Consolidation in Upstate New York as Prudential and Hunt Real Estate Merge
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After the rough couple of years for real estate agents and firms, is consolidation the name of the game for 2009? It is for agents and brokers at Prudential First Properties and Hunt Real Estate Corp in Upstate New York.
Hunt Real Estate has 85 agents affiliated with its two residential real estate offices in the Syracuse area. Prudential First Properties has eight offices and 322 agents. Hunt also has a commercial real estate division in Liverpool.
Hunt said his company was attracted to Prudential First Properties, already the largest company in the market, out of a long-held respect for its owner, Tom Teelin, his family and the work force they’ve assembled over the years.
Given the economy and the real estate market, it made sense to find ways for both real estate companies to work together, Hunt said. via syracuse.com.
The pressure that individual agents are feeling is magnified by the brokerages right now. They need to have a certain amount of sales to keep the lights on and pay the back of the house people.
With the slowdown expect to see many such mergers on the horizon as firms find ways to survive the slowdown, reduce costs, and provide needed services.
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