15 GMAC Real Estate offices convert to franchisees
Former owner of Boston-based company buys back 12 offices
By Inman News, Monday, March 16, 2009.A real estate veteran who previously sold his company to GMAC Home Services has bought it back as a franchise operation, according to a company announcement today.
Saul B. Cohen, who with Joseph Hare established Boston-based Hammond Residential Real Estate in 1991, sold that company in 2001.
Last year, Canada's Brookfield Residential Property Services entered into a deal to buy GMAC Home Services LLC, including its real estate brokerage operations -- GMAC Real Estate ranked fifth in transaction volume and 10th in total transaction sides in 2007 among U.S. real estate companies.
Hammond's 12 offices will now operate as a GMAC Real Estate franchisee, according to the announcement today -- the company had sales of about $1 billion in 2008.
Hammond Residential GMAC Real Estate has about 400 sales associates and employees.
Also today, GMAC Real Estate announced that two other company-owned Carlson GMAC Real Estate offices in Massachusetts have been acquired by Robert Molta, a longtime real estate industry executive, and a Carlson GMAC office in North Andover was sold to real estate veteran George Schruender.
"As part of the agreements, each of the three Carlson offices will continue to operate as Carlson GMAC Real Estate and will become franchisees of GMAC Real Estate," according to the announcement by GMAC Real Estate.
The company did not reveal the terms of the purchases.
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Submitted by Rick Hardman on March 16, 2009 - 3:03pm.
Interesting that what goes around comes back around.
I would be interested in the details of the sale to see how it worked out for everyone.
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Submitted by Rick Hardman on March 16, 2009 - 3:04pm.
Oops - should have been this:
Interesting that what goes around comes back around.
I would be interested in the details of the sale to see how it worked out for everyone.
arkansas real estate
Submitted by Joseph Bridges on March 17, 2009 - 7:37am.
It is always about focus and Saul had it or he wouldn't have been able to build it up to such a large company to sell it off.
These large companies lose focus and then end up selling their purchases at a loss years later. Maybe they will learn from this.
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Submitted by Matt Harris on July 23, 2009 - 9:39am.
Well its a great move. It will surely bring benefit to the company. It will be good to see some new renovations such as new interior design,new office furniture and come new faces which will all contribute to the well-being of the company.