HomeServices of America is making its first foray into the Dallas-Fort Worth market with its acquisition of Allie Beth Allman & Associates, a top-five brokerage in Dallas County.
The company has 335 agents and in 2014 closed nearly 2,100 units worth $1.5 billion.
“This was a premier target for us, and now we’re there,” said Ron Peltier, HomeServices’ chief executive.
The deal is part of an ongoing expansion for Twin Cities-based HomeServices, a subsidiary of Berkshire Hathaway and the nation’s second-largest real estate holding company.
HomeServices is now in 27 states with 26,500 real estate agents in 480 offices. In 2015, the company is expected to handle more than $77 billion in sales and more than 220,000 transactions. This is the company’s first corporate-owned brokerage in Texas. Terms of he deal were not disclosed.
Allman, who’s been in the real estate business since 1985, founded the brokerage in 2003. She’s well-known in real estate circles for managing some of the most upscale listings in north Texas, including a sprawling Dallas estate with 27,000 square feet of living space that’s listed at $100 million.
“This is a company that has the corner on the very high-end markets,” Peltier said. “They are the premier Realtors in this area, and they are very influential and have influence with the movers and shakers in the Dallas area.”
The recession and subsequent housing crash helped set the stage for HomeServices, the parent of Twin Cities-based Edina Realty, and other big brokerages to expand their footprint. Across the country, many small, regional brokerages became acquisition targets after losing revenue, market value and the ability to compete in an environment that has grown dependent upon expensive technology.
In 2014, HomeServices acquired four major brokerages, and there have been two so far this year, including First Weber, the largest brokerage in Wisconsin. Peltier said he expects at least one more by end of the year.
There have also been several tuck-in acquisitions made by brokerages the company already owns. Edina Realty, for example, recently acquired Elk River-based Eagle Vision Realty. The company had 32 agents and had been owned and operated by Mark and Deb Urista of Elk River for more than two decades.