Whether you're traveling or moving, HFS Inc. wants your business.

HFS, which owns such hotel franchises for Days Inn, Howard Johnson and Ramada, recently bought two major real estate brokerage firms -- Century 21 and Electronic Realty Associates, more commonly called ERA.

In August, HFS of Parsippany, N.J., purchased Century 21, the world's largest residential real estate brokerage company, for $200 million and stock. Century 21 has more than 6,000 franchises in 16 countries.

Last week, HFS also closed a deal with ERA for $36.8 million. A pioneer in applying technology to the real estate business, ERA is the fourth-largest residential real estate franchiser with more than 2,500 offices in 15 countries.

Word in the industry is that HFS is courting other real estate franchises as well. HFS supposedly has its eye on Coldwell-Banker, Re-MAX and Prudential, all of which are quick to say they're not for sale. HFS admits it's on the prowl for other real estate brokerages, but spokesman Neal Allen says the company doesn't publicly discuss deals until they're completed.

What do HFS' recent acquisitions mean to home buyers?

Very little, say industry analysts. Area Realtors don't expect much to change locally either.

Loren Keim , owner of Century 21-Keim Realtors in Allentown, says some individual franchises could close, but they would be the less profitable offices that can't keep up with Century 21's standards.

"That would make it better for the rest of us that are still here," he says.

Mark Smith, owner of ERA Progressive Realty in Allentown, says he can see only one effect of changing owners and it's a plus: HFS will spend more money advertising ERA nationally. That will bring the franchise more name recognition in the local real estate market, where identity is very important. The ERA franchise had been a limited partnership based in Overland Park, Kansas.

It is not HFS' style to merge or combine the brand names it buys.

Until its acquisition of Century 21 from Metropolitan Life Insurance Co. of New York last summer broadened its holdings, HFS had been a franchiser of hotel chains. The company, traded on the New York Stock Exchange under the symbol HFS, franchises eight hotel chains -- Days Inn, Howard Johnson, Knights Inn, Park Inn International, Ramada, Super 8, Travelodge and Villager Lodge. It has about 475,000 hotel rooms in the United States, Canada, Latin America and Europe.

Local real estate brokers expect HFS to operate Century 21 and ERA as separate brands just as it does its hotel chains.

Allen confirms that the company's expertise is managing brands and has no plans to consolidate or merge the two brokerages. "Unlike when banks consolidate and become one new-named bank, we keep the distinctions," he says. "ERA and Century 21 will continue to have separate marketing strategies, advertising, consumer programs and identities."

Why would HFS want to operate competitors in the same market?

Allen says HFS' goal is to grow both chains by capitalizing on their distinct identities. "Just as multiple choices succeed on supermarket shelves, or multiple hotels succeed at an interstate exit ramp, so can multiple real estate brands in the same market," he says.

Carol W. Hance, managing director of the Strategic Advisory Group in Sag Harbor, N.Y., an investment banking firm serving the franchise community, agrees that in real estate, owning competitors and allowing them to operate within miles of each other can be effective. Having two national franchises serving the same area gives the consumer choices while increasing HFS' chances of capturing the business, she says.

The industry leader, Century 21 has about 9 percent of the market, ERA has about 6 percent. Together they cover a respectable 15 percent, Hance says.

Dave Fretz, who recently associated his Allentown and Emmaus real estate offices with Prudential, says he's not at all concerned by HFS' foray into the real estate market. Century 21's new chief executive, Robert W. Pittman, has a reputation for being very aggressive, Fretz says, "but competition is always good."

Fretz says he recently visited company headquarters in California where the president confirmed Prudential was not for sale to HFS.

Fretz, who is president of the newly formed Lehigh Valley Association of Realtors, says it's becoming increasingly difficult for real estate agents to remain independent today if for no other reason than the support they need to keep up-to-date with rapid changes in the industry.

"Unless you have your own niche, it's almost impossible to remain independent," says Bruce Whitesell of ERA Showcase for Living in Bethlehem.

Cathy Kavounas, who with her husband, Nick, owns six Coldwell-Banker brokerages in the Lehigh Valley, says she doesn't understand the fuss over HFS and is irritated by the false rumors about its buying Coldwell-Banker. "Coldwell-Banker is absolutely not for sale," she says. "And I don't see what the big deal is. Yes, you want a parent company that is strong financially," but the individual agents, not the company ownership, make the agencies successful.

She believes that owning several national real estate companies is a conflict of interest.

In contrast, area Century 21 and ERA owners are happy about their new parent.

Frank Renaldi, owner of Century 21 Keystone Realty in Bethlehem, thinks the acquisition by HFS will strengthen Century 21's position in the marketplace.

"Century 21 always had strict standards for its franchises, but I think they're going to enforce them more and that's good for all of us. It will help weed out those that shouldn't be here," he says.

Renaldi describes Century 21's executive Pittman, best known as a founder of the MTV Networks and for turning around Six Flag Corp.'s theme parks, as a genius.

Pittman recently told Business Week magazine that "Century 21 is the big sleeping giant of the industry" and that his goal is to increase its market share to where it should be. Pittman's strategy includes making Century 21 a one-stop shopping center. He envisions home buyers sitting down with an agent and ordering cable services, appliances, mortgage and insurance, all at discounts negotiated with vendors.

Hance says Pittman's vision is smart business. "I think it's exciting because Century 21 is taking many layers of opportunity for revenue off the same client." Hance says it costs "a good deal to ferret out consumers, so once they're in Century 21 hands it makes sense to maximize what they can off of them."

Because it represents more than 100,000 Century 21 and ERA brokers and agents in the U.S., Mexico, Canada, Europe, Africa and the Pacific Rim, HFS can use its numbers to ink preferred-vendor agreements with a variety of services from long distance telephone to automobile leasing.

Keim says it wasn't until HFS took over that Century 21 offered its franchisers a volume discount from AT&T long distance. He's seen other improvements on the business side as well, including getting discounts on business cards and on cars through Potamkin Fleet Sales of New York, a General Motors Corp. dealer.

Pittman -- of "I want my MTV" fame -- also promises an aggressive national ad campaign for Century 21. "It will help us significantly," Keim says.

Pittman also plans to launch a revamped Century 21 House & Home magazine -- the first issue will be in March -- and to publish a series of how-to guides for homeowners. Also in the works is a deal with GE Capital Consumer Card Co. to issue credit cards using the Century 21 and HFS hotel brand names.

Smith, of ERA in Allentown, says his one concern about the sale of ERA, which was finalized Monday, is that HFS is a big conglomerate. "And whenever you deal with a big conglomerate, there will be more red tape to get answers and things done."

Whitesell, of ERA in Bethlehem, says some ERA brokers "may be afraid of getting the short end of the stick because HFS bought Century 21 first and it is bigger." But, he says, "I don't think that's true."

Most brokers, himself included, Whitesell says, are happy to be owned by HFS because of its track record.

"They've shown their primary focus is on making money," Whitesell said, "and I don't have a problem working for someone like that."