Talk about a piece of the rock!
Brookfield has already acquired GMAC Real Estate and Real Living (which now both operate under. This huge news in the world of Real Estate Franchisors. Brookfield has now seemingly overnight become one of the major franchisor in the United States (think Realogy or RE/MAX).
“Through its various brands, Brookfield’s residential real estate franchisees are now present in all 50 U.S. states, 10 Canadian provinces, Mexico and Portugal, with a network of approximately 80,000 real estate agents, 2,800 real estate brokerage locations and more than $150 billion in annual residential real estate transactions.”
See Full Press Release here.
Am I the only one who finds it amazing that the entire real estate relo and franchisor business of Prudential just sold for $110 million, and Zillow Market Cap on that day was over $600 million. Has the value of the real estate purchase shifted to the aggregators at the expense of the value of real estate brokerage businesses. Think Edina realty, when they pulled listings from Trulia, was thinking about creating local value in their brand instead of adding value to the aggregators?
@Brad Great insight. It does seem that the tail is wagging the dog.
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