Washington (PRWEB) July 24, 2014
Berkshire Hathaway HomeServices (BHHS) announced today that PenFed Realty, LLC is the newest national real estate brokerage to join the network. The entirety of PenFed Realty will assume the Berkshire Hathaway HomeServices PenFed Realty name by December 2014.
Kevin Wiles, president of PenFed Realty in the Mid-Atlantic, sees the move as a way to deliver more value and more advanced tools to agents in the brokerage. “Everyone at PenFed Realty is excited to be aligning with one of the most successful and most admired companies in the world. Berkshire Hathaway HomeServices represents an industry leading brand and one of the fastest growing real estate networks in the country. The unique tools, programs and resources offered by PenFed combined with the power of the Berkshire brand are going to create unparalleled growth opportunities for our Realtors®.”
The BHHS network currently boasts over 31,000 real estate professionals and 905 offices in 42 states. It is a finalist in the 2014 Inman News Inman Innovator Awards for the “Most Innovative Brokerage or Franchise” category. It won the 2014 Harris Poll Equitrend “Real Estate Agency Brand of the Year” as chosen by a poll of 40,000 consumers ranked by brand familiarity and quality. Last month BHHS won a Gold Stevie Award in the American Business Awards as “Startup of the Year” for 2014 across 3,300 nominations from all business categories.
Shashi Vohra, president and CEO of PenFed Realty said Berkshire Hathaway HomeServices offers its agents an “exclusive network with world class marketing and technology, managed by the top leadership in the industry. Aligning our value propositions with the top tier BHHS brand offers even more power to our agents and clients.”
PenFed Realty was established in the Washington, D.C. metropolitan area in 2006 as a full-service real estate brokerage firm that is a wholly-owned subsidiary of Pentagon Federal Credit Union (PenFed). Since 2006, it has experienced a 650% growth in number of agents and now has 50+ locations nationwide. In 2013 it sold 10,965 units with a total settled volume of $2.8 billion. Prudential PenFed Realty serves its clients in Maryland, Virginia, Washington D.C., West Virginia, Pennsylvania, Delaware, North Carolina, Florida, Tennessee, Texas and Kansas.
Since 2011, PenFed Realty has paid over $3 million in agent bonuses and benefits. It has also seen a 2100% growth in units and was ranked #31 in 2013 and 6th fastest growing real estate brokerage in the country by Real Trends 2013.
“Both our existing company and our new brand are universally respected for their track record of growth, financial performance and operational efficiency. No other broker in the industry will be able to match the value we deliver to our sales professionals and our agents,” Vohra continued. “We made this choice because it’s the best match for the future of our organization.”
“We are elated that Prudential PenFed Realty will join our Berkshire Hathaway HomeServices brokerage network,” said Earl Lee, CEO of HSF Affiliates LLC, which operates the network. “Kevin Wiles and his team are among the finest in real estate and will represent our brand well in all of their markets.”
For more information please contact Miranda Opiela at 703.838.1528.
About Berkshire Hathaway HomeServices
Berkshire Hathaway HomeServices, based in Irvine, CA, is a brand-new real estate brokerage network built for a new era in residential real estate. The network, among the few organizations entrusted to use the world-renowned Berkshire Hathaway name, brings to the real estate market a definitive mark of trust, integrity, stability and longevity.
About HSF Affiliates LLC
Irvine, CA-based HSF Affiliates LLC operates Berkshire Hathaway HomeServices, Prudential Real Estate and Real Living Real Estate franchise networks. The company is a joint venture of which HomeServices of America, Inc., the nation’s second-largest, full-service residential brokerage firm, is a majority owner. HomeServices of America is an affiliate of world-renowned Berkshire Hathaway Inc.
About PenFed Realty
PenFed Realty, wholly owned by PenFed (Pentagon Federal Credit Union), is a full-service real estate company with an annual sales volume over $2.8 billion; serving PenFed members as well as the general public. Recognized as a leading real estate company in its service area, it is ranked among the top 10 Prudential affiliates nationwide. Over 1,700 top-notch sales professionals work out of PenFed Realty’s 50+ offices to provide complete real estate services nationwide.