JP & Associates REALTORS® (JPAR) and JPAR Franchising are under new ownership.
Utah-based Cairn Real Estate Holdings, LLC announced on Mon., May 3 that it acquired the real estate brokerage, and its franchise enterprise out of Texas, as part of a larger consolidation plan to build a real estate services business.
“We’re looking to build out a full-service real estate services firm that serves the consumer from start to finish in the home sale and home-buying process,” says Cairn Chairman and CEO Rick Davidson. “We are looking to acquire companies that have a great market presence, reputation and market position in their respective markets.”
JPAR has all three in spades, which has helped the company earn its spot in RISMedia’s 2021 Power Broker Report, which ranks the Top 1,000 Power Brokers by 2020 sales volume. The Texas-based firm earned the 47th slot on the list after tallying a little more than $4.4 billion in total sales last year—a 23% increase from 2019.
Since launching in 2011 with a 100% commission-based model, JPAR firmly established itself throughout Texas. That growth was supplemented with the launch of the firm’s franchising segment in 2018, which helped spread JPAR’s brand across 23 states.
Thus far, the combined enterprise touts more than 3,300 agents in 61 offices nationwide.
“JPAR Real Estate was born out of a simple concept to supply real estate agents with everything they could possibly want or need in a brokerage,” said JPAR Founder Giuseppe Piccinini in a press release. “We have built an incredible culture and legacy that will live on and expand under Cairn Real Estate Holdings.”
“The JPAR Nation welcomes this exciting new era of growth,” said Mark Johnson, CEO of JPAR Brokerage, in a press release. “Rick Davidson is a real estate powerhouse, and we’re excited to be part of his bold vision for the future of the real estate services industry.”
Headquartered out of Salt Lake City, Cairn is a partnership between New York-based private equity firm Aperion Management and Davidson, a 30-year industry veteran who most recently served as a global chief executive officer of Century 21 Real Estate amid a 10-year run with Realogy.
Davidson tells RISMedia that Cairn’s purchase of JPAR isn’t a traditional consolidation play to bring JPAR under a particular brand. Instead, the company wants to continue building on the Texas enterprise’s current success organically and other strategic acquisitions.
“From this platform investment, we are pursuing multiple acquisitions in markets all around the country—both on the brokerage side of the business as well as on the ancillary services side of the business, including mortgage, title, escrow, appraisal, home warranty, home inspection,” Davidson says. “The benefit that will be provided to these organizations is being part of a broader and larger organization with access to resources that they may not have today.”
According to Davidson, that will include additional human capital and financial resources to allow companies that Cairn acquires to continue to grow.
Another component of Cairn’s platform strategy is focusing on agent development. Davidson added that Cairn plans to focus on meeting agents where they perform the best regardless of the compensation model.
“One of the differentiating advantages of what we’re building is that we are brand and model agnostic,” Davidson says. “When you look at the competitors across the marketplace, most have chosen a lane, which means they have a model and execute upon that model.”
Jordan Grice is RISMedia’s associate content editor. Email him your real estate news to email@example.com.