Prudential PenFed Realty Strengthens Brand with Rapid Growth in National Real Estate Market
WASHINGTON (PRWEB) August 27, 2013 -- Prudential PenFed Realty has grown exponentially over the past 12 months by adding locations in Texas, Kansas, Tennessee and Florida to its network of local real estate brokerages; bringing its total to 47+ offices and 1400+ agents. This vibrant growth through these successful mergers in 2012 has built upon the already strong real estate presence in Northern Carolina, Virginia, Maryland, and the greater Washington, D.C. Metro area. This includes Delaware and parts of West Virginia and Pennsylvania. In addition to these locations, the company has access to an extensive national network so that it can seamlessly service all of its real estate customers.
PenFed Realty began with Vestra Realty in Virginia when Pentagon Federal Credit Union (PenFed) acquired its assets in 2006. Just four years later PenFed Realty entered the Texas real estate market in a similar manner via Prudential Exit Slater in San Antonio.
“The support and can-do attitude we have received from the brokerage has enabled us to enhance and help out our real estate professionals through teamwork. Even though we are a large broker in the Prudential Real Estate network, we still have that family feeling. You don’t normally find that with companies that are growing as fast as Prudential PenFed Realty. We understand that the agent is the most important part of the organization,” said Scott Caballero, managing broker of the San Antonio, Texas office.
One year later Paradigm Realtors in Fayetteville was added to PenFed Realty, allowing it to enter the real estate market in North Carolina.
“Our office and real estate professionals have greatly benefited from the additional business provided by the business development team at Prudential PenFed Realty. We’ve seen a 25% increase in business through the partnerships and opportunities the company has afforded our agents,” said Eric Anderson, managing broker of the Fayetteville, N.C. office.
Over the past few years, PenFed Realty has increased its presence in order to better serve PenFed’s 1.3 million members nationwide. It has experienced success as a result of significant affinity relationships and a reputation among REALTORS® for supporting its agents—creating a stable environment in which they can grow and one that provides “best-in-class” services to its clients.
In late 2011, PenFed acquired the assets of Prudential Carruthers Realtors, a leading regional real estate brokerage in the Washington, D.C. Metro area. This enabled PenFed Realty to join the Prudential Real Estate network, and help grow the company to over 35 sales offices with over 1,100 real estate professionals. Just a month later, Brookfield Residential Services acquired the assets of Prudential Real Estate Affiliates, which only increased the strength of the brand.
The company’s whirlwind growth continued throughout 2012 and 2013; with four more expansions and a brand announcement. The July 2012 acquisition of Prudential Coastal Properties’s assets in Destin, along highway 30A, paved the way for Prudential PenFed Realty in the Florida real estate resort market from Pensacola to Panama City.
“Being affiliated with PenFed helps our agents provide their clients with a broader range of real estate services,” said Royce Mitchell, managing broker of the Destin, Fla. office.
In that same month, PenFed entered the real estate market in Clarksville, Tenn. by way of Prudential Professionals Realty—adding two sales offices, 60 real estate professionals, and over $155 million in sales volume.
“In these unsettled times, we are fortunate to be associated with strong companies like PenFed, Prudential, and Berkshire Hathaway which are recognized for their high integrity and financial security. As Prudential PenFed Realty grows, it will become apparent how great an organization we have grown in such a short time,” said Bobby Powers, managing broker of the Clarksville, Tenn. office.
A few short months later Brookfield Residential Services announced the new brand, Berkshire Hathaway HomeServices; lending even more strength and support to the company. This significant development was followed by the excitement of Prudential PenFed Realty’s growth into the Wichita, Kan. real estate market with Prudential Dinning-Beard, REALTORS® in November.
“This partnership has allowed us to combine our resources in such a manner that we are able to strengthen and grow the relationships we have with our clients and the communities we serve,” said Mona Stein, regional executive vice president of Prudential Dinning-Beard, REALTORS®.
In March of 2013, PenFed grew its Texas market share to include AHK Realty, Inc., doing business as Prudential Texas Properties out of Dallas, adding over 240 real estate professionals and seven offices.
“PenFed Realty has positioned itself as a world-class real estate company in recent years, thanks, in large part, to PenFed. The credit union brings an impressive amount of financial strength and worldwide membership that brings benefits to our agents and clients that no other real estate has today,” says Rick Wylie, president of Prudential Texas Properties.
Prudential PenFed Realty’s expansion in the national real estate market has allowed it to successfully grow combining resources, talent and building a strong foundation backed by the strength of brand in PenFed, Prudential and Berkshire Hathaway HomeServices. Over the last 12 months, Prudential PenFed Realty has:
• Increased its number of real estate professionals by 44% (over 1500 agents)
• Increased its number of real estate transactions by 128% (exceeding 5,000 in 12 months)
• Increased its sales volume by 87%
• Increased its gross commission income by 90%
• Increased its profitability (mortgage, title and real estate services)
Prudential PenFed Realty has been able to deliver great value to the consumer by providing a Realtor® experience and savings that are unequaled in the current marketplace.
For more information, visit our website for a complete map of our growth.
About Prudential Real Estate and HSF Affiliates LLC
Prudential Real Estate is a part of the HSF Affiliates LLC real estate brokerage family, which includes Real Living Real Estate and the new Berkshire Hathaway HomeServices brand available later in 2013. Prudential Real Estate franchises are independently owned and operated. HSF Affiliates LLC, based in Irvine, Calif., is a joint venture of HomeServices of America and Brookfield Asset Management.
Prudential, the Prudential logo and the Rock symbol are registered service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Used under license with no other affiliation with Prudential.
About PenFed (Pentagon Federal Credit Union)
Established in 1935, PenFed is one of the largest credit unions in the country serving over 1.2 million members worldwide; with more than $16 billion in assets. Its longstanding mission has been to provide superior financial services, responsive to members’ needs in a cost effective manner. PenFed offers market leading mortgages, automobile loans, credit cards, checking, and a wide range of other financial services with its members’ interests always in mind. Serving a diverse population, there are hundreds of ways to become a PenFed member; including numerous association members and employee groups. PenFed is federally insured by the National Credit Union Administration, does business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act, and is an equal housing lender.
About Prudential PenFed Realty
Prudential PenFed Realty, wholly owned by PenFed (Pentagon Federal Credit Union), is a full-service real estate company with an annual sales volume over $1.7 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 Prudential affiliates nationwide. Over 1,700 top-notch sales professionals work out of Prudential PenFed Realty’s 49 offices to provide complete real estate services nationwide.
Prudential PenFed Realty is an affiliate of the Brookfield/Home Service Franchise (Formerly Prudential Real Estate) Residential Property Services network. Its franchises are independently owned and operated. The network provides franchises with numerous benefits, including access to Prudential Real Estate’s Online Seller Advantage® program designed to provide real-time information to sellers in an easy to use system; and Online Buyer Advantage®, enabling consumers to easily search for property in all 50 states and the District of Columbia. Prudential Real Estate is one of the largest real estate brokerage franchise networks in North America, with more than 1,500 franchise offices and 50,000 sales professionals in the franchise Network as of December 31, 2011.
©2013 BRER Affiliates LLC: An independently owned and operated broker member of BRER Affiliates LLC. Prudential PenFed Realty is an independently owned and operated member of BRER Affiliates LLC. PenFed Membership is not required to conduct business with Prudential PenFed Realty.
Miranda Opiela, Prudential PenFed Realty, http://PenFedRealty.com, +1 (703) 838-1528, [email protected]
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