MINNEAPOLIS -- HomeServices of America, Inc., a Berkshire Hathaway affiliate, today announced the acquisition of Greensboro-based Yost & Little Realty, one of North Carolina's most respected residential real estate brokerage firms.
One of the nation's long-standing residential real estate firms, 82 year-old Yost & Little Realty has three offices and more than 140 real estate professionals in Greensboro and High Point, North Carolina. The company's volume of closings for 2009 was $230 million.
HomeServices will merge Yost & Little with its existing residential real estate firm, Prudential Carolinas Realty. The new company in the Greensboro market will be re-branded Prudential Yost & Little Realty. Prudential Carolinas Realty will continue to operate as the HomeServices brand in the Winston-Salem, Kernersville and Charlotte markets.
Both Prudential Yost & Little and Prudential Carolinas have long-standing reputations for providing excellent customer service within the high-end residential market. With the merger, PruYost & Little will further its position within the Triad as the market leader in dollar sales volume, unit sales and average sales price.
The HomeServices business model focuses on companies that are market leaders, such as Yost & Little, with long-standing traditions for excellence. The average age of a HomeServices operating company is more than 54 years.
"Yost & Little is a pioneer within the residential real estate brokerage arena in North Carolina," says Ron Peltier, chairman and CEO of HomeServices. "This transaction exemplifies our vision of joining with companies that share our core values and strengthening those brands through our affiliation. Our business model leaves the people who built the companies in place and gives them the freedom to operate in local markets they know best."
"This merger creates the premier real estate company within the Triad," adds Yost & Little president Eddie Yost. "We are combining two strong firms within the Triad into an even stronger organization. By joining forces with HomeServices, we will be unmatched in our ability to serve the real estate and corporate relocation needs of new and existing clients. Our commitment is to make this merger seamless for our customers, who will continue to be served by their existing agents."
Yost will serve as Chairman of Prudential Yost & Little Realty and will be joined in leading the company by managing brokers, Dean Little and Mark Yost. Tommy Camp, Prudential Carolinas Realty's president and CEO will continue to oversee HomeServices' operations in the Triad, Charlotte and Triangle regions.
"I have every confidence that this combination of two high-quality companies in the Carolinas real estate market is truly the best of both worlds," said Camp, president and chief executive officer of Prudential Carolinas Realty. "We have the strong corporate backing of HomeServices - a Berkshire Hathaway affiliate and a leading national home services provider - and two deeply rooted local companies with intimate knowledge of the Triad, one of the most sought-after addresses in America."