Northwood Buys Berkshire Hathaway Preferred Realty
PITTSBURGH — Northwood Realty Services will acquire Berkshire Hathaway HomeServices The Preferred Realty and join the Berkshire Hathaway HomeServices network in August.
Northwood will then operate as Berkshire Hathaway HomeServices The Preferred Realty. Both companies are based in Pittsburgh. Terms of the transaction were not disclosed.
The merger will combine more than 1,800 agents and 50 offices serving 22 counties in western Pennsylvania and eastern Ohio. Citing West-Penn MLS data through May, the announcement stated the merger will make the combined company the No. 1 residential real estate brokerage in greater Pittsburgh in terms of sales volume, units and listings.
Tom Hosack, Northwood Realty Services president and CEO, will serve as co-president and CEO of The Preferred Realty. Joining him as co-president and CEO will be Jim Saxon of The Preferred Realty. Northwood Realty Services’ Wendy West remains chairman of the brokerage’s board of directors, while Ron Croushore, CEO of The Preferred Realty, becomes the board’s vice chairman.
“This union is a wonderful fit for all parties involved,” said Hosack in a prepared statement. “We are both family-run companies that care deeply about the success of our agents and employees. We are passionate about helping consumers with their real estate needs and aspirations. Our new brokerage is grounded in a shared philosophy and supported by Berkshire Hathaway HomeServices, one of the fastest-growing brands in real estate.”
Saxon said in his prepared statement that the timing of the transaction is ideal. “Our markets are growing and changing, just like our competitors,” he explained. “It’s more important than ever for our agents to be supported with the most effective technology, tools, education and leadership to help them succeed. Combined, we will build on our best practices, processes and products, and compete in unprecedented ways.”
Northwood Realty Services is owned and operated by Everest Consulting Group LP. Its sister companies include mortgage lenders West Penn Financial Service Center and People First Financial, plus Everest Insurance LLC, and Everest Settlement. It established a commercial real estate division in 2017.
Preferred Realty affiliates are Preferred Insurance, Preferred Settlement Services, RE Educators, Preferred Property Management Company and Referral Associates of PA.
Gino Blefari, president and CEO of Berkshire Hathaway HomeServices, applauded the union. “This is a great move for both companies,” he said. “Tom Hosack, Ron Croushore and Jim Saxon have built dream team that should dominate the landscape for years to come.”
SOURCE: Northwood Realty Services
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