Two well-known real estate companies in the midstate that accounted for $1.1 billion in sales last year are combining as part of an acquisition by Realogy Holdings subsidiary NRT, the nation's largest residential real estate brokerage firm.
(Left to right): Officers of the new Coldwell Banker Residential Brokerage in Central Pennsylvania include Quentin Miller, president; Barbara Schmidt, senior vice president and general sales manager; Ryan Hess, vice president Strategic Initiatives, all of Coldwell Banker Residential Brokerage in Central Pennsylvania; and Maureen Passerini, executive vice president, NRT Northeast and Eastern Seaboard regions.
Coldwell Banker Select Professionals will combine with NRT's Jack Gaughen Realtor ERA based in Camp Hill, and the new operation's name will be Coldwell Banker Residential Brokerage in Central Pennsylvania.
NRT has acquired most of the assets of Realty Select Inc., a Harrisburg multi-office residential brokerage and property management operation. Realty Select does business as Coldwell Banker Select Professionals, Select Property & Association Management and Select Partners.
Realty Select will merge with Jack Gaughen, and the new Coldwell Banker Residential Brokerage will offer services of 650 professionals in 22 offices throughout the region. The combined companies accounted for more than $1.1 billion in sales and more than 6,000 closed transactions in 2013, Realogy said.
"This move is part of our long-term strategy to create near seamless coverage for our Coldwell Banker clients in Pennsylvania from Philadelphia to Pittsburgh, and I am confident that the affiliated sales associates will greatly benefit from this union," said Bruce Zipf, president and CEO of NRT.
In 2013, Coldwell Banker Select Professionals closed 3,873 transactions worth more than $739 million in total sales, placing it in the top 2 companies in Harrisburg/York/Lancaster in the REAL Trends 500 annual ranking report. The company has 11 offices and more than 350 affiliated independent sales professionals.
Jack Gaughen Realtor ERA had nearly $400 million in closed, and closed 2,221 transactions in 2013, placing it in the top 3 companies in Harrisburg/York/Lancaster in the REAL Trends 500 report. Jack Gaughen Realtor ERA has 11 offices and more than 300 affiliated independent sales associates.
After a transition period, Select Property & Association Management's operations will become part of NRT's Property and Asset Management Services division.
Quentin Miller, former co-owner of Realty Select, will now serve as president of Coldwell Banker Residential Brokerage in Central Pennsylvania. Also taking leadership roles with this newly combined operation are Barbara Schmidt, who was most recently Jack Gaughen Realtor ERA's president and will assume the role of senior vice president and general sales manager; and, Ryan Hess, former co-owner of Coldwell Banker Select Professionals, who will serve as vice president of strategic initiatives.
Realogy also announced a major acquisition in title and settlement services that will double its business in this area.
Title Resource Group, which is Realogy's title, settlement and vendor management services company, announced its Harrisburg operation, Secured Land, has signed an agreement to acquire Guardian Transfer Corporation. Guardian is Realty Select's title and escrow company in Harrisburg, Lancaster and surrounding areas. Secured Land plans to use the Guardian Transfer name after the closing of the transaction, which is expected before the end of this year.
Guardian Transfer provides title services to clients of Coldwell Banker Select through 10 locations in Harrisburg, Lancaster and surrounding areas.
"This acquisition will significantly expand our title and settlement services operations in Central Pennsylvania, as our sister company, NRT, enlarges its presence in this market," said Don Casey, president and chief executive officer of Title Resource Group.
Scott Storck, currently president of Title Resource Group's operations in Philadelphia and Harrisburg, will expand his role to also oversee the newly combined entity. Brian Zulli, currently president of Guardian Transfer, will become vice president of sales for the combined company.
NRT employs 45,500 in its 715 offices in more than 40 of the 100 largest metropolitan areas in the nation.
Title Resource Group operates nationwide. Realogy Holdings, headquartered in Madison, N.J., has 13,500 franchise offices with 251,000 sales associates in 104 countries.