HomeServices of America, Inc., a Berkshire Hathaway affiliate, today announced the acquisition of Intero Real Estate Services, one of Silicon Valley’s largest and fastest growing residential real estate brokerage firms, and Intero Franchise Services, its affiliated franchise network. Terms were not disclosed.
Headquartered in Cupertino, Intero serves Northern California in 13 offices including San Benito County. Since 2007, the Intero franchise network, which is comprised of nearly 50 affiliates including California, generated more than $1.5 billion in national sales volume in 2013. Intero Real Estate Services and the Intero franchise will each retain their name and existing branding without change or interruption.
Renee Kunz, vice president and managing officer of the Hollister branch of Intero, called the acquisition by Warren Buffet-backed HomeServices a “fantastic opportunity for Intero. It’s a positive for the consumers and for all parties involved: current management and employees of Intero, as well as agents who are associate with Intero and for the consumer. Warren Buffet and HomeServices is associated with success, as is Intero. Two winning organizations are combining their strength, knowledge and expertise to provide the best service to our clients.”
HomeServices is the second-largest, full-service residential real estate brokerage firm and through its operating companies, is one of the largest brokerage-owned settlement services providers in the U.S. The acquisition represents HomeServices’ expansion of their presence in California which also includes southern California-based Berkshire Hathaway HomeServices California Properties.
“Intero is a strong company with an excellent reputation in a growth market,” said Ron Peltier, chairman and CEO, HomeServices. “This transaction aligns with our vision of acquiring distinguished companies in leading markets that share our core values.”
“This transaction makes one of the premier firms in Northern California an even stronger organization,” Blefari said. “By joining forces with HomeServices, we will be unmatched in our ability to serve the real estate needs of new and existing clients throughout the communities we serve.”
“We are proud to be part of HomeServices of America,” said Robert Moles, chairman of Intero Real Estate Services. “We are joining an organization known for its strength and stability; one that is consistent with our high standards of service, integrity and community involvement, making this a win/win for our customers and our brokers.”
HomeServices of America, Inc. is the nation’s second-largest residential real estate brokerage company and, through its operating companies, is one of the largest providers of integrated real estate services. HomeServices of America is the majority owner of the Berkshire Hathaway HomeServices, Prudential Real Estate and Real Living Real Estate franchise networks. HomeServices is owned by Berkshire Hathaway Energy, a consolidated subsidiary of Berkshire Hathaway Inc. HomeServices’ operating companies offer integrated real estate services, including brokerage services, mortgage originations, title and closing services, property and casualty insurance, home warranties, and other homeownership services. HomeServices Relocation, LLC is the full-service relocation arm of HomeServices of America, which provides every aspect of domestic and international relocation to corporations around the world. HomeServices operates under the following residential real estate brands: Berkshire Hathaway HomeServices California Properties; Berkshire Hathaway HomeServices Carolinas Realty; Berkshire Hathaway HomeServices First Realty; Berkshire Hathaway HomeServices Fox & Roach, Realtors®; Berkshire Hathaway HomeServices Georgia Properties; Berkshire Hathaway HomeServices KC Realty; Berkshire Hathaway HomeServices New England Properties; Berkshire Hathaway HomeServices Northwest Real Estate (Portland); Berkshire Hathaway HomeServices Northwest Real Estate (Seattle); Berkshire Hathaway HomeServices KoenigRubloff Realty Group; Berkshire Hathaway HomeServices York Simpson Underwood Realty; Berkshire Hathaway HomeServices Yost & Little; Carol Jones Realtors®; CBSHOME Real Estate; Champion Realty Inc.; Edina Realty; EWM REALTORS®; Guarantee Real Estate; Harry Norman, Realtors®; HOME Real Estate; Huff Realty; Intero Real Estate; Iowa Realty; Long Companies; RealtySouth; Rector-Hayden Realtors®; Reece & Nichols; Roberts Brothers Inc.; Semonin Realtors®; and Woods Bros. Realty.