Berkshire Hathaway Affiliate Buys Long & Foster
By September 7, 2017 0 540•
HomeServices of America, Inc., a Berkshire Hathaway affiliate, announced Sept. 7 that it has acquired the Long & Foster Companies, Inc., the largest private residential real estate company in the United States by sales volume.
The acquisition, according to HomeServices, expands its presence in the Mid-Atlantic region to Washington, D.C., and Baltimore and extends its national footprint to Virginia and West Virginia. Adding the Long & Foster brand positions HomeServices to be the nation’s largest home ownership services provider based on transactions, according to the 2017 Real Trends 500 report.
Long & Foster cofounder Wes Foster will remain with the company as chairman emeritus. Jeff Detwiler, Long & Foster’s current president and chief operating officer, will assume the role of chief executive officer; together with the existing team of enterprise and business line leaders, he will oversee growth initiatives and continue to manage day-to-day operations.
Headquartered in Chantilly, Virginia, Long & Foster Real Estate has approximately 11,000 agents in more than 230 offices serving buyers and sellers in major markets across the Mid-Atlantic and beyond, including Virginia, Maryland, the District of Columbia, West Virginia, North Carolina, Pennsylvania, Delaware and New Jersey. In 2016, Long & Foster Real Estate had nearly $29 billion in sales volume and more than 81,000 home sale transactions.
“Finding the right partner to maintain the legacy, culture and integrity of Long & Foster was of utmost importance to me,” said Foster, who founded the company in 1968 with Henry Long. “I couldn’t be more pleased that we are joining an organization known for its impeccable reputation and commitment to protecting brands. Joining HomeServices ensures that our history of market leadership and industry expertise continues.”
With this transaction, according to the company, HomeServices now has more than 41,000 real estate professionals operating in 30 states and the District of Columbia. In 2017, the company expects its sales associates to facilitate over $123 billion in residential real estate sales, nearly 340,000 home sale transactions and nearly 200,000 mortgage, insurance, title and escrow transactions.
“This is an important transaction for HomeServices and we are incredibly proud to have the Long & Foster Companies join the HomeServices family,” said Ron Peltier, chairman and CEO of HomeServices. “Wes, together with his executive team, regional leaders, sales managers and agents, has built an extraordinary organization that exemplifies an exceptional level of expertise, vision and leadership. We are honored to be part of Long & Foster’s future and are committed to its continued growth and success.”