This is an exciting time for PenFed Realty. PenFed Realty, coupled with PenFed’s nationally leading mortgage products and rates, has provided an unbeatable value, and continues to fuel the growth of both organizations.
Alexandria, VA (Vocus/PRWEB) February 22, 2011
Pentagon Federal Credit Union (PenFed) announced today that its wholly-owned subsidiary, PenFed Realty, LLC will substantially grow its realty business over the next year by establishing new locations in the Washington D.C. metropolitan area, Texas, and California marketplace.
Over the past few years, PenFed Realty has increased its presence in multiple states by testing its constructive model in which it offers clients a 1% rebate on all buyer transactions, and a 5% listing commissions to sellers while providing them a full-service REALTOR® experience. This very attractive value proposition has led to a sustained year-over-year growth across its markets. The planned expansion will allow PenFed Realty to increase its presence to serve not only PenFed’s million member real estate, title, and mortgage needs, but any homebuyer or seller.
PenFed has named its Executive Vice President, James Schenck and its Senior Vice President of Business Development, Shashi Vohra, to lead the growth and expansion of its realty, title, and wholesale mortgage operations. “The success of our realty and title model during the economic downturn provides an excellent opportunity for us to leverage its scale and scope to additional clients as the market begins its recovery,” said Shashi Vohra.
PenFed Realty first opened its doors for business in 2006 in the D.C. metropolitan area, and then later established a foothold in the San Antonio, Texas market in 2010. PenFed Realty currently has five offices with nearly 175 exclusive agents, and offers comprehensive real estate services nationwide to both PenFed members and non-members. Members who buy or sell a home through PenFed Realty receive a 1% buyer and seller rebate.
The expansion will get underway this spring with four offices opening in Woodbridge and Fort Belvoir, Virginia, as well as Potomac and Fort Meade, Maryland. Another two offices in Alexandria and McLean, Virginia will follow later in the year. Additionally, two new office locations are slated to be added in the San Antonio area and several in the California market during the latter half of the year.
“This is an exciting time for PenFed Realty,” said Schenck. "PenFed Realty, coupled with PenFed’s nationally leading mortgage products and rates, has provided an unbeatable value, and continues to fuel the growth of both organizations.”
PenFed is the third largest credit union in the United States with over a million members and assets in excess of $14.7 billion. The credit union provides worldwide service to Department of Defense, Army, Marine Corps, Navy, Air Force, Coast Guard, and Department of Homeland Security personnel; members of the VFW; employees or volunteers of the American Red Cross; employees of Tripler Army Medical Center, and others in the defense community and their families.
For more information about PenFed’s mortgage services and to apply for membership, visit http://www.PenFed.org or call 800-247-5626.
About PenFed Realty
PenFed Realty, LLC (PFR) was established in the Washington, D.C. metropolitan area in 2006, and is a full-service real estate brokerage firm that is a wholly-owned subsidiary of PenFed. PenFed Realty offers comprehensive real estate services nationwide to both PenFed members and non-members alike, and is affiliated with some of the most talented real estate agents in the industry. Every licensed real estate agent is a REALTOR®, a designation reserved only for real estate agents who are members of the National Association of REALTORS® and who adhere to a stringent Code of Ethics and Professional Standards.
For more information about PenFed Realty, LLC and the services provided, visit http://www.PenFedRealty.com or call 800-350-9115.
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