A Sign of Good Things to Come
Thomas W. Camp, President and CEO; Stephanie Rhodes, Charlotte Regional Executive; Cecily Durrett, Director Relocation and Business Development
One of the most trusted brands in the world focused on building strong client relationships, Berkshire Hathaway HomeServices Carolinas Realty has been helping families in the Charlotte region find their dream home for over 36 years. According to CEO Thomas Camp, the company’s tag line, “We make great neighbors,” is their vision, striving to have a meaningful impact on the neighborhoods and communities they serve.
A Sign of Good Things to Come
Of all the events that take place in someone’s life, one of the most important and exciting milestones is buying a home, especially if that home is their first.
For most people, a home is not only their single largest financial asset, but it’s also where they raise their families and where life-long memories are made. Our homes, in so many ways, reflect who we really are.
But, by the same token, buying a new home or selling an existing home can be a daunting and stressful time in a family’s life, especially if it coincides with a job change or relocation to a new city.
Buying or selling a home represents a huge investment of time and money, and involves a long list of tasks that most people just don’t do very often. Helping guide a family through the home buying process is the job of a licensed Realtor, a real estate professional with the knowledge and experience needed to navigate the sometimes imposing world of buying or selling a home.
With one of the most trusted brands in the world and a set of values focused on building strong client relationships, Berkshire Hathaway HomeServices Carolinas Realty has been helping families in the Charlotte region find their dream home for over 36 years now.
An Admired and Respected Brand
Berkshire Hathaway HomeServices Carolinas Realty (BHHS Carolinas Realty) is a subsidiary of HomeServices of America (HSA), the second largest independent residential real estate brokerage firm in the United States. An affiliate of Warren Buffett’s Berkshire Hathaway, Inc., HSA was founded in 1998 when Berkshire Hathaway acquired two leading real estate brokerage firms in Iowa and Minnesota. After a series of subsequent acquisitions, HSA now owns over 30 subsidiary brokerage firms in 19 states.
BHHS Carolinas Realty traces its roots all the way back to 1979 as Wightman Helms, a Charlotte-based real estate company started by Muriel Helms, the first woman chairman of the Charlotte Chamber of Commerce.
After signing a franchise agreement with the Prudential Real Estate affiliates network, Wightman Helms became Prudential Carolinas Realty, later merging with Prudential franchisees in the Triad and Triangle to form a real estate company with a presence spanning North Carolina’s three most dynamic markets. In the spring of 2004, HSA acquired Prudential Carolinas Realty.
Just over seven years ago, Prudential Carolinas Realty acquired York Simpson Underwood, one of the leading real estate firms in the Raleigh-Durham-Chapel Hill market. York Simpson Underwood had been operating in that area since the early 1970s and had an outstanding reputation and brand in the marketplace. In order to leverage the existing brand equity, all of the Triangle area offices of the combined company began operating as York Simpson Underwood.
Then five years ago, Prudential Carolinas Realty acquired Yost and Little Realty, the leader in the upper-tier home market in Greensboro. Yost and Little had operated in the Greensboro area since 1928, so they also retained the Yost and Little name for that market.
“Warren Buffett’s operating model has always been to acquire solid companies with strong leadership and significant market share and let them continue to operate as they always have and continue to grow and prosper,” says Thomas W. Camp, president and CEO of BHHS Carolinas Realty. “That is basically our philosophy as well.”
HSA also acquired several other Prudential franchisees around the country, eventually becoming the largest Prudential franchisee in the United States. So when Prudential Financial decided to exit the real estate brokerage business, HSA acquired the entire Prudential Real Estate affiliates network. All of the old Prudential affiliates—including hundreds of independently-owned Prudential franchisees—became Berkshire Hathaway HomeServices beginning in September 2013.
“I really believe that our Berkshire Hathaway brand gives us a distinct advantage in the market,” says Camp. “Berkshire Hathaway is number three on Barron’s list of the world’s most respected companies, and it is the number three company on Fortune’s list of the world’s most admired companies.
“The reception of our name in the marketplace has exceeded all of our expectations. It is absolutely amazing the impact that it has had on attracting sales associates, who are the life blood of our business. But it has also helped with clients, both at the corporate level for relocation business, as well as the individual home buyer and home seller.”
Today, the company does business as Berkshire Hathaway HomeServices Carolinas Realty in Winston-Salem/Kernersville and Charlotte, as Berkshire Hathaway HomeServices Yost and Little Realty in Greensboro, and as Berkshire Hathaway HomeServices York Simpson Underwood Realty in Raleigh-Durham-Chapel Hill-Cary. But all three markets are consolidated as a single corporate entity with a consolidated management structure. They were recently recognized as the 11th-ranked Berkshire Hathaway HomeServices company in the country.
The company has 13 offices in North Carolina with over 790 sales associates. BHHS Carolinas Realty has three offices in Mecklenburg county—SouthPark, Ballantyne, and Lake Norman—with over 160 sales associates serving the Charlotte region.
A Value-Driven Relationship-Based Business
According to Camp, the company’s tag line—“We make great neighbors”—is more than just a catchy phrase. It is truly their vision of who they are as an organization. They strive to have a meaningful impact on the neighborhoods and communities they serve.
“We live by four key values,” he explains. “Number one, we are committed to exceeding expectations for exemplary service and professionalism in everything we do. Number two, we build lasting relationships, based on trust and care with our clients and the communities we serve. Number three, we partner with our associates to create an environment that fosters success and meaningful careers. Finally, most importantly, we exist to redefine home buying, selling, and ownership by integrating all of the elements of the transaction into a seamless real estate experience.”
This seamless experience includes not only traditional real estate brokerage services, but relocation services and a wholly-owned mortgage company that is the largest in-house mortgage company of any real estate firm in the country. They also have their own title insurance company and a private-branded home warranty company.
“We believe that the relationship always must come first,” continues Camp. “People do not buy or sell for our reasons, they buy or sell only for their reasons. So it is really important that, in a collaborative fashion, we get to know our clients, we find out what is important to them, and we get to know what their dreams are for a home.”
The last nine years have been difficult in the real estate business, but thanks to an improving economy and the success of BHHS Carolinas Realty’s relationship-based business model, 2015 was the company’s best year since 2007.
Almost $2 billion of residential real estate was sold statewide in over 7,200 transactions, and Camp says 2016 is off to an even better start. He adds that home values have generally recovered well from the recession, with the possible exception of the higher tier above $750,000. Available inventory is still a bit tight, so values should continue to move up.
Over the last year, new construction has made up only about 20 percent of sales because builders have been a bit slow initiating new projects. But Camp says builders are now finally starting to bring new inventory to market in greater numbers, so he thinks new home sales will begin to rebound toward pre-recession levels in 2016.
While the company’s average sales price for 2015 was right around $290,000 statewide, Camp says their sweet spot in Charlotte is in the $300,000 to $350,000 range. But based on the trends he is seeing in the market, he believes that the greatest growth potential is in the under $250,000 market, because that segment has rebounded more dramatically than others.
Helping Charlotte Grow
BHHS Carolinas Realty’s Relocation and Corporate Services Division assists companies and families who are relocating to or from the Charlotte region. In addition to helping someone find a new home or sell their existing home, the relocation team also provides group move management services, assists with temporary housing, offers orientation tours of the area, and many other services that help people cope with the stress that surrounds a work-related move. The relocation team also works with local economic development officials to help recruit new companies to the Tarheel state.
“Working with relocation is a special privilege in our business, because you’re working with families who are under incredible stress,” says Cecily Durrett, director of relocation and business development. “I have 13 folks across the state who get up every day to make sure those families can focus on the right things.”
“The trends we see are clearly on the uptick for Charlotte and the rest of the state,” continues Durrett. “It is a very exciting time because companies are figuring out that North Carolina is an inexpensive place to do business, and that the talent pool which we have in Charlotte and across the state is beyond compare.”
When a major international company was recently considering North Carolina for a headquarters move, Durrett and her team jumped into action.
“We put a team of agents together who knew the market inside and out to work with the advance team from the prospect and then with the firm’s principals who came in to learn more about the community,” recalls Durrett. “While that company ultimately chose Atlanta, in the process, we built some great relationships.”
Even though that relocation prospect went elsewhere, when their CEO learned that an old friend was also considering moving his company to North Carolina, he recommended that his friend talk to Berkshire Hathaway. Durrett began conversations with that second company, and they are indeed planning to relocate to our state.
“My job in part is to find those companies and those individuals who are beginning to have some curiosity about what it is like to live here,” explains Durrett. “We want to find them at a time when we can be helpful and be a resource to them as they make those very important decisions. Of course, we often do that work with terrific partners, such as the Charlotte Chamber and the Charlotte Regional Partnership.”
Making Great Realtors
The centerpiece of the real estate business is the individual Realtor, so recruiting and retaining top talent is critical to the success of any real estate business. But it’s also important to be sure that the Realtor is a good fit for the company culture and shares the same values. “We look for people that share in our values and that share in our ethics, our morals, and our professionalism,” says Stephanie Rhodes, the Charlotte regional executive for BHHS. “I tell them right off, relationships come first and transactions will follow. Our managers are all very hands on—they are coaches—so we can give our Realtors the support and attention to do well in the industry.”
BHHS Carolinas Realty uses their “Perfect Agent Profile” to aid in selecting the right Realtors to join their firm. They partner with a vendor that has a profile test called the “Core Capacity Index.” Over half of the existing sales associates have taken the test, so each new candidate takes this same five to 10-minute test to measure how they compare to the top performing agents. Rhodes says the test is not fool proof, but is a very good barometer of success.
“For 90 percent of the families we serve, their home is their largest single financial asset,” concludes Camp. “It’s their home. It’s their nest. It’s their shelter. It is where their deepest relationships exist, and where their most cherished memories are made.
“So we take that very, very seriously here. We as an organization are committed to the relationship with our sales associates, and every day we encourage our associates to focus on their relationships with their clients first. When we get that right everything else takes care of itself.”
Berkshire Hathaway HomeServices
3420 Toringdon Way,
Charlotte, N.C. 28277
Parent Company: HomeServices of America (HSA), a Berkshire Hathaway, Inc. affiliate
Principals: Thomas W. Camp, President and CEO; Stephanie Rhodes, Charlotte Regional Executive; Cecily Durrett, Director Relocation and Business Development
Employees/Sales Associates: 890
In Business: Since 1979
Offices: 13 offices across North Carolina’s three major markets as Berkshire Hathaway HomeServices (BHHS); BHHS Carolinas Realty in Charlotte and Winston-Salem, BHHS York Simpson Underwood Realty in the Triangle region, and BHHS Yost & Little Realty in Greensboro
Business: Full-service residential real estate brokerage firm, also providing mortgage loan originations, title insurance services, home warranty protection, and relocation services.