GMAC Financial Services has sold GMAC Real Estate to Brookfield Asset Management, Inc., the owners of Royal LePage, the largest Canadian residential real estate brokerage company. The transaction is expected to close before year end. The transaction includes all three of GMAC's home services divisions including: GMAC Global Relocation Services, GMAC Real Estate and GMAC Home Services Mortgage.
TRENDS UPDATE: Royal LePage Buys GMAC Real Estate
15 comments • Stefan Swanepoel • September 30 2008 01:59PMComments
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Gosh, they GM mortgage just shut the office down in Ann Arbor. I have a friend loan officer that worked there.
I hope it doesn't affect all of us at GMAC Real Estate in a bad way...... Vickie
Stefan - it seems that real estate firms, like banking, will be a case of the very big and the very small. Having survived many mergers/buyouts over the last two decades, while outside thinking is great, I've found it better to be owned by someone who's really IN the real estate industry.
WHo is next?
Sue
Well, your guess is as good as mine. Looking at facts however, it is interesting to note that Realogy (the parent company for CB, C21, ERA, Sotheby and BH&G) had a net loss of $27 million for the second quarter on Net Revenues of $1.4 billion.
I don't think that anyone need concern them that Realogy will "be next" but some major restructuring is definitely in order.
By the way Royal LePage, Canada's oldest and largest real estate company and has over 13,000 REALTORS® in more than 600 locations across Canada. Pretty good size company.
Do you think the GMAC name will change to Royal lepage?
Yes John I do. I do not when this would happen but I would suspect a transistion within the next 3 years.
This is big. Thanks for the update.
Update. The purchase was actually done by Brookfield Real Estate Services. Brookfield RES also owns Royal LePage.
Update. Just met the Brookfield RES leadership team at NAR. Great guys. I am excited about the future of GMAC under the new ownership. Lots more about this in the 2009 Swanepoel Trends Report due Feb. 1st, 2009.
Oh, Swami, what are your thoughts on Icahn's suit against Realogy? What does your crystal ball tell you about a sale of C21 and Coldwell Banker in the near future?
Stefan Swanpoel has some good info, I'm a GMAC Real Estate brokerage owner and can anonymously tell you that change is coming and although seeing some minor improvements internally now much more is to come as they restructure internally higher up the corporate ladder.
GMAC is in the process of developing a "New Brand", we will not become Royal LePage or Brookfield. Brookfield RPS is in the process of this development and began by hiring a top notch marketing firm to help us develop this new brand as they have helped other MAJOR companies develop their brands and new offerings.
I'm quite excited to see what is to come... With such huge mergers, assets and knowledge under the Brookfield name, it's going to be a power house.
Residential, Commercial & Property management ties in a major way can only be a + when you bring it all together.
more changes...
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