Berkshire Hathaway buys Prudential real estate network
Warren Buffet’s Berkshire Hathaway Inc. said Tuesday it is buying the Prudential and Real Living real estate franchises with the intent of launching a new brokerage brand for those agents. With a number of local offices and over 150 agents here in North Florida it will be interesting to see the impact and effect on a local level.
Berkshire Hathaway subsidiary Home Services of America will be the majority owner, although financial terms of the deal were not released. Home Services already has 16,000 real estate agents in 21 states. According to the Associated Press Prudential will be eliminated over the next couple years. “The strategy going forward is to migrate the franchises over to one super brand: Berkshire Hathaway HomeServices,” Peltier said. That will help the company build one main brand online under the Berkshire Hathaway HomeServices banner.
I thought this was interesting news on a number of levels. Obviously, considering how strong of a presence Prudential has in North Florida it will be exciting to see how this plays out over the next few years. Secondly, this marks a big move for Berkshire Hathaway as they continue their efforts in becoming a major player in the real estate industry. Lastly, I’ll be watching to see what, if any impact this has on the popular stock. To read the full article click here:http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=3&id=283026.
Most importantly, on behalf of Saint Johns Realty I’d like to extend our thoughts and prayers to all those effected by Hurricane Sandy. Have a safe and fun Halloween!