Local real estate companies announce high-profile mergers
SANDPOINT - Following a pair of high-profile mergers, four of the area's most prominent real estate agencies are now two of the area's most prominent firms.
Tomlinson Sandpoint Sotheby's recently absorbed Windermere Resort Lifestyles, while Sandpoint's Century 21 on the Lake merged with Riverstone Real Estate to form Century 21 Riverstone.
Jeff Bond, owner of Tomlinson Sotheby's, said the move is based on the economic benefits of consolidation.
"It's always been that way when real estate gets a little bit tougher. There's always a lot of consolidation of agents," Bond said. "It's really a function of less expense for more people. The more people we have, the less cost per person we have."
Sotheby's will retain its name and location, and all but two of Windermere's agents will make the move to Sotheby's downtown Sandpoint offices, said Windermere owner Merry Brown-Hayes.
Brown-Hayes said the move will benefit both companies by giving each access to the other's strong points.
"Sotheby's provides an international exposure that is, in my opinion, the best in the United States and the world," Brown-Hayes said. "What this move allows us to do is take our presence in the three marketplaces we serve - Sandpoint, Schweitzer and Bonners Ferry - and pull those under the Sotherby's umbrella, which will allow those communities to be served in a way they haven't been."
Despite the recent woes in the housing market, Bond said Sotheby's, which sells high-end real estate, has been doing the best business in his tenure with the company.
"This is a great time and there's a lot of opportunity here if buyers are willing to step up to the plate," said Bond, who credits the Sotheby's brand for bringing in out-of-state and international buyers. "It doesn't take a lot of two and three million dollar sales to bring your numbers up pretty fast."
Like Bond, Century 21's Debbie Ferguson sees her company's merger with Riverstone as a way to incorporate the best aspects of each business.
"Century 21 has a strong listing base, a great sales force and great training programs. Riverstone has a great buyer base because of their strong Internet presence. … They bring that technology and that resource to the company, so it's a great fit for us," Ferguson said.
Riverstone's 12 employees will join the 31 already at Century 21 when the company moves to a new location Dec. 1, according to Ferguson, who said the merger will not result in any layoffs.
Teaming with Riverstone also allows for greater market penetration, which Ferguson said the company will take advantage of - especially when the housing market turns around.
"Obviously the market has slowed down some, so when it comes back - and we believe it will come back strong - I think the key is to have as much market share as you can," Ferguson said.
Windermere Idaho First real estate, with locations in Sandpoint and Priest River is not affiliated with the merger, though Windermere Resort Lifestyles in Bonners Ferry was included and will become part of Tomlinson Sotheby's.