New York-Based Residential Real Estate Franchise Operation Heads into New Markets
- Jul 09, 2012
New York—Rapid Realty NYC, a New York-based residential real estate firm specializing in apartment leasing throughout the Greater New York Metropolitan area, is currently scouting out locations for new franchises in Boston, Philadelphia, Atlanta and Tampa, Fl., as well as other markets across the country.
“We chose cities like Boston and Philadelphia because there’s a transient lifestyle that makes them a natural fit for the Rapid business model,” Anthony Lolli, Rapid Realty NYC’s founder and CEO, tells MHN. “You see a lot of people opting to move every year or two. It’s the same in Chicago and parts of California. Other markets really chose us—we’ve had interest from people across the nation who wanted to tap into the growing rental scene in their area, but couldn’t find a local system to help them do that.”
Since 2009, the company has opened 55 franchises in Manhattan, Brooklyn, Queens, the Bronx, Staten Island, New Jersey and Long Island, with more than 800 agents and brokers. In recent months, the growth of the firm has precipitated dozens of requests from prospective franchisees seeking to open in yet untapped markets.
Lolli designed the business model so that each franchise unit is set up in a boutique-style 250- to 700-square-foot storefront on a commercial corridor with a lot of foot traffic. Typical Rapid Realty NYC interiors feature window-front conference and meeting rooms, and workstations with ultra-modern equipment, desks, lighting and ergonomic seating. The majority of the compact offices additionally include hardwood floors, lacquered brick accent walls and glass interior walls.
“What we’ve accomplished in New York can be easily translated into many urban areas, which is why we are hearing from so many potential franchise owners, most of whom already have brokerage experience,” Lolli says. “Being your own boss is part of the American Dream and we’ve found a niche that enables people to earn good livings by helping others find homes. Landlords trust us, too, because they consistently get good tenants.”