Four months ago, the midstate real estate market saw a big change when NRT LLC, the nation’s largest broker, acquired Manheim Township-based Realty Select Inc., which does business as Coldwell Banker Select Professionals.
New Jersey-based NRT then merged the Coldwell Banker affiliate with company-owned Jack Gaughen Realtor ERA — combining Central Pennsylvania’s No. 2 and No. 3 residential brokers — to form Hampden Township-based Coldwell Banker Residential Brokerage in Central Pennsylvania.
The firms combined on more than $1.1 billion in sales volume and 6,000-plus transactions in 2013. Final numbers for 2014 were not yet available.
At the time of the deal, the two brokers reported more than 650 affiliated independent sales professionals and 22 offices throughout the region.
Coldwell Banker Residential Brokerage in Central Pennsylvania operates in nine counties. Its offices are as far west as Greencastle, north to New Bloomfield, east to Wyomissing and south to Waynesboro and New Freedom.
The Business Journal caught up this week with Coldwell Banker President Quentin Miller, former co-owner of Realty Select, to discuss the deal, which also included the acquisition of its title and escrow company by Secured Land, an affiliate of Title Resource Group.
TRG and NRT are subsidiaries of Realogy Holdings Corp.
Q: How is the transition going, and can you talk about the headquarters renovations and how the move has been going?
A: I’m still pretty jacked up. A lot of the front-end time has been spent with the transition of the systems and getting to know each other. With the resources from TRG and Coldwell Banker, and the new teams and new leadership that are part of the new organization, everybody really stepped up to the plate and helped walk through it. I feel pretty good about where we’re at today and I’m looking forward to 2015 and the first quarter. Spring isn’t quite in the air, but the smell of it around the corner is right there. As for the (headquarters) building, I would say end of second quarter is where we’re looking for plans right now.
Do you have a plan in place for the other real estate that was owned by the two companies?
At this time, we can focus on what we’ve done so far. We’ve done a Hershey collaboration of the two offices. In Carlisle, we’ve relocated our office and moved it downtown, which will give us a better ability to service the downtown area of Carlisle. Additional things may come along as time progresses in 2015.