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Daily Real Estate News | May 4, 2006 |
Selling Services Raises Brokerage Revenues
Selling services such as home warranties, title policies, and homeowners insurance is becoming a significant part of the business done by the nation’s largest brokerages.
For example, more than 43 percent of Pittsburgh-based Howard Hanna Smythe Cramer's total volume of 53,649 transactions last year came from selling mortgages, home warranties, title policies, and homeowner's insurance, according to a self-reported survey conducted by Real Trends magazine.
Howard Hanna was fifth in the nation based on overall transactions, nudging out Columbus, Ohio-based Real Living, the parent company of Realty One, and its 53,629 total transactions, according to Real Trends[, based in Littleton, Colo.
However, 64 percent of Real Living's transactions came from listing and selling houses. On the basis of real estate sales, Howard Hanna dropped to seventh in the nation, and Real Living rose to fourth place.
Thirty-two percent of buyers get home loans from Howard Hanna's mortgage subsidiary, and the company originated 6,063 home loans and 5,905 title policies last year, according to information provided by Howard W. ``Hoby'' Hanna IV, the company's executive vice president.
The privately held company reported that its total volume including all transactions last year was about $20 billion, which the company said was a 21 percent increase from 2004.
Source: [Akron Beacon Journal, Gloria Irwin (05/04/06)
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