Coldwell Banker Residential Brokerage, the Bay Area’s leading residential real estate services company, today announced NRT’s acquisition of the assets of 13 offices from Frank Howard Allen Realtors in the North Bay. These acquired offices will now operate as Coldwell Banker Residential Brokerage, which is part of the NRT family of companies.
Frank Howard Allen is one of the North Bay’s largest and most prestigious residential brokerage firms and ranks nationally among the top 60 largest residential real estate brokerage companies based on 2012 sales volume, according to the 2013 REAL Trends 500 report.
In the 13 offices converting to Coldwell Banker Residential Brokerage, Frank Howard Allen’s 280 sales associates accounted for approximately $1.7 billion in sales volume in the last 12 months. Prior to this announcement, Coldwell Banker Residential Brokerage already had 57 offices and 3,600 sales associates in Northern California representing $17.7 billion in sales volume in 2012.
Like Coldwell Banker Residential Brokerage, Frank Howard Allen has been an institution in the Bay Area real estate industry for more than a century. It was founded in 1910 – four years after Coldwell Banker.
“Frank Howard Allen Realtors has been one of the North Bay’s most distinguished and successful residential brokerages for many years, and we couldn’t be more excited about bringing their real estate professionals into our organization,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the San Francisco Bay Area.
“Frank Howard Allen is an ideal fit with Coldwell Banker Residential Brokerage in terms of our long, proud history, our respective corporate cultures and core values, our leadership in the local housing market – especially the luxury segment – and our commitment to customer service and community involvement,” he said. “We will now be able to offer North Bay homebuyers and sellers the best of both worlds when it comes time to choose a brokerage.”
Frank Howard Allen Realtors’ chairman and chief executive officer Larry Brackett will assume a role in an advisory capacity with Coldwell Banker Residential Brokerage. Noreen Smith, president and chief operating officer of Frank Howard Allen, will become part of the senior management team for Coldwell Banker Residential Brokerage as a regional senior vice president.
Brackett said, “The Coldwell Banker Residential Brokerage sales team is extremely professional and experienced, especially in the luxury market. Coldwell Banker Residential Brokerage is part of a national brokerage, and the company’s offices are locally managed with local leadership. Like us, they take great pride in giving back to their communities.”
Smith said that the acquisition will give her sales team access to additional resources from Coldwell Banker Residential Brokerage’s parent company, NRT LLC, the nation’s largest residential real estate brokerage. This includes advanced technology platforms, greater advertising and marketing resources, digital marketing tools, as well as increased legal, training and back-office support.
She stated, “Coldwell Banker Residential Brokerage is the Bay Area market leader and also is part of a premier real estate brand network that extends around the world. The company offers a robust technology platform, marketing tools and a far-reaching referral network that will help our sales associates achieve even greater results for their clients.”
The acquisition expands Coldwell Banker Residential Brokerage’s footprint in the North Bay and is the latest in a long line of prestigious Northern California-based acquisitions for Coldwell Banker Residential Brokerage under its parent company NRT LLC’s leadership over the past decade. Others include Cashin Company, Fox & Carskadon, TRI, Contempo, Del Monte Realty, Cornish & Carey Residential Real Estate, and Pacific Preferred Properties, Inc.
Recent acquisitions have helped build on Coldwell Banker Residential Brokerage’s leadership position in the Northern California real estate market, especially in the luxury segment. Through its internationally renowned Coldwell Banker Previews® International program, Coldwell Banker Residential Brokerage leads Northern California’s luxury market, representing more than 22% of all dollar volume sold of properties over $1 million.
For the related announcement made today by NRT LLC, the parent company of Coldwell Banker Residential Brokerage, click here.