RISMEDIA, Nov. 2, 2007-(MCT)-With the residential real estate market continuing to constrict, two more Bakersfield, California agencies merged with the aim of leveraging market share and advertising power.
Coldwell Banker America West and ERA Mission Real Estate are the second pair of agencies to announce an alliance in recent months.
In August, Watson Realty ERA and Touchstone Real Estate Group formed a single entity. The move allowed the newly named Watson-Touchstone Real Estate to field 300 agents and corner 19.2% of home sales listings, a company official said at the time.
“The real estate business has been such that consolidation seems to be the thing to do,” said Warren Peterson, ERA Mission Real Estate’s head broker.
Coldwell Banker America West is absorbing ERA Mission Real Estate and transferring the firm’s 35 agents into its offices. Peterson said no money changed hands as part of the transaction. The move will minimize overhead and strengthen advertising efforts, Peterson said.
“We’re always looking at ways to grow our organization and maintain our market dominance,” America West President and broker John Garone said.
The firm will have around 100 agents after the merger, Garone said.
Coldwell Banker America West has been in business since 1986. ERA Mission Real Estate opened about five years ago.
Earlier this year, Peterson was elected to serve as the next president of the Bakersfield Association of Realtors. His term begins in 2008.
Copyright © 2007, The Bakersfield Californian
Distributed by McClatchy-Tribune Information Services.
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