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GMAC Real Estate

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GMAC Real Estate
IndustryReal estate
Founded1998; 26 years ago (1998)
FateAcquired by Brookfield Asset Management
SuccessorReal Living

GMAC Real Estate was a real estate franchised broker. It had 13,000 agents.[1] In 2008, it was acquired by Brookfield Asset Management and in 2012, it merged into HomeServices of America.

History

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GMAC Real Estate was founded in 1998, when GMAC (now Ally Financial) bought the Better Homes and Gardens Real Estate brand from Meredith Corporation.[2]

In 2001, John Bearden was named president and CEO of GMAC Home Services, the parent company of GMAC Real Estate.[3]

In 2002, the company ranked 6th in transaction volume among U.S. real estate companies.[4]

In 2006, the company awarded franchises in the St. Louis area[5] and in the Denver area.[6]

In 2008, GMAC Home Services LLC was acquired by Brookfield Asset Management.[7]

In 2009, Brookfield merged the company into its Real Living division.[8]

In 2012, HomeServices of America, an affiliate of Berkshire Hathaway, acquired Real Living.[9]

References

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  1. ^ "Real Living joins GMAC realty unit in merger". The Columbus Dispatch. November 11, 2009.
  2. ^ "GMAC buys 'BH&G' real estate". Advertising Age. June 30, 1998.
  3. ^ "John Bearden to lead GMAC Home Services". American City Business Journals. October 2, 2001.
  4. ^ "Top 100 Ranked By Sales Volume". National Association of Realtors. July 1, 2002.
  5. ^ "GMAC Real Estate Awards Newest Franchise to St. Louis Area Real Estate Veterans" (Press release). Business Wire. September 28, 2006.
  6. ^ "GMAC Real Estate issues Cherry Creek franchise". American City Business Journals. January 11, 2006.
  7. ^ Witkowski, Wallace (September 23, 2008). "Brookfield Residential to acquire GMAC Home Services". MarketWatch.
  8. ^ "GMAC Real Estate to be renamed". Chicago Tribune. November 12, 2009.
  9. ^ Funk, Josh (October 30, 2012). "Buffett's firm buys Prudential real estate network". San Diego Union Tribune. Associated Press.
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