Blog Archives

Wakefield Reutlinger Realtors will soon be purchased by HomeServices of Kentucky Inc., current owner of Semonin Realtors.

The effective purchase date is expected to take place in the near future.

HomeServices of America Inc., a wholly-owned subsidiary of Berkshire Hathaway Inc., also owns HomeServices of Kentucky. The current terms of this purchase agreement were not disclosed.

Kenneth Reutlinger Jr. and Thomas Wakefield founded their company Wakefield Reutlinger in 1984. The company’s Louisville office has around 40 agents and staff members, and they also sell higher end homes with an average sell price of approximately $250,000.

According to Business First, it’s one of the world’s largest residential real estate firms, and the company ranked number 24 during 2012 due to the number of local residential real estate transactions closed during that period. They published this list in their March 15 print edition. The company itself had a total of 212 local residential sales, and their average sale price was $263,333. The total amount of their local sales volume during 2012 was $56 million.

Semonin was also on the list, and they appear at number one. In total, they closed 3915 local real estate sales, and their average sale price was $182,663. Their total local sales volume for the year 2012 was $715 million.

“We are extremely pleased that Wakefield Reutlinger Realtors has become part of HomeServices of Kentucky,” Tom Wakefield, principal broker for Wakefield Reutlinger, said in a news release. “Ken Reutlinger and I will remain within the company as active brokers.”

 

The Berkshire Hathaway subsidiary also owns Semonin Realtors. They serve the Louisville area and have over 550 staff members and agents. They also own Rector Hayden Realtors, which has 250 staff and agents serving the Central Kentucky and Lexington area. Let’s not forget that HomeServices of America also owns Huff Realty. They have 525 staff and agents serving the Cincinnati area.

 

The CEO and president of HomeServices of Kentucky, Brad DeVries, mentioned in an interview that he does not think the agents or customers will notice any major difference after the sale.

Wakefield Reutlinger will continue to operate as usual, and they will maintain their company website and brand name.

In his recent letter to shareholders, billionaire investor Warren Buffett tells us that he now owns around 67% of an operation that runs Prudential, the Irvine-based real estate chain.

Buffett said that he will “purchase the balance of those operations within five years.”

Until the shareholder letter, there has never been a time where any of the details of the partnership between Brookfield Asset Management and Berkshire Hathaway have been revealed.

Back in October of 2012, Brookfield and Warren Buffett told the world that they were going to team up and create a new national real estate chain known as Berkshire Hathaway HomeServices. The headquarters of this company is in Irvine, California.

According to the shareholder letter released by Warren Buffett on March 1 of 2013, the existing real estate company of Berkshire Hathaway known as HomeServices of America, actually purchased the 67% of the Prudential and Real Living franchise operations. Together, both of these companies license 544 brokerage companies on a national scale.

The new chain known as Berkshire Hathaway HomeServices is soon-to-be operational later on in 2013. The Prudential franchises are going to convert to the new brand as well. The other Prudential offices are going to have the opportunity to switch brands or continue to operate under the Prudential name, as well as the Rock of Gibraltar logo.

The new chain actually unveiled its new logos and colors during the past week at Prudential Real Estate’s Las Vegas sales convention.

The official colors are Cabernet and cream the company tells us. They will also have a very simple font and design for their new business cards, yard signs and logos.

Officials from the company say that the new look has a timeless quality, reflecting “the brand’s classic heritage.”

“The new Berkshire Hathaway HomeServices logo exemplifies strength and elegance,” said chairman and CEO of HomeServices of America Ron Peltier.

“The Berkshire Hathaway HomeServices brand identity is smart, distinctive and versatile for all markets and price ranges,” said Earl Lee, CEO of HSF Affiliates LLC.