Warren Buffett announced Tuesday that his Minneapolis-based HomeServices of America has bought a stake in two real estate brokerage networks. HomeServices which is part of Buffett's Berkshire Hathaway business, has acquired a majority interest in the Prudential and Real Living brokerages in a joint venture with the Toronto firm Brookfield Asset Management, which owns Brookfield Relocation - the world's second largest relocation company. The new company creates a real estate mega-franchise that will be known as Berkshire Hathaway HomeServices.Â
The new franchise is "built upon the financial strength and leadership of Brookfield and HomeServices," said Buffett. "I am confident that these partners will deliver value to the residential real estate industry, and I am pleased to have Berkshire Hathaway be part of the new brand."
The new company will be creating a global brand and creating a destination website that actually is a site that customers and clients recognize and value when looking for real estate anywhere in the country and anywhere in the world.
Stay tuned for more updates on this exciting news that is only going to make our brand and company stronger!