When I was in mortgage banking, I preferred to work for smaller savings and loans. Any mega bank never employed me, and I typically worked in the corporate offices where decisions were made. During my current real estate career, I have preferred to work for small broker-owned franchises rather than the big conglomerates.
Things are shaking up in the Los Angeles real estate industry:
Douglas Elliman to acquire Teles Properties. Teles will be rebranded as Douglas Elliman in the fall. Until then, it will operate as Teles, a Douglas Elliman Real Estate Co.
Word on the street is that Pacific Union, who just acquired John Aaroe Group, is eyeing Partner’s Trust Real Estate. Hall and Chambers (formerly Prudential California Realty) is now Coldwell Banker Hallmark Realty.
It continues to be a tough real estate market for Los Angeles home buyers, especially first-time buyers scrambling to accumulate a down payment.
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Seems like no industry is immune to mergers and acquisitions