HomeSmart, a 100% commission brokerage that focuses on technology, has acquired Atlanta-based brokerage Solid Source Real Estate Companies with its 2,000 agents.
The acquisition means that the company now has more than 4,000 agents in Georgia. HomeSmart and Solid Source combined generated more than 11,000 transactions and $4.55 trillion in sales volume in Georgia in 2022.
According to the RealTrends 500 rankings, HomeSmart accounted for $25 billion in sales volume in 56,679 transactions nationwide in 2021. This makes it the eighth-largest brokerage.
Matt Widdows (HomeSmart’s founder, CEO) stated in a statement that “In less than 20 decades, we have scaled our model up to more than 250,000 agents across over 200 offices and operating ability in 49 States.” “I believe that we are the only brokerage with the right system, foundation, and processes to allow for this growth rate.
Solid Source was founded in 2003 by Michelle Velcheck. It is exactly two years since Widdows acquired PalmerHouse Properties, a Georgia company with 2,000 agents that had been spread across six markets.
PalmerHouse Properties will rebrand itself as HomeSmart to better align with national HomeSmart networks, the companies announced Thursday.
HomeSmart, which operates on a flat-fee basis, appears to be still making acquisitions.
Widdows stated in prepared remarks that HomeSmart’s strategy was to continue growth in markets where HomeSmart is already present, such as Georgia. It also plans to enter new states and major metropolitan areas via acquisition. We want to increase brand awareness as agents join HomeSmart and realize the full potential of HomeSmart’s business model and processes.
HomeSmart announced plans for going public in the early part of last year. The company filed paperwork in May to trade on Nasdaq under the ticker symbol “HS” but it never went public.