Realty Concepts announced Tuesday that it is acquiring Guarantee Real Estate, making the former the largest real estate brokerage in the Central Valley.
The move comes one month after the National Association of Realtors agreed to eliminate pre-negotiated commissions via the Multiple Listing Service.
The big picture: Tuesday’s announcement means Guarantee returns to local ownership.
- Realty Concepts already has 315 agents in the brokerage and will now expand to add the 370 agents coming over from Guarantee.
- Guarantee Real Estate was founded in 1984 and has been owned by HomeServices of America, a national company that has the largest number of agents in the country.
Driving the news: While Guarantee’s real estate brokerage has been around for 40 years, the Guarantee name and legacy has been a local fixture since the early 1900s.
- Realty Concepts owner J.P. Shamshoian talked with the descendants of the original founder of the Guarantee name, giving him the idea to approach HomeServices of America to possibly return Guarantee to its local roots.
State of play: Last month the National Association of Realtors agreed to a $418 million settlement that is revamping the real estate industry.
- Per the settlement, realtors are doing away with extending offers of buyer’s agent commission on a multiple listing service (MLS) listing.
- Home buyers will now have to agree on a commission with an agent before purchasing a home.
What we’re watching: Realty Concepts will now have offices in Fresno, Clovis, Oakhurst, Mariposa, Prather, Shaver, Reedley, Selma and Visalia.
- Three of the Guarantee offices in the Fresno area will close down and the staff and agents will move to Realty Concepts’ offices in Fresno and Clovis, while the remaining will stay open and rebrand.
What they’re saying: “We are honored to continue the great legacy of Guaranteed Real Estate at Realty Concepts,” Shamshoian said. “This is a coming together of firms with common ethics, common friends, and a common commitment to serving the best interest of the public. By joining forces, we ensure that the values upon which other brokerages were built will be sustained for generations to come.”
