Minneapolis-based HomeServices of America, Inc., a rapidly growing subsidiary of Warren Buffett’s Berkshire Hathaway, has begun rolling out its new Berkshire Hathaway HomeServices brand.
In 2011, financial giant Prudential sold its real estate network to Toronto-based Brookfield Asset Management, which in turn formed a joint venture with HomeServices of America the following year to operate the brokerages.
HomeServices, which is also the parent company of Edina Realty, owns 10 Prudential-branded brokerages, each of which will transition to the new Berkshire Hathaway HomeServices brand, according to spokesman Kevin Ostler.
Last week, the company officially debuted its new brand. San Diego-based California Realty was the first to make the switch, and it will now do business as Berkshire Hathaway HomeServices California Properties. Second was Connecticut Realty, which now operates as Berkshire Hathaway HomeServices New England Properties.
More than 30 affiliates of those brokerages have thus far signed on to transition to the new brand, and on Tuesday, Florida Realty is switching over to the new banner, Ostler said.
Earl Lee—CEO of HSF Affiliates, LLC, the joint venture between HomeServices and Brookfield—said in a statement that more brokerages will adopt the new brand later this year.
“We expect to have most of the transitions completed by the end of 2014 as we systematically work with the balance of the Prudential Real Estate network and explore new affiliation opportunities,” Lee said.
HomeServices of America has made a slew of recent acquisitions, buying up brokerages across the country. In August, it acquired Prudential Fox & Roach, Realtors, which HomeServices described as the largest realtor in the tri-state region of Pennsylvania, New Jersey, and Delaware.
Ostler said that the rollout of the new Berkshire Hathaway HomeServices banner takes advantage of the Berkshire Hathaway name, which Barron’s recently named “the world’s most respected brand.” The Berkshire Hathaway name “stands for strength, trust, and longevity,” Ostler said.
HomeServices of America Chairman and CEO Ron Peltier was recently inducted into Twin Cities Business’ Minnesota Business Hall of Fame. To learn more about Peltier and the history of HomeServices, click here. To view a video of his induction speech, in which he discusses the company’s fast-paced growth, click here.