Industry News

Four real estate companies join together in Michigan

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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 Westda...