Although no official word from either company has been released, several business media outlets are reporting Friday that Warren Buffett’s HomeServices of America is reportedly close to acquiring Cupertino, Calif.-based Intero Real Estate Services, the nation’s 13th largest real estate brokerage in sales ranking, according to RISMedia’s 2014 Power Broker Report.
Citing anonymous industry sources, the Silicon Valley Business Journal reported that while details were still not clear, “Berkshire Hathaway has been beefing up its position in residential brokers through…Berkshire Hathaway HomeServices, and is aiming to take it national.”
HomeServices of America, a Berkshire Hathaway affiliate, and Brookfield Asset Management, partnered to introduce the brand “Berkshire Hathaway HomeServices” back in October of 2012. The then new franchise brand joined the existing brands and affiliate networks of Prudential Real Estate and Real Living Real Estate. The entity has been bringing Prudential affiliates online under the Berkshire Hathaway HomeServices brand since last year.
No official statement has been released by either company as of late Friday.
According to RISMedia’s 2014 Power Broker Report , out of the nation’s top 1,000 reporting brokers, Intero ranks as the 13th largest company in sales ranking with $5.7 billion in sales volume in 2013, and 64th in transaction ranking with 7,263 transactions. The report lists Intero’s agent count at 920 with 13 offices.
Stay with RISMedia for continuing updates on this developing story.
Copyright© 2016 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com