HomeSmart recently announced its largest acquisition in company history in a deal that spans multiple states. PalmerHouse Properties (PHP), an Atlanta-based brokerage, will now be doing business under HomeSmart’s umbrella, adding 2,000 agents to HomeSmart and growing it to more than 22,000 agents across 37 states.
“PalmerHouse Properties is a premier brokerage and great cultural fit with HomeSmart. We’re thrilled to have them join our team and are excited about the opportunities they will bring to all our agents and brokers, and their customers,” said Matt Widdows, HomeSmart’s founder and CEO, in a statement. “This deal is another proof point that our plan to scale and accelerate growth is on track.”
PalmerHouse Properties has a large presence across several key markets in Florida, Tennessee, Missouri, North Carolina and Alaska. While the PalmerHouse Properties offices will retain their names, with the headquarters remaining in Atlanta, the brokerage will now be part of the same family of companies owned by HomeSmart.
“Joining the HomeSmart family offers our agents more buyers and sellers together,” said Kevin Palmer, CEO and founder, PalmerHouse Properties, in a statement. “Combining that synergy with HomeSmart’s 100% commission model, tech-forward approach to business and superior customer service creates an unmatched winning team.”
We recently spoke with Ashley Bowers, president of HomeSmart International, on what this news means for the brand, and what growth plan the company has in its sights.
What was the decision behind the acquisition and what does it mean for the HomeSmart brand?
Ashley Bowers: HomeSmart is always actively searching for acquisition opportunities that make sense. PalmerHouse Properties has so many synergies from culture to operations to philosophies to fee structures. This will allow us to scale from both an agent and staffing perspective. We’re excited to see what we can add to the PHP operation and what the PHP operation can add to us.
How might this impact, and provide advantages for, the agents of PalmerHouse Properties?
AB: With over 22,000 agents nationwide, the PHP family now has a huge network of peers to collaborate with. We will be implementing our technology to provide greater efficiency, compliance and of course business-building tools. For the staff, they are now a part of a larger organization with more opportunities for advancement and development.
What types of opportunities does this expansion bring to HomeSmart?
AB: The scale of the team and having another hub for operations is key to the continued support of our national footprint. I also believe it shows our dedication and ability to foster smooth transitions as we grow our organization.
How will HomeSmart continue maintaining its brand culture through this expansive growth?
AB: Growing with companies that are like-minded helps continue the culture we have already built. This was not only a key factor for us, but for Kevin as well. Culture is something we take seriously, and we focus on it daily—it’s not something you can check a box by and think you’ve accomplished it. I believe our deliberate way of building and protecting our culture will see us through all of our expansion and growth.
What are the future growth plans of HomeSmart?
AB: Our growth strategy will continue as it has in the past through strategic acquisitions and organic focus with both franchising and corporate-owned locations.
For more information, please visit www.homesmart.com.
Liz Dominguez is RISMedia’s senior online editor. Email her your real estate news ideas to firstname.lastname@example.org.