Twin Cities-based HomeServices of America Inc. is expanding in the Pacific Northwest with the purchase of one of its franchisees, one that already has HomeServices in the name.
Being acquired is Berkshire Hathaway HomeServices Real Estate Professionals. The company is based in Salem, Ore., and is one of the biggest residential brokerages in western Oregon, with nearly 200 agents and $755 million in annual sales volume. Terms of the deal weren’t disclosed.
HomeServices of America is an affiliate of Berkshire Hathaway and the parent company of Edina Realty. The acquisition is the first of the year for the company, which has steadily expanded nationwide and is now the second-largest real estate holding company in the country.
Its most recent brokerage acquisition came in late 2015, when it added Allie Beth Allman & Associates, one of the biggest brokerages in the Dallas-Fort Worth area.
The HomeServices deal in Oregon is the second transition for Real Estate Professionals in the past 17 months. In January 2015, Real Estate Professionals gave up an affiliation with Prudential, a brand owned by HomeServices, and became an independently owned Berkshire Hathaway franchise known as Berkshire Hathaway HomeServices Real Estate Professionals. The new deal makes the firm a wholly owned Berkshire Hathaway HomeServices company.
Leadership of the company will remain largely the same. Byron Hendricks, the current president and CEO of Real Estate Professionals, will manage day-to-day operations and the name will remain the same.
“This transaction makes one of the premier firms in western Oregon an even stronger organization,” Hendricks said in a statement.
Ron Peltier, chairman and CEO of HomeServices, said the Oregon company is known for strong leadership and talented agents.
With this transaction, HomeServices has nearly 27,000 real estate professionals in 487 offices in 27 states. Last year, the company posted 225,000 transactions worth $78 billion.