J.D. POWER & ASSOCIATES RANKS COLDWELL BANKER® HIGHEST IN REPEAT HOME BUYER SATISFACTION

PARSIPPANY, NJ (Monday, January 10, 2005) - Coldwell Banker Real Estate Corporation today announced that it has earned the ranking for "Highest Overall Satisfaction For Repeat Home Buyers Among National Full Service Real Estate Firms," according to the J.D. Power and Associates 2004 Home Buyer/Seller Satisfaction StudySM. Since its founding in 1906, Coldwell Banker® has built its reputation on outstanding customer service, an essential quality that results in repeat business.

The J.D. Power and Associates study found that the Coldwell Banker® brand ranked higher than other national real estate brands in "goodwill" and "broker relations" among repeat home buyers. J.D. Power and Associates conducts quality and customer satisfaction studies across a variety of industries including real estate.

"We are honored to be recognized by J.D. Power and Associates for the highest ranked customer satisfaction with repeat homebuyers,'' said Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate Corporation. ''It speaks volumes that consumers continue to have positive experiences with Coldwell Banker® . We are proud of the professionalism and hard work of the system's sales associates who play an integral role in this top ranking."

According to Gillespie, strong customer service is the key to securing repeat business. "Real estate is a service industry. Great success can only come through great service. The consumer has shown they enjoy working with Coldwell Banker® offices and sales associates, and that is why they come back to Coldwell Banker time and time again."

In a different study of homeowners recently conducted by Harris Interactive and commissioned by Coldwell Banker, respondents said they were 16 percent more likely to use Coldwell Banker® and the same agent again, compared to other agents/brokerages.

Conducted during April and May 2004, the J.D. Power and Associates 2004 Home Buyer/Seller Satisfaction StudySM evaluated the top five national real estate brands and identified key factors of customer satisfaction in the home buying or selling process. Results are based on responses from 4,977 home buyers and sellers.

Since 1906, the Coldwell Banker® organization has been a premier provider of full-service real estate. In 2004, Franchise Times magazine's prestigious Top 200 issue ranked Coldwell Banker number one in real estate and number eight among all franchisors. The Coldwell Banker System has more than 3,800 residential and commercial real estate offices and 123,900 Sales Associates in 28 countries and territories. The Coldwell Banker System is a leader in the industry in residential real estate, and in niche markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® division. It is a pioneer in consumer services with its Coldwell Banker Concierge® Service Program and award-winning Web site, www.coldwellbanker.com. Coldwell Banker Mortgage is one of the largest telephone/web based lenders in the country and the Coldwell Banker Commercial® network is an industry leader in providing commercial real estate solutions that serve the needs of tenants, landlords, sellers and buyers in the leasing, acquisition, disposition and management of all property types. Coldwell Banker Real Estate Corporation is a subsidiary of Cendant Corporation (NYSE: CD). © 2005 Coldwell Banker Real Estate Corporation Coldwell Banker® licensed to Coldwell Banker Real Estate Corporation. Each office is independently owned and operated except for offices owned and operated by NRT Incorporated.

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