Nov. 2—In a significant shift for a nearly 50-year-old local company, a national firm has purchased
Owner and Chairman
The company declined to provide the sale price.
The deal offers
Among the region's largest residential real estate firms,
But traditional brokerages have faced increasing pressure from investment firms and startups such as
Without naming specific competitors,
"Considering the industry change and to be effective against these new competitors, we needed to evolve," Grady wrote. "We needed a strategic alliance."
Some were skeptical. Ownership by a publicly traded company could drive more pressure to cut spending on training and marketing or increase fees, said one
"From their perspective, they're bringing in more technology to compete against Zillow and Redfin, but I think the way to compete against those folks is to bring in more humanity to the job. That requires much more investment in training," the broker said.
"The fact is with the way the industry is changing it's an advantage to our agents and our clients to have a partner that is very well versed in the real estate industry," Deely said.
Stewart did not immediately return a request for comment Tuesday.
Riss joined in 1982 to manage the
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