RE/MAX International Selects First American as Exclusive Title Services Provider
August 18, 2003, CHICAGO
First American Residential Group, Inc., a member of The First American Corporation (NYSE: FAF) family of companies, and RE/MAX International, Inc., a global leader in real estate franchising, today announced the formation of a marketing agreement at the 2003 RE/MAX International Summer Conference for Broker/Owners and Managers in Chicago. Under the arrangement, First American will be marketed as the exclusive supplier of title services to the RE/MAX global network of more than 4,500 real estate offices and 83,000 sales associates.
The agreement will provide RE/MAX affiliates with access to First American title products and services designed to increase efficiency and improve operating margins for RE/MAX broker/owners. By electing to do business with First American, RE/MAX offices will have the opportunity to develop new revenue streams through structured title solutions and joint venture opportunities.
“Adding efficiency to the real estate closing process is a goal of every company in the industry,” said Parker S. Kennedy, president of The First American Corporation. “This agreement provides a great opportunity to demonstrate how closely aligning our title insurance products with RE/MAX settlement processes can create that efficiency along with new revenue opportunities.”
Under the terms of the agreement, First American and RE/MAX will jointly promote the benefits available through First American to the RE/MAX network. Marketing materials, video feeds and a co-branded Web site will be produced for the RE/MAX audience, explaining the new services and revenue opportunities available. Those communications, supplemented by training sessions, tradeshow appearances and direct marketing to RE/MAX network members, will introduce RE/MAX affiliates to the latest First American products and services.
Steve Ozonian, RE/MAX International senior vice president, said: “As we looked toward the future of our brand and its ability to further leverage the significant homeownership franchise that RE/MAX International has built, it became clear that First American has the vision and resources to support the growth of our brokers and agents well into the future.”
“This is a tremendous opportunity for both RE/MAX and First American,” said Stephen C. Roney, president and chief executive officer of First American Residential Group. “The top-performing, enterprising agents who have built and continue to shape RE/MAX deserve the very best in title services and products, and that’s what they’ll receive from First American.”
The RE/MAX franchise network, now celebrating its 30th year of consecutive growth, is a global real estate system operating in 43 countries. More than 4,500 independently owned offices engage 83,000 member sales associates who lead the industry in professional designations, experience and production, while providing real estate services in residential, commercial, referral, relocation and asset management. For more information visit www.remax.com.
About The First American Corporation
The First American Corporation is a Fortune 500 company that traces its history to 1889. As the nation’s leading diversified provider of business information, the company supplies businesses and consumers with information resources in connection with the major economic events of people’s lives, such as getting a job; renting an apartment; buying a car, house, boat or airplane; securing a mortgage; opening or buying a business; and planning for retirement. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within seven primary business segments including: Title Insurance and Services, Specialty Insurance, Trust and Other Services, Mortgage Information, Property Information, Credit Information and Screening Information. With revenues of $4.70 billion in 2002, First American has nearly 25,000 employees in approximately 1,400 offices throughout the United States and abroad. More information about the company and an archive of its press releases can be found at www.firstam.com.