United® Real Estate (United) announced today that Pearson Smith Realty has merged with United’s national network. The alliance expands United’s and Pearson Smith’s service footprint in Metro D.C., Maryland, Virginia and West Virginia.
The dynamic partnership brings together Pearson Smith Realty, the youngest company ranking among the Top 100 real estate companies in the nation in industry reports, and United Real Estate, the 7th-largest and fastest-growing independent real estate operation in the nation. Pearson Smith Realty is a Top 10 marketshare leader and an Inc. 5000 fastest-growing company, moving from 17 agents in 2014 to more than 1,000 agents today. The merger increases United’s network to more than 21,000 agents in 630 offices globally.
According to United Real Estate President Rick Haase, Pearson Smith Realty’s success can be attributed to the company’s “passionate approach” to building economic success for its agents and running a high-integrity business that serves their clients well.
“The organization didn’t just create itself in the likeness of all the other companies,” said Haase in an interview with RISMedia. “They were creative in offering a wide array of compensation plans, lead generation and a host of tools and services. The best tribute to what they created is the fact that almost 100% of the company’s agent growth has come because of the ambassadorship of its current agents. That says so much about a company, its leadership and agents.”
“Pearson Smith Realty and United Real Estate share the same agent-centric model where support and culture are at the heart of our operations. By combining our programs, resources and talent, we are creating exciting opportunities for our agents to serve their clients with excellence. Our agents are our stars, and we will continue to work to make them shine in our marketplace,” stated Eric Pearson, chief executive officer and co-founder of Pearson Smith Realty in a release.
“We are thrilled to welcome Pearson Smith Realty and their incredible team of agents, brokers and staff to the United Real Estate organization. From our initial meetings with Eric and Chuck nearly a year ago, to attending and seeing first-hand the energy and excitement of Pearson Smith’s agents at their St. Patrick’s Day Agent Awards and Recognition celebration, it was apparent that our organizations are culturally aligned and well-positioned for the future with our agents as our North Star,” stated Dan Duffy, chief executive officer of United Real Estate Group in a release. “For every 10 brokerages we consider investing in, we move forward with less than one. We are really excited to incorporate a number of Pearson Smith Realty’s best-in-class offerings into our national agent and broker programs. It is rewarding to see the excitement of Eric and his team as they discover the advantages of being part of United and determine how best to leverage our resources and technology to strengthen their offering in the markets they currently serve.”
“Eric and his team are a powerful force. They have developed processes and systems we are busily integrating with United’s to benefit our national network. When two fast-growing, dominant companies combine their tools, resources, leadership and agent talent, it becomes a catalyst for growth for both. While other companies are shrinking or pulling back on expansion, United continues to make the necessary investments for smart growth into the future. Our alliance greatly strengthens our existing operations along the East Coast,” said Haase in a release.
Haase added in an interview with RISMedia that United’s overall merger and acquisition strategy is all about being highly selective. “We look for gems—companies that are well disciplined in their operation is super important, but the biggest factor for us is looking for owner/operators who have led their companies with integrity and a true passion for changing the lives of their agents. When we find companies—or many times when they have found us—we of course look to the qualitative measures: sales production, recruiting and retention success and overall financial performance for sure. But what is ridiculously important beyond that is how well respected they are by their people and how they have made decisions. When someone has made decisions that benefited their company, their agents and their customers for the long haul, irrespective of the shorter-term outcome, then I know that they are solid leaders. Solid leaders have treated their agents properly and they have a lot of built up relationship equity that contributes a lot to our post-merger success.”
Together, Pearson Smith Realty and United’s D.C. Metro Region office will now serve clients in the multi-state region. Pearson Smith will retain its company name and leadership team moving forward, but now with the national reach, referral network, technology and breadth of resources of United’s national network. In turn, United benefits from Pearson Smith’s deep well of talent and powerful programs that have fueled its growth.
“United Real Estate’s vision is continuous growth with a focus on adding value for agents and their clients. Welcoming Pearson Smith Realty to our national network strengthens us regionally and nationwide with proven systems and an extended service footprint. I look forward to what the future holds for our agents and clients,” said Zhanneta Nekrich, regional vice president of United D.C. Metro Region, in a release.
“Our model has always been to hire great agents and to support them with the best resources and tools. We firmly believe that our partnership with United Real Estate will take us to the next level in providing that support. We look forward to working with the United Team to help our agents win in this very competitive market,” added Chuck Smith, chief financial officer and co-founder of Pearson Smith Realty, in a release.
The merger with Pearson Smith Realty follows previous mergers with Platinum Realty, Leading Edge Real Estate Group, Texas United Realty, Virtual Properties Realty, Benchmark Realty, Charles Rutenberg Realty Fort Lauderdale and others yet to be announced.
According to Haase, United’s expansion plan will not be significantly hampered by the current and expected economic climate. “Our transactions have always been lucrative for the sellers and fair to our company,” he told RISMedia. “We believe very strongly that the entrepreneurs who built their companies are the smartest and best people to know how to run them. As far as the economic conditions go, it may alter slightly how we structure the transaction, but ultimately, these cycles come and go, and we are in it for the long haul. We have no interest in trying to use the changing market to drive prices down. These folks deserve a win, and we know how to make sure they get it.”
To learn more about United Real Estate, brokerage succession planning, brokerage valuation and sale or franchising opportunities, visit GrowWithUnited.com or call 888-960-0606. Agents interested in learning about career opportunities with United Real Estate can visit JoinUnitedRealEstate.com or call 888-960-0606.
