Editor’s note: This story has been updated with comments from HomeServices Chairman and CEO Ron Peltier.
HomeServices of America Inc. has added an 11th brokerage affiliated with the Prudential Real Estate franchise network to its stable with the acquisition of Atlanta, Ga.-based Prudential Georgia Realty.
With nearly 1,000 sales associates working out of 20 offices, Prudential Georgia Realty has been the leader in the metro Atlanta market in terms of homes sold, transactions, and current inventory since 2009, the companies said. HomeServices had previously acquired another brokerage in the Atlanta market, Harry Norman Realtors, in 2006.
Prudential Georgia Realty CEO Dan Forsman will continue in his current role, running the day-to-day operations along with the executive leadership team and managing brokers.
HomeServices will continue to look to purchase leading brokerages in other key markets, said Ron Peltier, HomeServices chairman and CEO. HomeServices will not specifically target the acquisition of Prudential-branded firms, he said.
Like all of the Prudential-affiliated brokerages owned by Minneapolis-based HomeServices, Prudential Georgia Realty will rebrand as a Berkshire Hathaway HomeServices affiliate when the new franchise network launches later this year.
HomeServices, the nation’s second-largest real estate brokerage firm, got into the franchising business in October by acquiring a majority interest in the Prudential Real Estate and Real Living brands from Brookfield Asset Management.
HSF Affiliates LLC, a HomeServices and Brookfield joint venture, will roll out the new franchise brand later this year, while continuing to operate the Real Living and Prudential Real Estate affiliate networks. The franchise network unveiled its new branding (pictured above) last week.
As part of the terms of Brookfield’s acquisition of the Prudential Real Estate brand in 2011 from Prudential Financial Inc., the Prudential brand will eventually fade away and each of the roughly 550 Prudential-branded affiliates will have to decide what to do next when their contracts with the brand expire.
Some Prudential franchisees will rebrand as Berkshire Hathaway HomeServices firms when HSF Affiliates officially launches the Berkshire Hathaway HomeServices franchise brand later this year, Peltier said.
HomeServices, Peltier said, hasn’t started a formal branding courtship of the in-limbo franchisees, some of whom have a decade or more left before their Prudential contracts expire and must choose a new brand.
However, introduced at Prudential Real Estate’s annual sales convention in Las Vegas last week, the new Berkshire Hathaway HomeServices brand, Peltier said, "was very, very, very well received."
HomeServices can expedite Prudential affiliates’ branding decisions, Peltier said, "to the extent that the company wants to convert before their (Prudential) contract is up."
In addition to Prudential Georgia Realty, the 10 HomeService brokerages affiliated with Prudential Real Estate are: Prudential California Realty, Prudential Carolinas Realty, Prudential Connecticut Realty, Prudential First Realty, Prudential KC Realty, Prudential Northwest Realty Associates, Prudential Northwest Properties, Prudential Rhode Island Realty, Prudential York Simpson Underwood Realty, and Prudential Yost & Little.
With the acquisition of Prudential Georgia Realty, HomeServices now has 28 brands and more than 17,000 real estate professionals operating in 21 states.
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