BrokerageIndustry News

GMAC Real Estate unites with Real Living

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A major real estate brokerage company merger gives GMAC Real Estate a new name while expanding the Real Living real estate brand and growing the U.S. operations of Canada-based Brookfield Residential Property Services. The merger of GMAC Real Estate and Real Living, which will operate under the Real Living name and under parent company Brookfield, represents the second sizable U.S. expansion of Brookfield operations in the past two years. Brookfield -- which is based in Toronto and operates the Royal LePage and others brands in Canada -- entered into a deal to purchase GMAC Home Services LLC, including its real estate brokerage operations, in September 2008 (see story). Financial terms of the latest deal were not announced. Harley E. Rouda Jr. -- son of Real Living's founder, who established his first brokerage company, HER Realtors, in the basement of his home in 1956 -- will lead the merged company as president. Real Living was established in 2002. The joining of Real L...