Regional Real Estate Firms Merge Operations
by February 18, 2013 12:00 am 63 views
Century 21 Exclamation Realty of Rogers was acquired earlier this month by real estate giant Coldwell Banker Harris McHaney & Faucette.
The merger was to be completed by Feb. 15, but was announced Feb. 5.
“There was a rumor that got out on the streets what was happening, so we had to move a little bit quicker [with an announcement] than we had planned,” said Pat Harris, one of two principals at CBHMF along with CEO George Faucette. “We didn’t want agents from either organization to be blindsided.”
Faucette said negotiations with Century 21 owner Marcella Hagan began in early January.
“An agent of ours who knows Marcella pretty well suggested that maybe we ought to talk,” Faucette said. “So I called her and we talked. It’s as simple as that.”
Hagan started the company in 2007. CBHMF has been operating since February 2010, when Coldwell Banker Faucette Real Estate of Fayetteville and Harris McHaney Realtors of Rogers merged to create the new company, which maintains headquarters in Fayetteville and branch offices in Rogers, Bentonville and Siloam Springs.
Faucette, president and owner of Coldwell Banker Faucette, and Harris, owner of Harris McHaney, became equal partners once their firms merged. They have a combined 83 years as Realtors.
Hagan will hold the title of executive broker in the company.
“To add [Century 21] to our company made a lot of sense,” Faucette said. “And it made sense to add Marcella herself. She has a lot of experience in the business.”
In the most recent Northwest Arkansas Business Journal list of largest real estate firms published in March, CBHMF had 159 agents and ranked No. 2 in the region with a sales volume of $348.51 million, trailing only Fayetteville-based Lindsey & Associates, with $363.65 million.
Century 21 ranked 10th with a sales volume of $51.53 million.
Real estate data from 2012 will be published March 18.
Harris said the merger would yield a network of between 185 and 190 agents for the company. CBHMF has about 168 agents, he said