Transaction Positions HomeServices to Become Nation’s Leading Home Ownership Services Provider
HomeServices of America, Inc., a Berkshire Hathaway affiliate, today announced that it has acquired The Long & Foster Companies, Inc., the largest private residential real estate company in the United States by sales volume. The acquisition includes Long & Foster’s family of companies, including Long & Foster Real Estate and its market-leading affiliated business lines in mortgage, settlement services, insurance, and property management. Financial terms of the transaction were not disclosed.
Headquartered in Chantilly, Virginia, Long & Foster Real Estate is the largest independent residential real estate brand by volume and the second largest independent brand by units according to the 2017 REAL Trends 500 report. The company has approximately 11,000 agents in over 230 offices serving buyers and sellers in major markets across the Mid-Atlantic and beyond, including Virginia, Maryland, the District of Columbia, West Virginia, North Carolina, Pennsylvania, Delaware, and New Jersey. In 2016, Long & Foster Real Estate had nearly $29 billion in sales volume and more than 81,000 home sale transactions; Prosperity Mortgage originated $3.3 billion in home loans, representing nearly 12,000 mortgages; Long & Foster’s settlement services companies closed over 20,000 title and escrow transactions; and Long & Foster Insurance issued approximately 8,300 property and casualty insurance policies.
Founded in 1968 by Wes Foster and Henry Long, Long & Foster’s family of companies has grown to become one of the nation’s foremost real estate and financial services companies. The Long & Foster name is synonymous with providing clients the highest level of customer service, local expertise, and resources, all delivered by a team of knowledgeable agents using the firm’s renowned innovative technologies and data-driven insights.
Wes Foster will remain with the company as Chairman Emeritus. Jeff Detwiler, Long & Foster’s current president and chief operating officer, will assume the role of chief executive officer and, together with the existing team of enterprise and business line leaders, will oversee growth initiatives and continue to manage day-to-day operations.
“Finding the right partner to maintain the legacy, culture, and integrity of Long & Foster was of utmost importance to me,” said Foster. “I couldn’t be more pleased that we are joining an organization known for its impeccable reputation and commitment to protecting brands. Joining HomeServices ensures that our history of market leadership and industry expertise continues.”
“The Long & Foster brand and its legacy of integrity and service will continue as it has for the past 50 years,” said Detwiler. “Joining HomeServices makes us an even stronger company. HomeServices is an outstanding organization that shares our commitment to delivering exceptional customer service. This is a clear win for our clients, agents, and employees.”
The acquisition expands HomeServices’ presence in the Mid-Atlantic region to Washington D.C. and Baltimore and extends its national footprint to Virginia and West Virginia. Adding the Long & Foster brand positions HomeServices to be the nation’s largest home ownership services provider based on transactions, according to the 2017 Real Trends 500 report. With this transaction, HomeServices now has more than 41,000 real estate professionals operating in 30 states and the District of Columbia. In 2017, the company expects its sales associates to facilitate over $123 billion in residential real estate sales, nearly 340,000 home sale transactions, and nearly 200,000 mortgage, insurance, title, and escrow transactions.
“This is an important transaction for HomeServices and we are incredibly proud to have The Long & Foster Companies join the HomeServices family,” said Ron Peltier, HomeServices’ chairman and CEO. “Wes, together with his executive team, regional leaders, sales managers, and agents, has built an extraordinary organization that exemplifies an exceptional level of expertise, vision, and leadership. We are honored to be part of Long & Foster’s future and are committed to its continued growth and success.”