Berkshire Hathaway Northwood Acquires Stouffer Realty
CLEVELAND, Ohio – Berkshire Hathaway HomeServices Northwood Realty today announced its acquisition of Stouffer Realty, continuing the company’s expansion into northeastern Ohio.
Through the merger, the Fairlawn-based Stouffer will join the national Berkshire Hathaway network and operate as Berkshire Hathaway HomeServices Stouffer Realty. Gary Stouffer will serve as president of the agency while Tom Hosack, president and CEO of Berkshire Hathaway Northwood, will serve as co-president and CEO of Stouffer.
“Gary has been in the business for about 35 years and he’s a leader in the marketplace. He runs an incredible operation with a team around him that’s second to none,” says Kevin Leonard, co-president of Berkshire Northwood’s Ohio division. “There’s terrific leadership, terrific agents and they’ve done an incredible job. We’re honored to be working with them.”
Since he came to Berkshire Northwood about 18 months ago, Leonard says the division’s focus has been on pushing the firm’s presence further into northeastern Ohio. With offices throughout the Cleveland suburbs, the acquisition of Stouffer fits into that goal and solidifies Berkshire Northwood’s position to take advantage of industry trends.
“We’re seeing a lean from urban to suburban. A lot of what’s out there in northeast Ohio is that suburban market. In particular after COVID, we saw that lean continue. It’s a very strong market in every area we’re in. Year-over-year the appreciation has been more than it has been in recent times and we expect that trend to continue,” Leonard says.
“We also like to have connectivity in our growth pattern. Their location and ours really fit well together. There isn’t any real overlap. It was a really good fit for two family-run, locally owned companies.”
Through the merger, Berkshire Northwood Stouffer becomes the No. 4 real estate company in the northeastern Ohio marketplace in terms of sales.
The acquisition of Stouffer Realty gives Berkshire Northwood a team of 2,100 agents across 60 offices in 22 counties in western Pennsylvania and Ohio. The division of Berkshire Hathaway is the company’s top brokerage in the country. Berkshire Northwood is the No. 1 residential real estate brokerage in Greater Pittsburgh and No. 7 in the Berkshire Hathaway HomeServices network.
“This union is a wonderful fit for all parties involved,” Hosack said in a statement. “Our new brokerage is grounded in a shared philosophy and supported by Berkshire Hathaway HomeServices, one of the fastest-growing brands in real estate.”
Berkshire Hathaway HomeServices Northwood Realty Services is owned and operated by Everest Consulting Group, LP. The brokerage’s sister companies include mortgage lenders West Penn Financial Service Center and People First Financial, plus Everest Insurance, LLC, and Everest Settlement. It also includes a commercial real estate division.
Gino Blefari, president and CEO of Berkshire Hathaway HomeServices, applauded the union. “This is a great move for both companies,” he said. “Tom Hosack and Gary Stouffer have built a dream team that should dominate the landscape for years to come.”
Copyright 2020 The Business Journal, Youngstown, Ohio.