Century 21® Franchise Cost, Revenue & Review 2026
- Investment
- $36K – $286K
- Disclosed sales
- not disclosed
- SBA charge-off
- 11.8%
- on 207 loans
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Century 21 is a residential and commercial real-estate brokerage franchise. Franchisees run independent brokerages recruiting and supporting agents, earning from commission splits while paying the franchisor a share of gross revenue.
FranchiseVerdict summary · 2026
A CENTURY 21® franchise requires a total initial investment of $36K – $286K, including a $25K franchise fee and an ongoing 6.0% royalty[2]. This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. SBA 7(a) loans show a 11.8% charge-off rate across 207 loans[1]. FranchiseVerdict grade: B (Above average), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: 2026 filing · Data extracted: · Last cited check: · Staleness risk: low - the current year's filing
Evidence: strong✓ Investment (Item 7)✓ Item 19 status✓ Units and owners (Item 20)✓ SBA loan coverage✓ Litigation (Item 3)✓ Financial statements (Item 21)✓ Franchisor identityhow this is scored5 of 5 headline figures on this page cite a page of the filing.
Overview
- Investment
- $36K – $286K
- 19th pct Real Estate
- Avg gross sales
- N/A
- Royalty
- 6.0%
- 24th pct Real Estate
- Units
- 1,685
- 86th pct Real Estate
- SBA charge-off
- 11.8%
- % of SBA 7(a) loans not repaid · median varies by category
Quick verdict · Real Estate · color = vs category peers
Green = favorable by >10% vs Real Estate median · No shading = within ±10% · Red = unfavorable by >10% · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Bottom line
- COSTTotal investment $36K – $286K including a $25K franchise fee, 6.0% ongoing royalty.
- RETURNSThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
- RISKVerdict B (Above average), verdict score 55/100 (higher is better). SBA loan charge-off rate of 11.8% across 207 loans (above the 16% franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- GROWTHNegative: net -49 franchised outlets in the latest year (68 opened, 117 closed); 11 signed but not yet open (Item 20).
- LEGAL18 litigation matters disclosed in Item 3, higher than typical. Review the summary for patterns (franchisor-initiated vs. franchisee-initiated).
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Century 21 Real Estate LLC
- Parent company
- Anywhere Real Estate Services Group LLC
- FDD Item 1, page 9 of the 2026 FDD
- Ultimate parent
- Compass, Inc.
- FDD Item 1, page 9 of the 2026 FDD
- CEO title
- President and Chief Executive Officer
- Michael Miedler
- Incorporated in
- DE
- HQ
- 175 Park Avenue, Madison, New Jersey 07940
- Auditor
- PricewaterhouseCoopers LLP
- Audited financials
- Franchisor revenue
- $6.0B
- vs $5.7B prior year
- Management churn noted
- Frequent turnover
- Item 2 disclosed frequent executive changes
Same owner · FDD Item 1, page 9
7 other brands on this site name Compass, Inc. as parent or ultimate parent in their own FDD.
- Better Homes and Gardens Real EstateD
- Christie’s International Real EstateB
- Coldwell BankerB
- Coldwell Banker Commercial®B
- CorcoranB
- ERA Real EstateC
- Sotheby’s International RealtyB
Grouped by the owner's name as each filing prints it (this page: the 2026 FDD). Spelling variants of the same group may be listed apart; a brand is never grouped with an owner its filing does not name.
Overview
About
- CEO
- Michael Miedler
- Headquarters
- NJ
- FDD year
- 2026
- States available
- 51
Can you afford it, and what does the money buy?
Entry cost runs 21% above the typical real estate franchise.
Source: FDD 2026 · Items 5–7
FDD Item 7 · 2026 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $25K | $25K |
| Working capital (3–6 mo) | $15K | $40K |
| Equipment, build-out, other | $0 | $221K |
| Total initial investment | $36K | $286K |
Source: CENTURY 21® 2026 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $36K – $286K
- Top 40% of category vs category
- Liquid capital req'd
- $15K – $40K
- Middle of category vs category
- Franchise fee
- $25K – $25K
- Top 40% of category vs category
- Royalty
- 6.0%
- typical 6–8%
- Ad fund
- 0.5%
- typical 3–5%
- Total fee load
- 0.1%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 6.0% of gross sales |
| Marketing / ad fund | 0.5% of gross sales |
| Technology fee | $0 |
| Transfer fee | $5K |
| Total fee load | 0.1% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
CENTURY 21® makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. The return models need a revenue figure to start from, and the operating costs that turn gross sales into a profit are in no FDD. Enter your own and the calculator runs on your assumptions — nothing here is modelled until you do.
Returns model · single-unit ROIC
What would one CENTURY 21® unit return on the cash you put in?
Illustrative category typicals — not sourced to any filing, survey or sample. Replace them with figures from franchisee validation calls before you rely on the output.
Unlevered ROIC · per unit
Your modelled return on total invested capital, before any debt financing.
—
An FDD discloses gross sales, not profit. We hold no sourced figure for annual revenue, COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
These models are for research and scenario planning only. Not investment advice. Actual results depend on your specific location, management, and market conditions. Consult a franchise attorney and accountant before signing any franchise agreement.
Item 19 · Source: 2026 FDD
Financial Performance
No financial performance representation
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Fee burden
Total ongoing fee load of 0.1% — below the Real Estate median of 7.5%.
Disclosure
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator retention
System contracting at -6.8% CAGR over 3 years. Investigate whether closures are franchisor-driven consolidation or franchisee exits.
Multi-unit rate
Only 15% of franchisees own multiple units. Could indicate challenging economics or a young system where operators haven't had time to expand.
Source: FDD Item 19 financial performance representations and publicly filed FDD data. Past performance is not indicative of future results. Verify all figures with the franchisor and current franchisees before making any investment decision.
vs Real Estate medians
How Century 21® Compares
Category median of published Real Estate brands that report the figure; the middle half spans the 25th to 75th percentile and n counts the brands behind it. Medians are used because a few very large systems pull an average far from the typical brand. Revenue is disclosed gross sales, not profit.
Is the system healthy?
Source: FDD 2026 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 1,685
- Opened
- 68
- Last reporting year
- Closed
- 117
- Terminated
- 11
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 11
- Term expired, not renewed (per Item 20)
- Turnover rate
- 6.9%
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Multi-unit owners
- 15.4%
- Net growth (3-yr)
- -6.8%
- Net unit change over 3 years
- 3-yr CAGR
- -6.8%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 11
- Not renewed
- 11
- Transferred
- 59
- Reacquired
- 0
- Franchisor bought back
- Signed, not yet open
- 11
- 0.01 per open outlet · Item 20 Table 5
- Projected new
- 57
- Franchisor's next-year forecast
- Transfer rate
- 3.5%
- Owners selling to other franchisees
- Continuity rate
- 93.5%
- Units that stayed open
- Termination rate
- 1.3%
- Franchisor-initiated terminations
- Ceased ops
- 5.6%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 51 states with active franchisees
The Territory Map
Derived from franchisee contact records. Shows states with at least one current operator. Not where the franchisor is registered to sell new units (that data is re-extracting in a future refresh).
States derived from franchisee contact records (FDD Item 20). Shows states with at least one current operator on file. Full state registration data (Item 12) will appear on a future FDD refresh.
Where the owners are · Item 20 owner list
1,612 current owners across 51 states.
- CA 172
- FL 124
- TX 100
- NY 94
- PA 75
- MI 74
- NJ 72
- IL 63
- WI 58
- NC 51
- VA 47
- GA 42
- +39 more states
Counts only, from the list the franchisor prints in Item 20; 4 entries carry no state. Names and phone numbers are for your own due diligence and are not shown here.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 207
- Loan volume
- $73.7M
- Median loan
- $150K
- 50th percentile
- Charge-off rate
- 11.8%
- on 207 loans · rates vary by category · see methodology
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- 88.2%
- 5-yr charge-off
- 0.0%
- Loans approved 2021+
- Active lenders
- 82
- Defaults
- 18
- Typical loan rate
- 6.2%
- avg rate to borrowers
- Franchised industry avg
- 14.8%
- brand beats franchise avg ↓
- Jobs supported
- 902
- 2.7 per loan
- Lender concentration
- 15%
- top lender's share
Borrower mix: 0% went to startups / new businesses, 100% to established operators
Franchise vs independent — in offices of real estate agents and brokers, franchised businesses charge off at 14.8% vs 29.6% for independents — franchising is associated with 50% lower SBA default risk in this category.
Vintage analysis
Century 21® charge-off rate by loan vintage
Top lenders financing Century 21® franchisees
Showing 3 of 82 lenders. The full breakdown — every lender, state distribution, interest rates & risk ratings — is in the SBA Lending Report below.
Explore lender portfolios on Bank Reports or regional data on State Reports.
Lender network · 7(a) + 504
SBA Lending Report
Full lending analysis for Century 21® from SBA 7(a) FOIA data.
- Principal loss rate
- 1.9%
- Avg SBA guarantee
- 75%
- Avg interest rate
- 6.22%
- Avg chargeoff amount
- $69K
- Lender concentration
- 14.8%
- Job velocity
- 2.7 per $100K
- NAICS benchmark
- 8.5%
- NAICS 531210
- Jobs supported
- 902
Top SBA lendersTop lender holds 15% of loans
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | Wells Fargo Bank National Association | 17 | $6.1M | 5.9% |
| 2 | Columbia Bank | 6 | $918K | 0.0% |
| 3 | Bank of America, National Association | 6 | $747K | 33.3% |
| 4 | U.S. Bank, National Association | 5 | $985K | 0.0% |
| 5 | TD Bank, National Association | 4 | $1.1M | 0.0% |
| 6 | Readycap Lending, LLC | 3 | $1.5M | 0.0% |
| 7 | Citizens Bank, National Association | 3 | $290K | 0.0% |
| 8 | SouthState Bank, National Association | 2 | $844K | 0.0% |
| 9 | Regions Bank | 2 | $96K | 0.0% |
| 10 | Busey Bank | 2 | $971K | 0.0% |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| CACalifornia | 15 | 2 | 14.3% |
| TXTexas | 12 | 2 | 16.7% |
| NJNew Jersey | 10 | 0 | 0.0% |
| FLFlorida | 8 | 0 | 0.0% |
| WIWisconsin | 6 | 0 | 0.0% |
| GAGeorgia | 5 | 0 | 0.0% |
| MIMichigan | 5 | 0 | 0.0% |
| PAPennsylvania | 5 | 1 | 20.0% |
| WAWashington | 5 | 0 | 0.0% |
| AZArizona | 4 | 0 | 0.0% |
SBA 7(a) lending trend
Borrower profile
Source: SBA 7(a) + 504 FOIA loan-level data, matched by FranchiseVerdict
What could kill this investment?
SBA loans charge off at 11.8% — 26% below the 16.0% national norm, i.e. lower lender-observed risk.
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
CENTURY 21 faces systemic risks from industry antitrust litigation, a contracting franchise network, undisclosed financials, and unprotected territories—making this a HIGH RISK investment in a real estate brokerage model under regulatory threat.
Why this reads harsher than the B grade: the grade weighs financial health, unit economics, unit growth, scale, legal, and transparency across the whole filing, while this summary lists individual flags without that weighting. The flags are worth checking with current owners; neither is investment advice.
Litigation (Item 3)
Subject: the franchisor is a named party (defendant).
Multiple antitrust class actions related to real estate commission practices (Moehrl, Burnett, Nosalek, Batton, Tuccori), TCPA class actions, merger-related shareholder suits, and regulatory investigations by HUD/FTC and Washington AG. Anywhere settled Moehrl/Burnett for $83.5M; Tuccori opt-in settlement for $9.6M pending. Franchisor is plaintiff in one case (Quality Homes) and defendant in remainder.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · PricewaterhouseCoopers LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Item 21 includes only the audited CONSOLIDATED financial statements of the parent guarantors Anywhere Real Estate Inc. and Anywhere Real Estate Group LLC (in millions); no standalone statements for the franchisor Century 21 Real Estate LLC are provided. FY2025 Net revenues $5,960M (Gross commission income $4,849M, Service revenue $607M, Franchise fees $372M, Other $132M); FY2024 $5,692M; FY2023 $5,636M. Net loss $(89)M in 2025. Auditor signed from Florham Park, NJ on Feb 25, 2026 (firm name not captured in extracted text).
ⓘ These are the parent company's consolidated financials (the parent guarantees the franchisor), not this brand's standalone results — the figure reflects the whole corporate group, not this brand alone.
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: Yes
- Must buy proprietary products: No
- Restricted to system-approved products: No
- Can negotiate own supplier terms: Yes
Score breakdown · what drove the 55 / 100 verdict
- 01MINORShrinking franchise system: 1,685 units declining 2.8% YoY indicates market contraction and franchisee exits
- 02MEDNo financial transparency: Average revenue and net income not disclosed makes ROI assessment impossible
- 03HIGHExistential litigation risk: Antitrust case against NAR and parent company (Anywhere Real Estate) threatens core commission model and industry structure
- 04MINORUnprotected territory: No territorial protection means franchisees compete directly with other CENTURY 21 agents in same area
- 05HIGHHigh litigation exposure: Multiple TCPA class actions, franchisee royalty disputes, and ongoing antitrust proceedings create legal and financial uncertainty
- 06MINORNo Item 19 financials: Inability to validate realistic earnings claims or benchmark against competitors
- 07MINOR10-year term lock-in: Long commitment during industry transition and antitrust uncertainty limits exit flexibility
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 0.1% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2026 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Allowed renewalsℹ | 0 |
| Territory type | No territory protection |
| Protected territory | No |
| Exclusive territoryℹ | No |
| Online sales rightsℹ | Granted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Right of first refusalℹ | Yes |
| RoFR response window | 120 days |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | No |
| Jury trial waiver | No |
| Governing law | NJ |
| Litigation count | 18 |
View Item 3 litigation summary
Multiple antitrust class actions related to real estate commission practices (Moehrl, Burnett, Nosalek, Batton, Tuccori), TCPA class actions, merger-related shareholder suits, and regulatory investigations by HUD/FTC and Washington AG. Anywhere settled Moehrl/Burnett for $83.5M; Tuccori opt-in settlement for $9.6M pending. Franchisor is plaintiff in one case (Quality Homes) and defendant in remainder.
Items 10, 11
Training & Operations
- Classroom training
- 20 hrs
- On-the-job training
- 0 hrs
- Training location
- Virtually via Zoom or at a designated U.S. location (ILA Program)
- Ongoing training
- Required
- Field support
- 0 hrs/yr
- On-site visits per year
- Time to open
- 2 mo
- From signing to launch
- Site selection
- Franchisee selects subject to franchisor approval
- Franchisor financing
- Offered
- Item 10
- POS system
- Internet Reporting System
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Internet Reporting System
Item 20 · call current owners
Franchisee Contacts
1,616 owners to call
Name · phone · city · state. Extracted from FDD Item 20
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a CENTURY 21® franchise?
The total investment to open a CENTURY 21® franchise ranges from $36K – $286K, with an initial franchise fee of $25K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do CENTURY 21® franchise owners earn?
CENTURY 21® makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns CENTURY 21®?
CENTURY 21® is franchised by Century 21 Real Estate LLC. Its parent company is Anywhere Real Estate Services Group LLC. The ultimate parent named in the FDD is Compass, Inc.. Source: FDD Item 1, 2026 filing.
What is Item 19 in the CENTURY 21® FDD?
The FDD section where a franchisor may disclose financial performance of its outlets. Disclosure is optional and formats vary; figures are typically gross sales, which is revenue before expenses, not profit. FranchiseVerdict extracts these figures directly from the CENTURY 21® FDD and qualifies whose outlets they describe.
What is CENTURY 21®'s franchise failure rate?
Based on SBA 7(a) loan data, CENTURY 21® has a charge-off rate of 11.8% across 207 loans, meaning 11.8% of franchise loans were charged off. Charge-off rates are one proxy for franchise risk, though they do not capture all closures. This data comes from FOIA-sourced SBA lending records.
How many CENTURY 21® franchise locations are there?
As of their most recent FDD filing, CENTURY 21® has 1,685 total units in the United States, including 1,685 franchised units and 0 company-owned units. 68 new units were opened in the latest reporting year.
Is CENTURY 21® a good franchise to buy?
FranchiseVerdict rates CENTURY 21® as a B-grade franchise with a verdict score of 55 out of 100 (higher is better). The grade is a deterministic score built from six weighted dimensions — financial health, unit economics, unit growth, scale, legal, and transparency — then calibrated against SBA loan charge-off rates and FDD age. Transparency is one of the six, so a filing that discloses less scores lower on that dimension than one that discloses more. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
For franchisors
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Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.