Better Homes & Gardens Real Estate, a national real estate conglomerate, has brought local real estate agency Real Estate III into its national franchise, they’ve announced in a press release. Their website has already been overhauled to reflect the news, being announced right now at an event at The Paramount. The company will travel under the name of “Better Homes and Gardens Real Estate III,” presumably a brief stop on its way to becoming, simply, “Better Homes and Gardens Real Estate.” Real Estate III was founded by Frank Kessler forty years ago. BH&G is acquiring for its network local real estate agents all across the nation, adding up to 125 offices in fifteen states. With the awful housing market, a lot of real estate agencies are hurting, making this the perfect time for a big company to gather up a bunch of comparatively small ones.
9:25 PM Update: The apparent marketing director for Better Homes and Gardens Real Estate III is insistent that they haven’t been sold, but won’t say what has actually happened. She would like you to know that I’m “obviously living la la land,” and suggests that they should “call their lawyers.” When she deigns to inform me of what this transaction is properly called, if not a “sale,” I’ll update this blog entry accordingly.
10:50 PM Update: Bryan McKenzie kind of explains this in Friday’s Progress. It’s still not clear what has transpired here, but my capacity to care is limited, so suffice it to say that Real Estate III has a new name, BH&G probably gave them some money, and they got something in return, but nobody’s saying what, and it involves entering into a franchise agreement with BH&G. I’ve updated this story to reflect that.