There is a certain DNA to Howard Hanna. Despite the company’s size and breadth of market coverage, they have developed a company culture that attracts and welcomes legendary firms like Beverly-Hanks REALTORS®. This is the 22nd merger in the past five years by the Hanna family of companies.
As you reconstruct their recent growth, you recognize an impressive pattern and structure to their strategy. When they partnered with Allen Tate Realtors®, they found an anchor partner in the Carolinas from which to build. The management team at Allen Tate were like family to the Hannas before the two came together and that relationship has become stronger through the development of operational best practices. Moreover, the direction of Allen Tate is a clear focus on growth and expansion. Howard Hanna did not have the intent of partnering with Allen Tate then moving on; their intent was to use Allen Tate as a beach head from which to develop more regional partnerships. Introducing the great agents and management team from Beverly-Hanks strengthens their resolve and market coverage. This may sound hokey, but seeing these companies come together is like watching two of your good friends get married. It fits.
If you look at the partnership with the Rand family and how they have rolled in other mergers under that brand, or go back to their growth patterns in Pennsylvania, Ohio, Michigan, New York, etc. They are following a script: Identify a large regional player with a great management team, and partner for growth.
The press release below outlines the Hanna value proposition. It’s impressive and hard to match.
“With each organization that joins the Hanna Family of Companies, they gain access to products, services, and tools that help them grow and become more productive. These benefits include access to a best-in-class marketing and productivity suite, an innovative health and wealth program, an income advantage program that gives agents financial peace of mind, and a full complement of mortgage products. Additionally, acquired companies also enjoy a robust relocation network, agent connections, and overall support from Howard Hanna empowering partner and subsidiary companies to continue to grow within their own markets through regional acquisitions.”
Beyond our excitement here at WAV Group there is a curious new chapter being written. We are very excited to see the dream team of Neal Hanks and Gary Scott hit the field together. They are two of the most accomplished and respected executive leaders in our industry. WAV Group’s Mark McLaughlin, who joined our Mergers and Acquisition team last month, has burned a keynote of success into my brain over the years. “The most important ingredient of success in brokerage is getting the people right.” The one thing that you observe about the Hannas is that they repeatedly do that.
See below for the full press release.
Nation’s Largest Privately-Held Real Estate Brokerage Firm Expands into Western North Carolina
The Hanna Family of Companies’ Subsidiary Allen Tate Realtors® Acquires Beverly-Hanks Realtors
ASHEVILLE, NC (August 2, 2022) – With the recent acquisition of Columbus-based HER REALTORS® executed and integrated into the organization, the Hanna Family of Companies is pleased to announce an expansion into the Western North Carolina region. Allen Tate Realtors®, Howard Hanna Real Estate Services’ subsidiary company in the Carolinas, has acquired Beverly-Hanks Realtors, the market-leading independent real estate brokerage headquartered in Asheville, North Carolina. This announcement marks the fifth acquisition completed by Allen Tate Realtors® since joining forces with the Hanna Family of Companies in 2018.
“We are proud to welcome Beverly-Hanks Realtors to the Howard Hanna Family of Companies,” said Howard W. “Hoby” Hanna, IV, President of Howard Hanna Real Estate Services. “As we continue to grow our company and our footprint, we are pleased to support Allen Tate’s continued growth strategy, which solidifies our market position in the Carolinas and the Southeast.”
As the Hanna Family of Companies continues to build their organization through organic growth and strategic partnerships, they are proud to be the real estate industry consolidator of choice for companies across the nation. Throughout the past five years, the company has grown tremendously with more than 22 mergers and acquisitions.
With each organization that joins the Hanna Family of Companies, they gain access to products, services, and tools that help them grow and become more productive. These benefits include access to a best-in-class marketing and productivity suite, an innovative health and wealth program, an income advantage program that gives agents financial peace of mind, and a full complement of mortgage products. Additionally, acquired companies also enjoy a robust relocation network, agent connections, and overall support from Howard Hanna empowering partner and subsidiary companies to continue to grow within their own markets through regional acquisitions.
“Our partnership with Howard Hanna has enhanced our ability to pursue planned growth among our target markets,” said Pat Riley, President and Chief Executive Officer of the Allen Tate Companies. “Almost five years ago, I was in Neal’s shoes when Allen Tate sought a partner that would take our company to the next level. And that was Howard Hanna, the leading independent real estate company in the country.”
This announcement marks Allen Tate’s entry into the Asheville/Mountain region and the growth of a homegrown business as Beverly-Hanks joins a family of the nation’s top independent real estate brokers. With this acquisition, Allen Tate will add 18 offices and 460 experienced Realtors to further serve clients across North Carolina. The firm ranks No. 1 in its nine-county footprint, based on closed sales volume for 2022 YTD, in Buncombe, Haywood, Yancey, Rutherford, Transylvania, Henderson, Polk, Madison, and Mitchell counties.
Beverly-Hanks was founded in 1976 with the merger of Beverly Realty and W. Neal Hanks & Associates, two of the area’s most prominent real estate firms. The market-leading firm in Western North Carolina for the last 46 years had closed sales in excess of $2.6 billion in 2021. Beverly-Hanks ranks among the top 200 real estate firms in the nation, according to REAL Trends 2021.
Beverly-Hanks will now use the combined name, Allen Tate/Beverly-Hanks Realtors. Clients will continue to have access to in-house mortgage services and will now have access to in-house insurance services via Allen Tate Insurance. Neal Hanks, president of Beverly-Hanks since 1999, will continue in his role as president of Allen Tate/Beverly-Hanks Realtors. Amy Hanks will continue as president of Allen Tate/Beverly-Hanks Mortgage Services, and the Beverly-Hanks leadership team will remain in place.
“For more than three decades, I’ve had the privilege to collaborate with leaders from Allen Tate and have immense respect for the independent real estate organization that they have built,” said Beverly-Hanks President Neal Hanks. “As a homegrown business in Western North Carolina, local expertise, personal service and respect for our special corner of the Blue Ridge guides everything we do. This new partnership will allow us to expand that vision while deepening our commitment to the communities we serve.”
“I’ve known Neal for a long time, and my respect for him and Beverly-Hanks continues to grow. Partnering with Neal and his team is a huge win for Allen Tate, as well as buyers, sellers, and real estate investors,” said Gary Scott, president, Allen Tate Realtors. “Together, we’ll be ready to face the competitive challenges of today’s real estate market by investing in the best technology, recruiting and retaining the best talent, continuing to make a meaningful impact in our communities, and aligning ourselves with the #1 independent family-owned real estate company in the country.”
In September 2018, Allen Tate Realtors entered into a partnership with Pittsburgh-based Howard Hanna Real Estate Services, creating the No. 1 privately owned real estate firm in the nation, with more than 14,000 agents and employees in nearly 500 offices across 13 states.
About Howard Hanna Real Estate Services
Howard Hanna Real Estate Services is the largest privately held real estate broker in the United States. The full-service real estate company has nearly 500 real estate, mortgage, insurance, title, and escrow service offices across 13 states, including Allen Tate Realtors® in the Carolinas and F.C. Tucker Company in Indiana, with more than 14,000 sales associates and staff, including many of the industry’s top-producing real estate agents. For more information, visit www.HowardHanna.com.