Warren Buffett-owned company buys Prudential Northwest Realty

Prudential Northwest Realty, led by West Seattleite Mike Gain, now has something in common with household names such as Dairy Queen, See’s Candies, GEICO Insurance, and Fruit of the Loom: It is now owned by a company that belongs to Warren Buffett‘s Berkshire Hathaway. Ahead, the news release announcing that HomeServices of America is buying PNW Realty – which will not be changing its name, according to the announcement:

MINNEAPOLIS (April 5, 2012) – HomeServices of America, Inc.™, a Berkshire Hathaway affiliate, announced today the acquisition of Seattle-based Prudential Northwest Realty Associates.

Originally established in 1942, Prudential Northwest Realty joined the Prudential Real Estate affiliate network in 1990 and is their largest affiliate in the state of Washington, with more than 350 sales associates in six offices. In 2011, the company had more than $740 million in sales. Under the new structure, Prudential Northwest Realty Associates retains its name and remains a flagship franchisee of Prudential Real Estate’s U.S. network.

Prudential Northwest Realty serves the greater Seattle metropolitan area, including King, Pierce, and Snohomish counties, with offices in Bellevue, Burien, Federal Way, Kent, Lynnwood and Seattle, and has a long-standing reputation for providing clients with the highest level of customer service, expertise and resources. Mike Gain, president and CEO, is a lifelong resident of the area and is widely recognized for both his community involvement and his leadership. Gain will continue to manage the day-to-day operations, along with his sales management and leadership team.

Prudential Northwest Realty joins Portland, Ore.,-based Prudential Northwest Properties as the second organization in the Pacific Northwest to join the HomeServices family in 2012.

“Prudential Northwest Realty is a strong company with an excellent reputation in a growth market,” said Ron Peltier, chairman and CEO of HomeServices. “This aligns with our vision of acquiring distinguished companies in leading markets that share our core values. Mike is an accomplished real estate professional, and I am looking forward to having Mike and his team join the HomeServices family.”

“We are very proud and excited to be a part of such an outstanding organization,” said Gain. “By joining together with HomeServices, our ability to serve the needs of our new and existing clients will be unsurpassed.”

“We are delighted to be in Seattle,” Peltier said. “And we continue to look for additional opportunities, both here and throughout other major markets in the U.S.”

9 Replies to "Warren Buffett-owned company buys Prudential Northwest Realty"

  • Nate D April 5, 2012 (1:58 pm)

    Mike Gain….welcome to the 1%

  • John Alfers April 5, 2012 (2:11 pm)

    This is great news! We are putting our home on the market soon, located at 1730 46th Ave SW, and will be listing it with Prudential NW Realty.


  • missy April 5, 2012 (6:03 pm)

    Rebecca Mitsui at that office is AMAZING!

  • Snow Wimp April 5, 2012 (6:17 pm)

    Think the Cains will quit complain’ about the Admiral Way speed traps? Hehe. Doubt it….

  • Don Bereiter April 5, 2012 (10:20 pm)

    This really shows the strength of the Seattle market. Berkshire Hathaway would not be jumping in to a weak market. Very encouraging!

  • carlton April 6, 2012 (10:56 am)

    average rent for a one bedroom apartment in king county is up now at $1,050…:)

  • NotMe April 6, 2012 (2:22 pm)

    Good! Now maybe someone can put some money into that eye-sore of a building!

    • WSB April 6, 2012 (2:39 pm)

      They’re not in the south-of-Admiral buildings any more, if that’s what you mean. They are headquartered at Jefferson Square. – TR

  • Hyacinth Bucket April 7, 2012 (12:07 am)

    Berkshire Hathaway didn’t jump into the market. One of their subsidiaries is buying PNW. It shows or says nothing about the Seattle R/E market being good, bad or indifferent. It only shows the company has been profitable and run well. The subsidiary buying PNW has bought R/E offices all over the country. Listing with them is no guarantee your house is going to sell fast or for a price you’ll be happy with; it’s no guarantee you’ll get the best deal on buying or selling. I’ve heard bad reports about GEICO from those who insured with them and had to file claims – that’s a Berkshire Hathaway subsidiary. Running a profitable subsidiary doesn’t mean the employees are happy, nor that the customers are either.

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