Imagine my surprise when I showed up for a Teles management meeting to hear from the CEO that the firm had entered into an agreement to be acquired by Douglas Elliman out of NYC. It was one of the few times I was relatively speechless, but not for long. Truthfully, in some ways I consider myself to be "OE" as in original Elliman being very familiar with the brand having grown up in NYC. Maybe even the first real estate brand I was exposed to. Then and now they had a predominant market share in Manhattan.
Here's how all this was rolled out to the public. There's more but of course nothing I can say publicly here at this time.
"Douglas Elliman announced today that it will buy Los Angeles-based brokerage Teles Properties, making Douglas Elliman the second largest non-franchise brokerage firm in California.
The deal, expected to close in the second week of August, will bring Douglas Elliman’s California office count to 21, with 630 sales associates in the Golden State, and expands its Colorado presence to five offices and 58 associates. The acquisition also adds a Boulder, Colorado location to Douglas Elliman’s brokerage, which already operates in four locations in the Centennial State, specifically in Aspen and Snowmass Village.
Across the United States, New York City-based Douglas Elliman will now have 110 offices and more than 7,000 agents.
In 2016, Douglas Elliman accounted for more than $27.4 billion in total closed sales volume nationwide."
Having spent many years in the tech industry this is just business as usual. I think there's going to be a lot of consolidation in the real estate industry over the next few years and it's a good time to get big or go home!