Residential brokerage HomeServices of America Inc. has grown exponentially since it was acquired by Warren Buffett's Berkshire Hathaway Inc. in 2000.
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The number of deals the company brokered between homebuyers and sellers grew 34% last year, propelling HomeServices to the No. 2 residential brokerage spot in the country, trailing Realogy Holdings Corp., Bloomberg reports. Part of this growth is attributed to a number of recent acquisitions, including the purchase of rival firm Long & Foster Cos. last year.
Even with the jump in close rates last year, Buffett told shareholders more growth is on the horizon since the company only facilitated approximately 3% of the home-brokerage business in the U.S. this year, according to Bloomberg.
“That leaves 97% to go,” Buffett said in his annual letter to shareholders.
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