A pair of Century 21 franchises in Indiana have joined forces, creating a company with hundreds of agents in nine different offices.
The deal involves Century 21 Scheetz acquiring Century 21 Rasmussen Co. According to a statement, Century 21 Scheetz was the brand’s largest company in Indiana, while Century 21 Rasmussen was “a leading brokerage” in the city of Carmel. Century 21 Rasmussen will bring roughly 20 agents to the company, which will now have a combined total of about 400 agents working out of offices in Indianapolis, Avon, Bloomington, Carmel and other cities.
The brokerages did not disclose financial details of the deal.
Larry Rasmussen has been the broker-owner of Century 21 Rasmussen since the early 1980s. In Tuesday’s statement, he said that he was excited to partner with the team at Century 21 Scheetz.
“From the first day I started my company, I created an office environment of independence and professionalism and held my team of agents accountable to going above and beyond and giving 121 percent to their clients,” he said. “Our plans are to build on the successes we’ve had over the years helping our clients get to the real estate outcomes they desired.”
Tracy Hutton, broker-owner of Century 21 Scheetz, similarly expressed excitement about the acquisition.
“Larry (Rasmussen) and his wife Cathy are industry leaders, who for over 40 years have helped bring a higher-level of professionalism and goodwill to the market,” Hutton said in the statement. “For decades they and their outstanding affiliated agents have had a great reputation in our market area and have been community impact makers.”
The acquisition comes amid a broad period of consolidation in the real estate industry. Among other things, large firms have consistently been buying up smaller companies in recent years as they expand their service offerings. At the same time, local brokerages have gobbled up rivals while big brands compete for top teams.
In this most recent case, both brokerages involved in the acquisition are part of the Realogy family of companies.
In Tuesday’s statement, Century 21 President and CEO Michael Miedler praised Rasmussen for choosing to remain affiliated with the brand even while pursuing an acquisition.
“Our industry-leading focus on the consumer experience and delivering personalized outcomes are gaining in relevance,” Miedler added, “as industry professionals and consumers respond favorably to our growing momentum here in the U.S. and around the world.”