Realogy franchise ERA Real Estate is expanding its footprint in Los Angeles with the acquisition of Shorewood Realtors by the owner of one of its largest affiliated brokerages, ERA Herman Group Real Estate.
The acquisition brings 250 agents in nine offices to the ERA network. Roger Herman, the owner of ERA Herman Group Real Estate, purchased Shorewood Realtors through LBH National Corp., a company he formed solely to push the deal through, according to a company spokeswoman. ERA Herman Group would not have been able to make the acquisition under California law, she said.
Los Angeles scene via Shutterstock.
ERA Herman Group Real Estate owns and operates ERA franchises in Colorado, Florida and Las Vegas.
Herman will serve as Shorewood Realtors’ CEO. The firm’s founder, Arnold Goldstein, has been named chairman emeritus.
The acquisition is the largest by an ERA affiliate to date and triples the size of Herman’s real estate brokerage-related operations, the companies said.
Shorewood Realtors, which recorded a $1.7 billion sales volume in 2013, serves markets including Manhattan Beach, Hermosa Beach, Palos Verdes, El Segundo and Redondo Beach.
Herman’s commitment to growth “aligns perfectly with our brand’s vision for the future as we provide strong corporate support for brokers to build their business through unique business solutions,” said Charlie Young, president and CEO of ERA Real Estate, in a statement. The “ERA Powered” program provides regional firms with access to the resources of a global brand while allowing them to retain their strong local identity, he said.
ERA Powered franchisees retain more autonomy than other franchisees when it comes to local branding. But as members of the ERA network, their yard signs and other materials include the ERA logo. While not completely rebranding, participating brokerages take advantage of the franchise’s lead management system, training and referral network.
ERA Real Estate network includes approximately 31,000 brokers and agents in roughly 2,300 offices in the U.S. and 33 countries.
Editor’s note: This story has been updated to note that LBH National Corp. was formed solely for the acquisition of Shorewood Realtors, and to delete a reference to ERA Herman Group Real Estate acquiring a “rival” in the Los Angeles market. ERA Herman Group Real Estate did not have operations in L.A. before the acquisition and was not a rival of Shorewood Realtors.