The real estate arm of Warren Buffett’s empire has signed
Prudential Florida Realty as its first brokerage franchisee, The Real Deal has
learned.
Home Services of America, an affiliate of the billionaire’s
Berkshire Hathaway, has plans to sign franchise agreements with nine brokerages
nationwide, according to Kevin Ostler of HSF Affiliates LLC, which operates the
Berkshire Hathaway HomeServices brokerage network.
“We focus on the luxury market, and I believe that the Berkshire
Hathaway brand will resonate really well with those buyers and sellers,” Rei
Mesa, who heads the renamed Berkshire Hathaway HomeServices Florida Realty,
told TRD.
The announcement comes as Berkshire Hathaway increases its stake
in the U.S. housing industry, from building materials to distressed properties,
following bullish public statements by Buffett.
“Homes are such an important part of the resources of most
families,” Buffett said in a March video posted on YouTube. “We are in all aspects
of housing and they’re all coming back strong.”
Berkshire Hathaway signed a joint venture agreement in October
with Toronto-based private equity firm Brookfield Asset Management, which had
purchased Prudential Financial’s real estate business in 2011.The deal gave
Berkshire Hathaway a controlling interest in Prudential, which has 1,400
offices and 47,000 agents across the U.S.
* Source: The Real Deal
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