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Berkshire Hathaway Home Services is on a mission to redefine residential real estate.
What was the announcement today?
Home Services of America, Inc., a Berkshire Hathaway affiliate, announced today that it had acquired Prudential Fox & Roach, Realtors® and its subsidiary, The Trident Group, which is comprised of market leading financial services companies including Trident Mortgage Company, Trident Insurance Agency and Trident Land Transfer Company.
Who is HomeServices of America?
HomeServices of America, based in Minneapolis, Minn. is the nation’s second-largest, full-service residential real estate brokerage firm and one of the largest providers of integrated real estate services. With this transaction, HomeServices has 30 brands and more than 21,000 real estate professionals operating in 24 states. In 2012, the company’s associates facilitated nearly $53 billion in residential real estate sales, nearly 186,000 transactions and nearly 153,000 mortgage, insurance, title and escrow transactions. They are a strong and successful company with a culture of integrity and a long-term investment philosophy. For more information on the HomeServices network of companies please visit www.homeservices.com
In October 2012, HomeServices became the majority owner in HSF Affiliates LLC, which operates the Prudential Real Estate and Real Living Real Estate franchise networks and, to support the conversion of the Prudential brand and enable network expansion, will launch Berkshire Hathaway HomeServices—a new real estate franchise brand—beginning in September, 2013.
HomeServices is owned by MidAmerican Energy Holding Company, a consolidated subsidiary of Berkshire Hathaway Inc. Being a part of Berkshire Hathaway gives HomeServices access, through MidAmerican, to significant financial and management resources.
Will the leadership of Prudential Fox & Roach Realtors®/Trident Group remain the same?
Yes, Larry Flick will continue in his role as chairman and CEO running the day-to-day operations along with his leadership team:
Larry Flick: Chairman and CEO, Fox & Roach, Realtors®/Trident Group
Gerry F. Griesser: President, Trident Group
Joan Docktor: President, Fox & Roach, Realtors®
Barbara Griest: President, Trident Land Transfer Company
Michael Hoffman: President, Trident Insurance Company
Will my sales manager support or my office support change?
No. There are no changes to our sales managers or office staff. You will receive the same outstanding local support you have today.
Why did HomeServices of America acquire Prudential Fox & Roach, Realtors®/Trident Group?
Prudential Fox & Roach, Realtors®/Trident Group is a strong, market leading company renowned for consistently providing outstanding service to their buyers and sellers, its industry- leading executive management team, and its focus on providing agents with the tools, technology, training, and network resources they need to succeed. These qualities align with HomeServices’ growth strategy of expanding their national footprint with leading real estate companies that have long term ties to the community, outstanding brand recognition and experienced agents committed to providing exceptional service and value to their customers.
Why did Prudential Fox & Roach, Realtors®/Trident Group choose to join HomeServices of America?
Like Prudential Fox & Roach, HomeServices is a company known for their integrity, financial strength and operational excellence. Both companies share a cultural philosophy of providing guidance and support to their managers while empowering them to lead with operational independence. Becoming a member of the HomeServices network of companies and an early adopter of the Berkshire Hathaway HomeServices franchise brand creates a real estate powerhouse in the Mid-Atlantic, provides us with a unique opportunity for growth and further positions us, now and in the future, to deliver unparalleled products and services to our new and existing clients, sales associates, managers and employees.
Will there be a new name for the company?
We will remain Prudential Fox & Roach, Realtors® until we transition to Berkshire Hathaway HomeServices Fox & Roach, Realtors® in late Fall 2013. We are very excited about the new Berkshire Hathaway HomeServices brand and as the details of the new brand and the associated offerings are finalized, we will communicate additional information.
What happens to the affiliated businesses currently aligned with the Trident Group?
It is business as usual at the Trident Mortgage Company, Trident Insurance and Trident Land Transfer companies. Providing fully integrated homeownership services is a key component of HomeServices’ business model and value proposition.
Fox & Roach Charities, a 501c3 charitable trust, established by Fox & Roach Trident in 1995 will continue with its mission unchanged. In 2012, Fox & Roach Charities donated more than $4 million dollars.
What are the goals for the company?
The plans are to continue to increase market share and continue to provide leading edge technology, tools, coaching, and training to ensure that our agents have what they need to succeed. There is a tremendous amount of heritage to build upon and Prudential Fox & Roach, Realtors®/Trident Group has an outstanding reputation as one of the most successful real estate companies in America.
How will this change benefit me?
Prudential Fox & Roach, Realtors®/Trident Group will continue to offer best-in-class marketing, technology, coaching, training and local support services. Our new organization will continue to innovate even faster and deliver more advantages that benefit you and your clients. We will now have additional access to referrals from HomeServices Relocation as well as broker-to-broker referrals from HomeServices’ network of independent companies. Finally, the migration to the new Berkshire Hathaway HomeServices brand will create tremendous energy in our local market and can have a positive impact on your bottom line!
Who leads HomeServices?
Ron Peltier is chairman and CEO of HomeServices of America, Inc., a Berkshire Hathaway affiliate. With his insight and experience in virtually all aspects of the residential real estate industry, Peltier has helped build HomeServices into a national presence, expanding the company to provide integrated real estate services including mortgage, title and homeowners insurance, among other home related services.
Robert Moline is president and COO of HomeServices. One of the industry's most respected professionals with more than 25 years of real estate brokerage experience, Moline is chairman of the Realty Alliance and serves on the NAR’s MLS Committee as well as other industry boards. He was recognized as 2004 Realtor of the Year for the Nebraska Realtors Association.
What is the relationship between Berkshire Hathaway, HomeServices of America, HSF Affiliates, Prudential Real Estate Affiliates and Berkshire Hathaway HomeServices?
Led by Warren Buffett, Berkshire Hathaway is the world’s most respected company, according to Barron’s 2013 ranking.
HomeServices of America, a Berkshire Hathaway affiliate, is the nation’s second-largest, full- service residential real estate brokerage firm and one of the largest providers of integrated real estate services, with more than 21,000 agents in more than 24 states. In addition to owning a network of residential real estate brokerage companies that have retained their original market branding, HomeServices’ network contains several Prudential Real Estate franchises including Prudential California Realty, Prudential Carolinas Realty, Prudential Connecticut Realty, Prudential First Realtors, Prudential Fox & Roach, Realtors®, Prudential Georgia Realty, Prudential KC Realty, Prudential Northwest Realty Associates, Prudential Northwest Properties, Prudential Rhode Island Realty, Prudential York Simpson Underwood Realty and Prudential Yost & Little Realty.
HSF Affiliates LLC was formed in 2012 to operate the existing Prudential Real Estate and Real Living franchise networks and will launch Berkshire Hathaway HomeServices beginning in September, 2013. HSF Affiliates LLC is a joint venture of which HomeServices owns a majority share.
How do I differentiate myself from other Realtors®?
Just as you do today with the added benefit of strong ownership from HomeServices backed by Berkshire Hathaway as its parent and the anticipation of being part of the premiere real estate network in America. Prudential Fox & Roach, Realtors®/Trident Group offers a powerful set of marketing, technology, information resources, training, coaching and support. Our agents are already among the most productive and we are the largest company by transaction count in the Prudential franchise network. Now, we will be even stronger!
What will happen to my real estate license?
Your real estate license remains unchanged. You will have no break in service to your clients or your ability to list and sell.
Will I need new contracts or listing agreements for my clients?
No. It is business as usual.
Will my commission structure change?
No. It is business as usual.
Will I need to change my marketing materials?
Not at this time. When we transition to the new Berkshire Hathaway HomeServices branding, we will announce detailed plans to support the transition of marketing materials. Our objective is to make this process seamless, exciting and at no cost for our associates.
Will our technology solutions change?
Our current portfolio of digital marketing systems and tools remains unchanged; however we will broaden this offering with the inclusion of a paperless transaction platform, an enterprise CRM system and will continue to evaluate our options with a variety of agreements available from HomeServices of America, MidAmerican Energy and Berkshire Hathaway. These agreements offer exceptional pricing at a level which may not have previously been available to Prudential Fox & Roach, Realtors®/Trident Group. We will provide additional details on this in the near future.
If I have questions, who do I contact?
Please contact your Manager for any questions.
How should I handle calls from the media?
Please do not engage, or answer any questions from the media. All media requests should be directed to:
Press Release: Patt, White Real Estate