Photo courtesy of Coldwell Banker.

In an attempt to diversify its ranks, Coldwell Banker announced Tuesday that it was eliminating initial franchise fees charged to agents setting up a new brokerage.

The news came at the NAREB Mid-Winter Conference during a panel discussion featuring Coldwell Banker President and CEO Ryan Gorman.

“I strongly believe that one of the best things we can do to increase homeownership in underrepresented communities is to increase access to and understanding of programs and information related to buying and owning a home,” Gorman said in a statement later posted to his company’s blog. “As an industry, that means increasing diversity and representation among brokerage owners.”

The change, Gorman wrote, is intended to allow more military veterans, people of color, women and LGBTQ people to start brokerages affiliated with the company. Coldwell Banker will also offer up to $100,000 of funding for new brokerages and royalty fee rebates covering their first two years. Owners will also receive membership and conference registrations for industry groups like the National Association of Real Estate Brokers, the National Association of Hispanic Real Estate Professionals, the National Association of Gay and Lesbian Real Estate Professionals and the Asian Real Estate Association of America.