The Prudential real estate brand – which has been the home to over 2000 residential real estate agents across Nevada and Arizona, and also tied to over 21 offices, has officially gone by the wayside – in order to capitalize on the power and profitability of the billionaire investor Warren Buffett.
Just this past April, two real estate franchises formerly known as Prudential Americana Group based out of Las Vegas and Prudential Arizona Properties based out of Phoenix – owned by Mark Stark, CEO – switched over to the ever-growing Berkshire Hathaway HomeServices, Warren Buffett’s real estate brokerage network.
The franchise in Arizona – also known as the seventh largest residential brokerage in the valley, and has over 600 agents and 11 offices – is now known as Berkshire Hathaway Arizona Properties. The brokerage in Nevada is now operating under the name Berkshire Hathaway Nevada Properties.
For Mark Stark, taking advantage of the financial stability and branding power of Berkshire Hathaway was an easy decision.
“It gives a company like mine opportunities and reach into places we never would have had,” he said. His position as chief executive officer and the owner of Americana Holdings, owner of both franchises, did not change due to this transition.
Berkshire Hathaway is one of the biggest worldwide companies. They have brought in more than $182 billion worth of revenue in 2013, and the company had a net income of $19.45 billion, and its run by CEO, chairman and President Warren Buffett. The company is based out of Omaha Nebraska, and the overall corporation has whole or minority ownerships in many different businesses including Dairy Queen, GEICO, American Express, Helzberg Diamonds, IBM, Heinz, Fruit of the Loom and Coca-Cola.
Stark has been transitioning away from the Prudential name for quite some time now.
He began the transition during the fall of 2012. This happened because Berkshire Hathaway purchased the Prudential and Real Living real estate brands from Brookfield Asset Management, based out of Toronto. This purchase eventually turned into the HomeServices network.
Not long thereafter, HomeServices started the process of changing over the Prudential and Real Living offices and agents into the new network.
In that timeframe, the network has more than 28,000 agents and 750 offices across the nation, and we understand that these numbers will continue to grow each week.
Stark mentions that the transition to Berkshire Hathaway is your option as a real estate agency. The franchises have the opportunity to finish up the remaining contracts and then stop using the Prudential name and go independent.