin

2.50 40%
2.00 30%
1.50
20%
1.00
0.50 10%

- 0%
2018 2017 2016 2015 2018 2017 2016 2015

RLGY (Century 21) Remax Hld RLGY (Century 21) Remax Hld

Asset Turnover Operating Margin

1.00 60%
0.80 50%
40%
0.60
30%
0.40
20%
0.20 10%
- 0%
2018 2017 2016 2015 2018 2017 2016 2015

RLGY (Century 21) Remax Hld RLGY (Century 21) Remax Hld

Current Asset Turnover ROA

10.00 15%
8.00
10%
6.00
4.00
5%
2.00
- 0%
2018 2017 2016 2015 2018 2017 2016 2015

RLGY (Century 21) Remax Hld RLGY (Century 21) Remax Hld

Debt to Equity ROE

2.00 12%
10%
1.50
8%
1.00 6%
4%
0.50
2%
- 0%
2018 2017 2016 2015 2018 2017 2016 2015

RLGY (Century 21) Remax Hld RLGY (Century 21) Remax Hld

17
12.BIBLIOGRAPHIC REFERENCES

1. Bloomberg the Company & Its Products – “Century 21 Real Estate LLC.” (n.d.) Retrieved from
https://www.bloomberg.com/profile/company/0120256D:US

2. Century 21 Corporate – “Company Profile, Information, Business Description, History, About us”.
(n.d.) Retrieved from https://www.century21.com/about-us/about/company-profile

3. Bloomberg the Company & Its Products (2019, May 9) – “Business - Century 21 Real Estate
Renews 20 Franchisees in Q1.” Retrieved fromhttps://www.bloomberg.com/press-releases/2019-
05-09/century-21-real-estate-renews-20-franchisees-in-q1

4. “The C21 Difference, Century 21 Canada Limited” (n.d.) Retrieved from

https://www.century21.ca/the-c21-difference

5. Comparably - “RE/MAX Mission, Vision & Values” (n.d.) Retrieved from

https://www.comparably.com/companies/re-max/mission

6. Wikipedia, the free encyclopedia – “RE/MAX”. (n.d.) Retrieved from

https://en.wikipedia.org/wiki/RE/MAX

7. “Colorado Business Hall of Fame, DAVE AND GAIL LINIGER”. (n.d.) Retrieved from
http://www.coloradobusinesshalloffame.org/dave-and-gail-liniger.html

8. Investing.com, “Realogy Holdings Corp (RLGY)”. (n.d.) Retrieved from

https://www.investing.com/equities/realogy-holdings-balance-sheet

9. MarketWatch, “Remax Holdings Inc. CI A “. (n.d.) Retrieved from

https://www.marketwatch.com/investing/stock/rmax/financials

10. Investing.com, “Re Max Holding (RMAX)”. (n.d.) Retrieved from

https://www.investing.com/equities/re-max-holding-balance-sheet

11. Royal LePage Commercial, “Canadian Real Estate Market Composite”. (n.d.) Retrieved from
https://www.royallepage.ca/en/realestate/info-and-advice/market-reports-and-surveys/

12. Verenka, Louis Philippe and Little Don. Changes and Challenge for Residential Real Estate Lessors.
Retrieved from https://www-deslibris-ca.proxy3.library.mcgill.ca/ID/207041

13. Norwood, Graham. Twenty-First Century Estate Agency, Estates Gazette, Limited, 2005. ProQuest
Ebook Central, retrieved from
https://ebookcentral.proquest.com/lib/mcgill/detail.action?docID=1474496.

14. PwC Canada, “Industries, Real estate, Emerging Trends in Real Estate ® 2020”. (n.d.) Retrieved
from https://www.pwc.com/ca/en/industries/real-estate/emerging-trends-in-real-estate-
2020/property-type-outlook.html#purpose

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15. Rae, H ( 2014, April 4) Digiday, “Century 21’s social strategy: There’s no place like home”.
Retrieved from https://digiday.com/marketing/century-21-social-media/

16. Newsroom, Re/Max History. (n.d.) Retrieved from

https://www.remax.com/newsroom/company-info/remax-history/

17. Wikipedia, the free encyclopedia – “RE/MAX, LLC” (n.d.). Retrieved from
https://en.wikipedia.org/wiki/RE/MAX#cite_note-32

18. Le Devoir “Le marché immobilier canadien se stabilise“. 8th November 2019. Retrieved from
https://www.ledevoir.com/economie/566618/le-marche-immobilier-canadien-se-stabilise

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