Four Michigan real estate brokerages have combined to form the second-largest real estate company in the state, Coldwell Banker Schmidt Realtors announced this week.
The deal combines AJS Realty and Westdale Realty Co., of Grand Rapids, and Woodland Realty of Holland, Mich., with Coldwell Banker Schmidt Realtors, based in Traverse City.
In the new corporate structure, which includes 40 offices and 800 sales agents, the firms will do business under the Schmidt Real Estate brand.
Based on 2005 figures provided by Realtor Magazine, the new entity would have a combined sales volume of about $1.8 billion — nearly double the next competitor, according to the announcement.
Ken Schmidt, CEO of Coldwell Banker Schmidt Realtors, said in a statement, “The mergers with Westdale today and with Woodland and AJS two weeks ago have given us the critical mass to raise the bar in customer service, access to the latest technology and training tools for agents throughout the entire region.”
The Westdale merger adds about 150 sales associates and several offices serving Grand Rapids, Newaygo, Sparta, Holland, Fennville, Rockford, and Grandville.
Mike Schmidt serves as president of the company, and Tom Gray will serve as chief operating officer for the parent company.
Jeff Schreur has been named president of Coldwell Banker AJS-Schmidt in Grand Rapids, Jack Bouman has been appointed president of Coldwell Banker Woodland Schmidt in Holland, and Gray will serve as president of Coldwell Banker Schmidt Realtors in Traverse City.
“The timing of the mergers shows our confidence in the economy of western and northern Michigan and strength of our housing markets,” Mike Schmidt said in a statement.
Schreur said in a statement that each of the four companies will “retain the best elements of their respective cultures and build upon the best elements of the blended cultures” to serve their local markets. “Our brokers tailor their approaches to the clients we serve and their markets — not force our clients into cookie-cutter methods that aren’t effective in every instance.”
Founded in 1927, Coldwell Banker Schmidt is a fourth-generation family-owned realty company that specializes in residential and resort properties and high-end homes, with sales last year of 222 homes priced at $500,000 and above and 41 sales of homes priced at $1 million or more. The company also handles commercial real estate transactions.