Real Estate Office Mergers


Merging with or acquiring another business is a significant undertaking that will leave no area of your business untouched. One must pursue a merger or acquisition with caution and proper due diligence. However, with the right set of circumstances—culture cohesion, solid leadership and management, flexible employees, deft market positioning, a copacetic economy—a merger or acquisition can be a sound decision.


We've already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles (E) are available only to NAR members and require a password.

Quick Facts:

  • Eighty-eighty percent of firms reported that the number of mergers and acquisitions for the firm has remained the same from 2005 to 2010 and 2011 to 2017.
  • Nine percent of firms indicated that mergers and acquisitions have increased in that time period.

Source: 2017 National Association of REALTORS® Profile of Real Estate Firms

  • Mergers and consolidations continued to affect about one in ten REALTORS®.
  • Nine percent of REALTORS® worked for a firm that was bought or merged in the past two years.
  • Of the REALTORS® who worked for a firm that was bought or merged, 24% left voluntarily.
  • Of the REALTORS® who stayed on to work for a new consolidated firm, 76% say compensation remained the same, compared with 12% who say it increased.

Source: 2017 National Association of REALTORS® Member Profile

Mergers and Acquisitions: The Basics 

The Impact of Mergers and Acquisitions on the Sales Force, (Journal of Marketing Research, Apr. 2018) E

Exploring the Link Between Management Communication and Emotions in Mergers and Acquisitions, (Revue Canadienne des Sciences e l'Administration/Canadian Journal of Administrative Sciences, Mar. 2018) E

A Script for Ushering Change, (Weekly Book Scan, Mar. 2013)

July/August 2012: Commercial News Round Up (REALTOR® Magazine, July 2012)

What Happened to My Managing Broker? Mergers, Acquisitions and the Managing Broker (Chicago Agent Magazine, June 4, 2012)

Real Estate Brokerage Research in the New Millennium (Journal of Real Estate Literature, 2011) E

Mapping a Process for Successful Mergers (Nonprofit World, July/Aug. 2010) E

Be a Masters of Mergers and Acquisitions (HRMagazine, June 2010) E

Real Estate Merger and Acquisition Activity

West Coast Home Builder Expands East, (REALTOR® Magazine, Mar. 27, 2014)

Merger Expands Howard Hanna’s Commercial Footprint, (Inman, Sept. 30, 2013)

Merger Creates New Coldwell Banker Franchise in Northern California, (Inman, June 2013)

Nation’s Largest Homebuilder Expands (REALTOR® Magazine, Aug. 15, 2012)

Real Living, Prudential Franchise Sold (REALTOR® Magazine, Oct. 29, 2012)

Due Diligence

Due diligence refers to the process of reviewing a company for potential acquisition or merger. It can include in-depth review of a company's accounting and tax records, business plan, historical performance statistics, market strategy and position, office policies, physical space, IT infrastructure, human resources, and more.

Leases: A Ticking Time Bomb in Your Company's Merger?, (Real Estate Issues, Fall 2014) E

What’s Your Agency Worth? (Best’s Review, Apr. 2012) E

Mergers and Acquisitions: Finding the Perfect Suitor (REALTOR® Magazine, Sept. 2009)

6 Questions to Ask Before Swallowing a Competitor (REALTOR® Magazine, Apr. 2009)

Business Formation: Choose a Structure

C Corporation, S Corporation, Sole Proprietorship, Partnership, or Limited Liability Company (LLC)? What are the tax, liability, and capital requirement implications of incorporating versus forming an LLC? The resources below offer a basic foundation in business formation considerations.

Starting a Business (U.S. Small Business Administration)

Converting a C Corporation into an LLC: Quantifying the Tax Costs and Benefits (Journal of Taxation, Aug. 2010) E

Forming an LLC (Wall Street Journal, Online Edition, Mar. 26, 2010)

Forming an S Corporation (Wall Street Journal, Online Edition, Mar. 22, 2010)

Forming a C Corporation (Wall Street Journal, Online Edition, Mar. 15, 2010)

Forming a Partnership (Wall Street Journal, Online Edition, Mar. 8, 2010.

Free Government Resources

Did you know that the U.S. Small Business Administration (SBA) provides a robust offering of free online and in-person courses, workshops, sample documents, monthly web chats, and FAQs to assist you in your business endeavor? It's true. Check out the SBA's website to discover offerings relevant to your needs

The SBA’s Learn About Business Law & Regulations topic page is great for orienting yourself with important steps to take mitigate risk when forming or reforming a business. The Create Your Business Plan topic page offers links to a diversity of materials, including free educational courses, video tutorials, checklists, and more

The U.S. Federal Trade Commission's Guide to Antitrust Laws includes a section concerning Mergers. The Federal Trade Commission also maintains a Frequently Asked Questions about Merger Consent Order Provisions page

The National Association of REALTORS®’ Real Estate Business Institute (REBI – formerly the Council of Real Estate Brokerage Managers) offers courses on a variety of real estate brokerage topics. Visit the REBI website to learn about their credentials and course offerings

eBooks & Other Resources

The following eBooks and digital audiobooks are available to NAR members:

Achieving Post-Merger Success (eBook)

Applied Mergers and Acquisitions Workbook (eBook)

Buying and Selling a Business (Kindle, eBook)

Charging Back Up the Hill (eBook)

Exiting Your Business, Protecting Your Wealth (eBook)

How to Increase the Value of Your Company (Kindle, eBook)

Merger and Acquisitions Basics (eBook)

Information Services Blog

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The inclusion of links on this page does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked in this page complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.


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