Above, Bess Freedman, left and Michele Harrington
Brown Harris Stevens (BHS) and FirstTeam®—based in New York City and Southern California, respectively—today announced what they are describing as a multi-year marketing partnership meant to “unite” the two storied independents from coast to coast.
Focused on “cross-marketing initiatives, advertising, public relations, networking, and shared insights,” company executives claimed they are building a relationship meant to benefit the 5,000 agents who operate across both brokerages, explicitly positioning it as an alternate formula from the mega-mergers that have driven headlines over the past 18 months.
“In an industry where increasing consolidation is limiting choice for buyers, sellers and agents, this collaboration serves to broaden our services in a very significant way,” said Bess Freedman, CEO of Brown Harris Stevens, in a statement.
Details of what the partnership will entail were not immediately available, though FirstTeam’s website specifically claimed it will allow “seamless” connections for people moving coast-to-coast, with FirstTeam claiming a presence in five western states (California, Colorado, Washington, Idaho and Arizona) and BHS operating in Florida, New York, Connecticut and New Jersey.
Matthew Leone, chief marketing officer of Brown Harris Stevens, referred to a “shared platform” as well as unnamed “new collaborative initiatives,” with the companies touting the potential for sellers to get “expanded listing exposure” on the other side of the country.
“Brokerages that are focused on long-term growth should be finding ways to align, not compete,” said Michele Harrington, CEO of FirstTeam, in a statement. “Our markets share strong fundamentals, and this partnership is just the beginning of what we can build together.”
In an email to RISMedia, Freedman added that the “bi-coastal partnership” was deemed “an extremely powerful option” after company executives met at a recent industry event.
“Brokerages like BHS and FirstTeam are not beholden to shareholders; we don’t have to show scale to influence stock prices. Everything we do, we do for our agents,” she said. “It’s time to flip the narrative and show that there is real power in collaborating, and fostering a free and fair marketplace.”
Both brokerages have won a reputation for independence, and both CEOs remain outspoken on industry topics and trends. Freedman in particular remains one of the most urgent and consistent voices pushing back against the pre-marketing and private listing practices which have been central to many other deals between big companies.
Harrington, in a recent conversation with RISMedia, made it clear she was not interested in a franchise model or having to cater to shareholders or investors, while emphasizing FirstTeam’s DIY mentality.
On the other hand, the partnership still represents a joining of forces, as huge companies like Compass are seemingly pushing more and more leaders in the industry to band together. Many real estate leaders have downplayed the potential impact of consolidation and argued that locally owned, small and midsize brokerages have opportunities to differentiate and thrive, even as Compass and others have made it clear their goal is to use “unique inventory” to attract consumers (and agents).
“Where some brokerages are consolidating and limiting exposure, we want to maximize choice and opportunities. We are offering an elevated experience for our properties, agents, and clients alike,” Freedman said.
“This partnership represents two respected independent brokerages choosing collaboration over competition, coming together to expand opportunities, elevate how we market listings, and ultimately deliver greater value to both our agents and clients,” said Lauren Henss, vice president of Marketing & Strategic Initiatives at FirstTeam, in a statement.
Editor’s note: this story was updated at 2:57 p.m. eastern time with additional comments from Bess Freedman.
