Coldwell Banker Cites Internet As Producing Dramatic Change In Home Buying & Selling Process

Business Wire, August 13, 1997

PARSIPPANY, N.J.--(BUSINESS WIRE)--Aug. 13, 1997--

COLDWELL BANKER(R) Online Generates More Than 17,500 Leads

For its Franchisees in Only Four Months

Coldwell Banker(R) Real Estate Corporation announced today that in only four months, COLDWELL BANKER Online(TM) has generated more than 17,500 customer leads to its network of brokers and sales associates. The real estate company estimates that approximately 10% of these leads (1,700 homes) have resulted in actual transactions. The company has also begun surveying brokers and agents about this relatively new medium in the real estate process, and, based upon current response, forecasts the first truly significant change in the Realtor(R)/customer relationship.

According to COLDWELL BANKER(R), customer web-site-browsing and communication with the Realtor via the Internet allow the relationship to commence at a more advanced level once they are ready to see houses together.

The web site provides the customers with the freedom of contacting a COLDWELL BANKER office only when they are "ready" to see houses after doing some of their own research online. For the home seller, the web site provides additional, widespread exposure of their listing without increasing costs. Ultimately, the process is streamlined and expedited.

"COLDWELL BANKER was the first national real estate brand to create a web site and the only brand, thus far, to have 90 to 100% of its inventory online at any given time," said Alex Perriello, President and CEO. "Our investment in COLDWELL BANKER Online(TM) is paying off because the web site delivers what we knew was the single most important factor to the home buying and selling public - easier access to real estate information. While the Realtor's role will continue to be an integral part of the process, we are confident that the web site will provoke a major evolution in the way the business and the customer relationship function."

COLDWELL BANKER Online(TM), located at www.coldwellbanker.com, includes more than 160,000 listings throughout the United States and Canada. With nearly 100% of COLDWELL BANKER office inventory consistently online, the site attracts more than 2.5 million hits weekly and between 80,000-100,000 user sessions weekly lasting an average of 19 minutes per user session.

Introduced two years ago and re-launched in February of 1997, COLDWELL BANKER Online(TM) was the first national real estate brand web site, and to date, has more linked sites than any other real estate brand. Through user-friendly graphic and icon images, the comprehensive web site provides listings that meet a house hunter's specifications from price range to county, town and street requirements to type of home (single family detached, townhouse, condo, etc.) and number of bedrooms and bathrooms. Additionally, COLDWELL BANKER Online(TM) features a mortgage calculator and can offer the browser special property selections divided into: Previews(R) Program for upper-tier homes, Military Best, Resort Property Network(R) for vacation and second homes, and New Construction and University Housing.

Coldwell Banker Real Estate Corporation, a subsidiary of HFS Incorporated (NYSE:HFS), franchises more than 2,600 independently owned and operated real estate offices with over 56,000 sales associates throughout North America. Globally, Coldwell Banker Real Estate Corporation has announced master franchise agreements in Thailand, Singapore, and Malaysia, the Philippines and expects additional agreements soon. For more than 90 years COLDWELL BANKER has been North America's premier full-service provider of real estate services.

CONTACT: Gabrielle Sertich

Manager, Public Relations

201-359-7199