Warren Buffett (Credit: PxHere, Pixabay, Wikimedia Commons)
The “Oracle of Omaha” is climbing the broker ranks. At least his company is.
Warren Buffett’s residential brokerage HomeServices of America has grown to become the second-largest real estate brokerage in the country, according to a new ranking from Real Trends.
Buffett’s company trails only Realogy Holding’s NRT unit.
Under the Berkshire Hathaway banner, HomeServices closed $125.4 billion in transaction volume in 2017. It represented 328,355 “sides,” meaning either the buyer or seller side, reflecting a 34 percent jump from the year before, Bloomberg reported.
NRT led the pack with 346,942 sides and a transaction volume of $178.2 billion. Rounding out the top five were Hanna Holdings with 90,468 sides, Keller Williams Realty, GO Management with 34,077 sides and HomeSmart with 33,601 sides.
Much of HomeServices’ growth is attributed to its acquisition of longtime competitor Long & Folster. The deal, which closed in September, also allowed HomeServices to become sole owner of Long & Foster’s mortgage, settlement services, insurance and property management businesses.
And that’s not the only acquisition moving HomeServices up to second. The firm also acquired brokerage Houlihan Lawrence in January 2017, adding 1,300 agents across 30 offices under its belt. [Bloomberg] — Natalie Hoberman
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