Prudential sells real estate brokerage to large global company
Prudential Real Estate & Relocation Services sold its brokerage to Brookfield Residential Property Services this week, in a deal that makes it the third-largest residential real estate brokerage business.
The price of the sale was not disclosed.
Under a licensing agreement, Prudential franchisees can continue to use the Prudential brand based on the terms of their franchise agreement.
Sharon Snyder, president of Prudential Snyder & Company Realtors, said in a statement that the Ann Arbor-based franchise would continue to operate under the same name, providing clients “with the same innovative and outstanding service.”
“As it was, it will continue,” Snyder told AnnArbor.com. “It really will be seamless business as usual, except we expect more business as a result.”
She called the acquisition a “win-win” for the local Prudential Snyder & Company Realtors, which has offices located at 2655 Plymouth Rd. and 203 S. Zeeb Rd.
“Locally, we just doubled our global reach,” she said. “It’s just going to be a bigger footprint.”
“I’m looking for tremendous expansion as a result of this,” she continued.
With the acquisition, Brookfield Residential Property Services operates in 50 U.S. states, Canada, Mexico and Portugal. It has a network of 80,000 real estate agents, 2,800 brokerage locations and reports more than $150 billion in annual residential real estate transactions, according to the release.