On Tuesday November 12, 2013, billionaire Warren Buffett made an exciting announcement; about two legendary Chicago real estate firms set to merge this spring. Luxury home sales powerhouse Koenig & Strey Real Living and Prudential Rubloff will join forces under his Berkshire Hathaway brand. They are set to become one of the top real estate brokerage firms in the entire Chicagoland area, gaining a huge percentage of market share.
Essentially, Prudential Rubloff sold its ownership interest in their company to Home Services of America; a Berkshire Hathaway affiliate. Making this the most notable real estate merger in Chicago’s history. Both firms are leaders in the luxury housing market and their similar styles make this a perfect fit.
Over 400 agents showed up to a last-minute surprise meeting at the Drake Hotel, after receiving an email invitation late in the day on Monday (including me!). It was a shock to hear about the merger, not because it was unexpected, but due to the complete secrecy of this news. There were no rumors nor talks in advance throughout the company, at least not at an agents level.
The exciting part about this merger, is that they will now both fall under the prestigious Berkshire Hathaway brand. The company was named “The World’s Most Admired Companies” which offers buyers and sellers even more confidence when using its services. Major backing of these exclusive firms by Buffett was confirmed; since it is the FIRST time he has allowed a real estate affiliate to fall under the prestigious Berkshire Hathaway name.