BrokerageIndustry News

Get ready for real estate consolidation

News analysis: Following in the footsteps of the financial sector

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Last week, it was announced that Brookfield Residential Property Services, based in Toronto, Canada, would purchase GMAC Home Services LLC, which operates one of the largest real estate brokerage companies in the United States (see Inman News article). Brookfield owns the Royal LePage, La Capitale, Johnston & Daniel, and Centract real estate brands. Like the banking sector, other industries are expected to consolidate in response to tough economic times. And experts say this is just the beginning of a major marrying of unlikely bedfellows in the real estate industry. "In the next 12 months we will see incredible consolidation, shocking partnerships. People and companies we would never dream of joining forces will do so," wrote Sherry Chris, president and CEO, Better Homes and Gardens Real Estate, in a Sept. 30 blog post. "My phone is ringing off the hook" -- she would not say who was calling. Better Homes and Gardens Real Estate is part of the Realo...