Prudential To Become Berkshire Hathaway HomeServices (Eventually)

October 30th, 2012 Frank L. DeFazio Leave A Comment

Prudential To Become Berkshire Hathaway HomeServices (Eventually)

Philadelphia Real Estate

Prudential To Become Berkshire Hathaway HomeServices (Eventually)

Some of you in the Philadelphia Real Estate community may have missed some pretty big news as a result of the nonstop onslaught of Hurricane Sandy coverage yesterday. Brookfield and HomeServices of America have joined forces and launched a new real estate brand: Berkshire Hathaway HomeServices.  Why does this matter you may ask?  It matters because Brookfield recently purchased Prudential, the overwhelming marketshare leader in the Philadelphia region.  Clearly when Warren Buffett said he was bullish on real estate last year he was serious and now he’s put his money where his mouth is.   To many this will be an indication that the real estate market is well on the way to significant recovery.

Here’s what Warren Buffett thinks about the new Berkshire Hathaway HomeServices franchise:

“Berkshire Hathaway HomeServices is a new franchise brand built upon the financial strength and leadership of Brookfield and HomeServices,” said Warren Buffett, chairman and CEO of Berkshire Hathaway Inc. “I am confident that these partners will deliver value to the residential real estate industry, and I am pleased to have Berkshire Hathaway be a part of the new brand.”

Here’s what Prudential Fox & Roach’s Larry Flick had to say:

 

“Berkshire Hathaway Home Services is a joint venture between Home Services (already a Berkshire Hathaway Company) and Brookfield.  Home Services is the second largest, residential brokerage firm in the United States, and as we know, Brookfield is a leading global provider of real estate and relocation services.  Both of these organizations combine their financial strength, operational excellence, demonstrated integrity, and the reputation of Berkshire Hathaway – among the world’s most admired companies, according to Fortune’s 2012 ranking – to deliver what will likely be the best and most respected real estate offering in the marketplace.”

Here’s what the BHHS website has to say about the move:

“The announcement of Berkshire Hathaway HomeServices® signals a defining moment in real estate. It unites the strengths of two industry leaders, bringing together unparalleled operational excellence, innovation and integrity. With a vision to become the most valued real estate company in the market, this powerful new network, available to affiliates in 2013, will exemplify the reputation of Berkshire Hathaway—among Fortune’s 2012 most admired companies. It’s a new day for the housing market. And Berkshire Hathaway HomeServices® is a new kind of franchise, one that’s set to redefine the future of the industry.”

And the news is already making waves in the blogosphere:

http://www.inman.com/news/2012/10/30/prudential-real-living-brands-be-berkshire-hathaway-homeservices

http://1000watt.net/2012/10/thaoughts-on-berkshire-hathaway-homeservices/

http://www.vendoralley.com/2012/10/30/warren-buffet-bets-big-on-real-estate/

http://www.usatoday.com/story/money/business/2012/10/30/buffett-firm-buys-prudential-real-estate/1668649/

Clearly having someone as respected as Warren Buffet associated with Philadelphia Real Estate is going to be a game changer.  I’ll keep you posted as updates come in!

Blog post compliments of the CenterCityTeam Philadelphia Real Estate Blog

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Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
215.521.1623 Direct
610.636.4364 Cellular
888.308.1148 Fax
Frank@CenterCityTeam.com

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