Warren Buffett, chairman and CEO of Berkshire Hathaway Inc., bet big on real estate in October when his company’s affiliate HomeServices of America — the second-largest brokerage in the U.S. — entered the franchise game by purchasing a majority interest in the Prudential Real Estate and Real Living brands from Brookfield Asset Management.
Warren Buffett talks about the new Berkshire Hathaway HomeServices business.
In the video above, Buffett, whom Forbes Magazine named the fourth richest person in the world in 2013 with a net worth of $53.5 billion, talked about the new brand set to roll out later this year. “When people are making a decision of the magnitude of buying a house,” Buffett said in the video, “they want to know who they’re working with.”
Berkshire Hathaway HomeServices, which will be managed by a joint venture of HomeServices and Brookfield, HSF Affiliates LLC, unveiled its new branding last month, featuring the Berkshire Hathaway name prominently and a rich cabernet color.
Buffett, notorious for his frugality and simple tastes, revealed that this fall will mark 55 years that he’s lived in his home in Omaha, Neb. Outside of two wedding rings, “it’s the best investment I’ve made,” he said.
His interest in long-term investments falls in line with the business philosophy he lays out in the video: “We want to be in the businesses that are going to be very enduring,” Buffett said, “And real estate brokerage operations, they will be here 100 years from now.”
