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Howard Hanna adds Realty One to family
(by Sali McSherry - November 05, 2008)
Howard Hanna adds Realty One to family
By SALI McSHERRY
Despite a tumultuous housing market on the national level, the future is looking bright for the family-owned, regionally based Howard Hanna Real Estate Services, which saw a 10 percent increase in sales in September over the same 30-day period last year.
The Chagrin Falls office saw a 15 percent increase in new sales and closings in the same month from September 2007, manager Sherri Johnson-Seitz said Monday.
With the acquisition last weekend of Columbus-based Realty One Real Living, Pittsburgh-based Howard Hanna will control about 37 percent of the real-estate market in Northeast Ohio, according to Howard W. "Hoddy" Hanna, chairman of the company.
Over 760 other real-estate companies share 63 percent of the market, according to data supplied by the Northern Ohio Regional Multiple Listing Service and the Centralized Real Estate Information Service.
Howard Hanna controls about 66 percent of the real-estate market in the Chagrin Falls School District and about 45 percent in Bainbridge Township, according to 2007 numbers supplied by NORMLS. Realty One had an 18 percent market share in Chagrin Falls School District.
The company plans to retain all existing staff at Realty One, 163 employees, on top of Howard Hanna's 325-plus employees. The company's presence in Ohio doubles to 79 office locations, with 2,804 sales associates in 21 counties, Mr. Hanna said.
Howard Hanna will put up $125 million in November and each month to finance housing loans in the Greater Cleveland market, according to Mr. Hanna, giving qualified buyers an opportunity to put 5 percent down and qualify for a loan with a credit score of 600-plus.
Since entering the market in Northeast Ohio in 2003 with the merger of Smythe Cramer Co., Howard Hanna also began acquiring other area real-estate brokerages, for a total of eight, and increased its services to include Barristers Title, Howard Hanna Mortgage, Howard Hanna Insurance and Great Lakes Survey as well as a joint venture with banks in the marketing and sale of real estate owned properties, according to Howard W. "Hoby" Hanna IV, president and chief operating officer. The company plans to add about 50 employees, including loan officers, marketing professionals and support staff, among others, he said.
Ninety percent of the respondents in an out-of-house survey said they want "one-stop shopping" when it comes to buying a home, Ms. Johnson-Seitz said. As a full-service company, Howard Hanna can offer that, she said.
Barbara Reynolds, who began her sales and management career with Realty One 20 years ago and served as president of Realty One since 2002, will continue with Howard Hanna as president of marketing.
Daniel Riley, who directed the efforts of Real Living Title Agency and was vice president of relocation at Realty One, will serve as vice president of administration for Howard Hanna.
"Today, we are beginning a new chapter in total service to real estate consumers in this area," Hoby Hanna said. "Our investment here underscores a commitment to growth and a belief of opportunities that have emerged and are beginning to take hold."
"Buyers and sellers are going to benefit from an expanded market presence that combines the finest in professionalism and marketing expertise. Our cultures are similar and our agents work closely together," Ms. Reynolds said.
Howard Hanna, a full-service company that specializes in residential and commercial brokerage services, mortgages, closings, title insurance, land development, appraisal services and corporate relocation, has 157 offices serving Ohio, Pennsylvania, New York and West Virginia and employees almost 4,400 sales associates.
No price was given for the sale.
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