Real Estate Firms Merge to Form New Giant
July 15, 2016
RealtyUSA and Hanna Real Estate Services announced they're merging this week, which will create the third largest residential real estate company in the country.
Read more: Residential Franchise Report
Combined, the merged company’s performance last year represented $16.2 billion in closed sales volume among 89,737 closed transactions.
Prior to the merge, Howard Hanna was the largest broker in Pennsylvania and Ohio, and the fourth largest residential real estate company in the country. The company also operates in Virginia, West Virginia, Michigan, Maryland, and North Carolina.
"RealtyUSA and Howard Hanna agents will benefit from each other's markets for referrals in areas they do not serve,” says Helen Hanna Casey, Howard Hanna president and chief executive.
Prior to the deal, RealtyUSA was the ninth largest residential real estate company in the country and the largest residential broker in New York prior. It has more than 2,200 sales associates and employees. Last year, RealtyUSA closed 23,023 transactions.
Merle Whitehead, the president and chief executive of RealtyUSA, will serve as the chairman of the merged company.
The transition from the merger “will be seamless for both agents and clients, and the range of services offered will be expanded for both,” according to Howard Hanna.
The merged company plans to expand its insurance unit and marketing and technology system. The companies announced they also plan to add 40 employees.
Source: “RealtyUSA Merges With Howard Hanna Real Estate Services,” National Mortgage News (July 14, 2016)
Updated: October 15, 2019