HomeServices of America Inc., a division of Berkshire Hathaway, whose primary shareholder, chairman and CEO is Warren Buffett, has purchased Atlanta based Prudential Georgia Realty for an undisclosed sum. This is the 11th Prudential Real Estate network franchise to be purchased by HomeServices.
Prudential Georgia Realty was recently named by the Atlanta Business Chronicle as the largest residential Atlanta real estate company with $1.99 billion in gross residential sales volume from closed transactions. It has 18 offices in the metro area and 986 agents.
HomeServices is the second-largest, full-service independent residential real estate brokerage firm in the nation. In October 2012, HomeServices became the majority owner in HSF Affiliates LLC, which operates the Prudential Real Estate franchise network and will launch Berkshire Hathaway HomeServices—a new real estate franchise brand.
Prudential Georgia along with the other 10 previously purchased Prudential franchise companies will convert to the new Berkshire Hathaway HomeServices brand name when it is rolled out in late 2013.
Dan Forsman, CEO of Prudential Georgia Realty will remain in his role running the day-to-day operations along with the current executive leadership team and Managing Brokers.
HomeServices of America had previously bought locally owned Jenny Pruitt & Associates in 2001 and Harry Norman, Realtors in 2006. These two firms were later merged under the Harry Norman brand. No announcements were made today if any further consolidation would occur with the current Prudential Georgia and Harry Norman to create a true regional powerhouse under the new Berkshire Hathaway HomeServices brand.
With the acquisition of Prudential Georgia Realty, HomeServices now has 28 brands and more than 17,000 real estate professionals operating in 21 states.