BrokerageIndustry News

15 GMAC Real Estate offices convert to franchisees

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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 lon...