Coldwell Banker West, a franchisee with more than 800 agents, announced its merger with Ascent Real Estate, a local indie with eight offices and nearly 150 agents. Combined, the brokerage now operates 14 offices with nearly 1,000 agents in the San Diego area.
Coldwell Banker West was founded in 2007 and has since grown to a nearly $1.5 billion sales volume company, putting the brokerage in the top 200 on both the Swanepoel Mega 1000 and Real Trends 500. The firm was the 19th ranked Coldwell Banker franchisee in terms of transaction sides, according to Real Trends.
Ascent Real Estate meanwhile closed roughly $865 million in sales volume in 2018, putting them near the top 350 brokerages in sales volume on both the Swanepoel Mega 1000 and Real Trends 500.
“We are very excited that, with this merger, [Coldwell Banker West] will continue to provide the personal and local support that agents and their clients demand, while providing the resources afforded to a powerful, nationwide brand with a massive local presence,” Coldwell Banker West President Peter Mendiola said in a statement. “We are committed to ensuring that all homebuyers and sellers receive the best service imaginable and our agents are afforded every opportunity to maximize their business potential.”
Penny Nathan, the president and CEO of Ascent Real Estate said, in a statement, that Mendiola had been pursuing a merger for years. Both Nathan and Mendiola believe the two companies have very similar cultures.
“I believe the stars have aligned for Ascent to go above-and-beyond for their clients by adding the powerful Coldwell Banker brand and iconic North Star logo,” Nathan said in a statement. “The time is right for our company and our agents to take the next step in their careers because our industry is undergoing dynamic changes. In the future, larger and stronger brokerages will be in a better position to serve top-selling, productive agents and their clients.”
Nathan will stay on as a partner at the combined brokerage. Terms of the deal were not disclosed.