RISMEDIA, April 10, 2007-RE/MAX Equity Group, a large real estate brokerage in Oregon just got even bigger. The company announces that it has acquired RE/MAX Ideal Properties, which will add another 97 brokers in three offices to its organization
RE/MAX Equity Group is owned by RE/MAX International, and the merger results in the company now employing more than 1,450 sales associates.
RE/MAX Ideal Properties was founded in 1984. It was purchased in 1998 by Bob Gervais, who will stay on as the southern Oregon manager of RE/MAX Equity Group. It's three offices are located in Medford and Grants Pass.
Navigator Mortgage, RE/MAX Ideal Properties' mortgage company, was also acquired in the transaction and will be renamed Equity Home Mortgage.
In 2006, RE/MAX Ideal Properties sales associates sold 915 properties, valued at $246 million. This represents nearly 10 percent of all listings in the southern Oregon multiple listing service (SOMLS), according to RE/MAX International.
"We are excited about the synergy of this merger and the benefits it will provide to our agents and their clients," said Jim Homolka, president of RE/MAX Equity Group.
"RE/MAX Ideal Properties has been an outstanding company and Bob has done a great job of building market share. It's clear we share common goals and standards of service. This acquisition will strengthen RE/MAX presence within the I-5 corridor."
The expansion comes at a time when southern Oregon real estate values are rising sharply. The median price of a home in the SOMLS area has risen from $307,500 in February 2006 to $326,100 in February 2007.
RE/MAX Equity Group, one of the largest franchises in the RE/MAX International network, has been the number one real estate firm in Oregon and southwest Washington for the past 11 years, the company reports.