This past January, American-based consultancy firm Franchise Direct, which monitors the growth and success of franchises globally, released their top 100 rankings for 2016. International real estate conglomerate Century 21 was listed at number 20, outpacing by a wide margin other real estate giants like Re/Max, Coldwell Banker Residential, and Engel &Völkers, which ranked respectively at 45, 60 and 89.
Grace Rachny Fong, Learning Director at Century 21 Cambodia, said the American-based franchise first came to the Kingdom in 2014 with the business model of establishing 21 affiliates. While the company’s expansion is still growing, she said “as of now, Century 21 Cambodia has 12 affiliate offices in Cambodia, and they are all doing business well and efficiently.”
She continued that the number of local real estate companies that have signed up for franchise rights is higher than 12, and those who are in the process of taking on the Century 21 logo will kick off operations soon.
“According to our plan, 2016 will be the year that the brand strengthens business efficiency with all of our branches, and in doing so we are planning to conduct many training seminars this year,” she said.
Meanwhile, Century 21 Cambodia has been able to bring international affiliates into the local property business. Most recently, Japan-based Century 21 Fuji Housing, which has successfully operated in Japan for 22 years, will provide technical support to their Cambodian partners.
“Fuji Housing will join as a personal advisor for Century 21 Cambodia, and they will take part in designing training seminars for all of our branches in Cambodia,” she said.
After explaining about the new experiences that her team will acquire from their Japanese counterpart, Fong expressed optimism in 2016’s growth.
“This year, we will gain new experience and operating procedures from our neighboring partner. We can’t overlook those excellent tips. At the same time we will combine [their knowledge] with the special features of Cambodia’s market.”
Kuy Vat, Chairman of Century 21 Cambodia, said that the time for Century 21’s entrance in Cambodia could not be more aptly timed.
“The real estate market has evolved immensely these past few years, so it needs professional and ethical real estatepractitioners,” he said.
With a world-renowned brand name, he explained that Century 21 can only make the Cambodian market more attractive, “which in turn speeds up development while showing that we are a renowned international company that has the confidence of international developers.”
While Ken Lo, CEO at Century 21 Imperial Realty, echoed his partners’ beliefs, he also said that being part of Century 21 makes it easier to conduct business abroad.
“What’s even more important is that we…gain legal advice on the local and international markets. If we need to do business abroad, we only need to enter our company’s name and our products onto the Century 21 webpage. [Once registered], our company can be viewed by the 78 countries that have Century 21,” he said.
“The best advantage of being part of Century 21is that all companies using the franchise rights operate under the same roof; cooperating and helping each other all the time. In addition to that, we do not have a conflict regarding the profits generated. This is the culture of Century 21.”