HomeServices of America Announces New CEO for Reece & Nichols

MINNEAPOLIS (August 20, 2013) – HomeServices of America, a Berkshire Hathaway affiliate, today announced that Linda Vaughan, president of Reece & Nichols Realtors®, HomeServices’ subsidiary serving Kansas City and surrounding communities, has assumed the role of chief executive officer.  Jerry Reece, former CEO of Reece & Nichols, has been named Chairman Emeritus where he will continue to play an integral and ongoing role in Reece & Nichols’ success – focusing on attracting the best upcoming and experienced talent to Reece & Nichols’ expanding base of real estate agents and leaders.

Vaughan has 37 years of real estate experience and has served as president of Reece & Nichols since 2005, where she has been responsible for the overall growth and profitability of the brokerage division of the business. Vaughan’s real estate experience, business acumen and her ability to build and sustain relationships while delivering value-added marketing solutions and innovative technologies has been instrumental to Reece & Nichols’ success. Supporting Vaughan will be Mike Frazier, who assumes the role of chief operating officer in addition to his current responsibilities as chief financial officer, and Chris Kelly who will add chief administrative officer to his general counsel title.

Reece began his real estate career in 1970 with Kroh Brothers Realty Company as a sales associate; over the next 17 years, he held multiple executive leadership positions. In 1987, he purchased the brokerage’s residential real estate division and renamed it J.D. Reece Realtors. In May 2001, HomeServices acquired J.D. Reece Realtors. Reece & Nichols was formed in January 2002 with the merger of J.D. Reece Realtors and J.C. Nichols Residential Real Estate, which was acquired in 1998.  Reece was named chief executive officer of the newly merged company. Under Reece’s leadership, the company has grown to more than 1,900 sales associates, and is one of Kansas City’s largest and most respected real estate companies. Reece, a long-time resident of the area, is widely recognized for his community involvement and leadership and is active in the real estate industry on both the state and national levels. In 1993, Reece retired as a Colonel in the U.S. Marine Corps Reserve, having served for 30 years.

“I am fortunate to be a part of the Reece & Nichols and the HomeServices families – two tremendous organizations,” said Reece. “I am extremely proud of everyone at Reece & Nichols and I am excited for this new opportunity and role with the company. Being part of the HomeServices family of companies has made Reece & Nichols stronger, and I am proud to have assembled such a talented and innovative leadership team. Linda is extraordinarily well-qualified to serve as CEO and under her leadership, coupled with our remarkable agents and management team, Reece & Nichols is poised for even greater growth and success.”

“Jerry and I have worked together for many years, and his strategic insight and vision have been at the center of our unparalleled success,” said Vaughan. “His energy and style attracted and inspired a team of immensely talented executives, agents, sales managers and employees. I have learned a tremendous amount from Jerry, and I look forward to leading Reece & Nichols to its next stage of growth and performance, supported by a world-class management team.”

“Jerry’s leadership, dedication and uncompromising commitment to his agents, employees and customers guided Reece & Nichols to its position as one of the largest and most successful companies within the HomeServices family,” said Ron Peltier, chairman and CEO of HomeServices. “On behalf of all of HomeServices, we thank him for his innumerable contributions and we look forward to his new role within the organization. Linda, Mike and Chris bring extensive industry knowledge and exceptional leadership qualities to both Reece & Nichols and the HomeServices executive team, and we look forward to working with them in the months and years to come.”

HomeServices of America, Inc. Announces Acquisition of Prudential Fox & Roach, Realtors®/Trident Group

MINNEAPOLIS (August 14, 2013) – HomeServices of America, Inc., a Berkshire Hathaway affiliate, today announced the acquisition of Prudential Fox & Roach, Realtors®, the fifth largest provider of brokerage and related services in the United States and its subsidiary, The Trident Group, which is comprised of market- leading financial services companies including Trident Mortgage Company, Trident Insurance and Trident Land Transfer Company. Terms were not disclosed.

Headquartered in Philadelphia, Prudential Fox & Roach is the largest Realtor® in the Tri-State region of Pennsylvania, New Jersey and Delaware, and is the largest single-market residential real estate brokerage in the U.S., with more than 4,000 sales associates in 62 offices located in major markets across the three states. Through the Trident Group, the company provides one-stop shopping to its clients including mortgage financing, title insurance and escrow services, and property and casualty insurance. In 2012, Prudential Fox & Roach had more than $8.3 billion in sales volume and nearly 25,000 transactions; Trident Group originated $2.4 billion representing more than 9,800 home mortgages, closed nearly 6,000 title and escrow transactions, and had more than 7,200 property and casualty insurance transactions for a total of 48,000 transactions across all services.

Prudential Fox & Roach retains its name until it transitions to the new Berkshire Hathaway HomeServices franchise brand in late Fall 2013.

The acquisition represents HomeServices of America’s expansion in the Mid-Atlantic and entry into the Tri-State region. With this transaction, HomeServices of America has 30 brands and more than 21,000 real estate professionals operating in 24 states. In 2012, the company’s associates facilitated nearly $53 billion in residential real estate sales, nearly 186,000 transactions and nearly 153,000 mortgage, insurance, title and escrow transactions. HomeServices of America’s growth strategy focuses on identifying market-leading companies that have established deep and enduring reputations within their community and long-standing traditions for excellence.

Larry Flick, chairman and CEO of Prudential Fox & Roach, Realtors/Trident Group, is among real estate’s most recognized and influential leaders, known for his exemplary leadership, vision, integrity, and his extensive philanthropic contributions, both personally and through the Fox & Roach Charities organization. Flick will continue in his current role running the day-to-day operations along with Gerry Griesser, President Trident Group; Joan Docktor, President, Prudential Fox & Roach, and their leadership teams.

“We are thrilled that Fox & Roach is joining the Berkshire Hathaway HomeServices network,” said Earl Lee, CEO of HSF Affiliates LLC, which operates the Berkshire Hathaway HomeServices real estate franchise brand. “Larry, together with his executive team, sales managers and agents, has built an extraordinary organization and exemplify a level of expertise, vision and leadership that is second-to-none in the real estate business today. We look forward to having a company of such tremendous caliber carry the Berkshire Hathaway HomeServices brand into the Tri-State marketplace.”

“Under Larry’s and Gerry’s foresight, expertise and leadership, Prudential Fox & Roach/Trident has become one of the foremost real estate and financial services companies in the U.S. renowned for its innovation, agility and unwavering commitment to delivering an exceptional customer experience,” said Ron Peltier, chairman and CEO of HomeServices of America. “Prudential Fox & Roach and the Trident Group are trusted resources within the communities in which they serve and to their buyers and sellers. Their culture of integrity, work ethic and creativity closely aligns with our corporate vision and our emphasis on customer value and results. This is an important transaction to HomeServices and we are very proud to have Fox & Roach and the Trident Group join the HomeServices family.”

“We are proud to be a part of HomeServices of America,” said Flick. “We are joining an organization known for its strength and stability, one that is consistent with our high standards of service and integrity, making this a win/win for our customers and our sales associates.”