A name that is quite familiar to everyone is going to make its way to Rochester, after a local real estate agency takes on the name of this familiar brand.
Prudential Lovejoy Realty will soon change its name to Berkshire Hathaway HomeServices, Lovejoy Realty in an effort to promote its affiliation with billionaire investing phenom Warren Buffett. Buffett bought out the real estate portion of Prudential’s firm for $110 million in 2012. In an effort to connect with Warren Buffett’s stellar reputation, the majority of the offices of the franchise, including Lovejoy Realty, will ultimately rebrand.
“It’s a world-class brand name,” mentions Kelly Calvert, a manager and broker at the Lovejoy Realty Rochester office. “Anything associated with Warren Buffett does well.”
The change in brands also clears up the muddiness that comes along with the insurance brand owned by Prudential. The new Berkshire Hathaway brand clearly shows that the franchise’s main focus is real estate, said Calvert.
The new Berkshire Hathaway real estate signs will go up on June 10 at the Rochester real estate office located at 2300 Superior Drive N. W. The real estate agency moved there back in 2012.
Even though the company brand name is going to be different, it will still remain a full-service Realty office with 12 members on staff in Rochester. This is one of six franchise offices in Minnesota and Wisconsin owned by Peggy Lovejoy, based out of Onalaska. All in all, the company employs roughly 92 agents.
“We’re growing. We hope to open two more offices in Minnesota before the end of the year,” Calvert said.
The wide range of companies owned by Warren Buffett already has familiarity in the Rochester market. Berkshire Hathaway owns the Edina Realty Rochester parent company.
In the past, Berkshire also owned Koskovich Co. in Rochester prior to the housing market collapse, which ultimately caused Berkshire Hathaway to close the company toward the end of 2009.