HomeSmart has acquired Cherry Creek Properties, a large real estate brokerage serving the Denver, Colo., metropolitan area, the company announced Wednesday.
The acquisition makes HomeSmart the No. 1 real estate firm in the state based on agent count, according to the company. The addition of Cherry Creek Properties’ 1,500-plus agents brings the firm’s total agent count to over 13,000, and widens its reach to 123 offices in 16 states. HomeSmart and its franchises’ closed sales volume, combined with Cherry Creek Properties’, totaled more than $14.6 billion in 2016, with more than 53,000 in closed transactions, according to RISMedia’s Power Broker Report.
“The HomeSmart model works exceptionally well in major markets, and Denver is an exciting major market that also presents a timely opportunity for us to build upon our existing marketshare,” says Matt Widdows, founder and CEO of HomeSmart. “Cherry Creek is one of the largest and most recognized brokerages in Colorado and their presence expands our office footprint in the entire state. In addition, we’ve developed a great working relationship with their leadership, specifically Dino Sarganis, which is key to any successful transition.”
“HomeSmart’s commitment to agent service and success is second to none, and I’m very pleased to be able to announce that Cherry Creek Properties has become part
of this growing network,” says Sarganis, managing broker and CEO of Cherry Creek Properties. “I agreed to this acquisition knowing that it would greatly benefit our agents through technology, training, resources and services that will, in turn, allow these agents to better serve homebuyers and sellers in Colorado.”
“Dino and I have discussed bringing our teams together on a couple of occasions,” Widdows says. “I’ve always had regard for him, and the synergies between our transaction-based models are apparent.”
With the acquisition, Cherry Creek agents will gain access to HomeSmart’s proprietary systems and technology. HomeSmart is deploying a support team to Colorado to facilitate a smooth transition, with Sarganis serving an integral role in converting its assets.
“Continued growth in Colorado has been a key objective for some time and expands on what we’ve already added this year in Texas, California, New York, Rhode Island, Ohio, Illinois and Arizona,” says Bryan Brooks, senior vice president of Franchise Sales at HomeSmart. “Our model performs at a higher rate than any other in the industry and rigorously captures operational data to back it up. It continues to be proven in Phoenix, but has also been demonstrated to be an effective model for profitable growth with our franchisees across the nation.”
“HomeSmart’s acquisition of Cherry Creek Properties—a major player in Colorado—builds on the momentum of an already accelerated growth strategy,” says John Featherston, president, CEO and publisher of RISMedia. “HomeSmart’s latest move cements its status among the nation’s leading brokerages, and is no doubt an exciting indicator of what’s to come for the company, which ranked in the top 10 in our Power Broker Report this year.”
“We’ve spent the last couple years focused on building out a strong operational platform to continue our goal of providing amazing customer service to our agents and franchisees,” says Widdows. “We are in a great place as an organization for fast growth and continuing to deliver the value that our customers demand and deserve.
“Expect more activity like this from us in 2017,” Widdows says. “We want to grow to more than 16,000 agents before the end of the year. We’ve proven that the HomeSmart model works in all size markets, and we are actively pursuing opportunities across the entire country. Nothing is off limits, so if it’s in the U.S., expect to see us there soon, and in large numbers!”
HomeSmart has ranked on the Entrepreneur Franchise 500 list and the Inc. 5000 list of fastest-growing private companies. In the last five years, the company has grown its franchises by 925 percent and its net agent count by 156 percent.
For more information, please visit www.homesmart.com.