Royal LePage has added to its Ottawa operations with the acquisition of the local offices of Prudential Town Centre Realty, the firms announced this week.
By Jacob Serebrin
The two former Prudential branches will become part of the Royal LePage franchise. It will now have 10 offices in Ottawa and a staff of around 400, according to Kent Browne, a broker and owner with Royal LePage Team Realty.
“It will be business as usual in their branches,” he said.
While the Prudential offices had a smaller market share – around one per cent, compared to Team Realty’s 14.5 per cent share – Mr. Browne said adding almost 40 new agents to his staff is a big deal.
“It’s massive when you think about it,” he said “We normally bring in one agent at a time.”
Mr. Browne said that both the Prudential offices and Team franchise have a similar model and are both full-service brokers.
“Right across the board,” he said. “It’s a perfect mix for us.”
According to Mr. Browne, the acquisition will improve his franchise’s position in both the high-end market and condo sales.
The dollar value of the acquisition has not yet been determined and will be based on the performance of the new offices, said Mr. Browne.
The deal was one of four acquisitions of Prudential branches in Ontario by Royal LePage franchises announced on Tuesday.
Both franchises began operating under the Royal LePage banner earlier this week.