Miller Realtors snapped up by N.J. companyTexas firm to be merged into Coldwell Banker Residential 03/14/2001 By Steve Brown / The Dallas Morning News Henry S. Miller Realtors, an 87-year-old company that is one of Texas' largest and best-known residential sales firms, has been sold to a New Jersey real estate conglomerate.
NRT Inc. will merge Miller Realtors into its local Coldwell Banker Residential Brokerage company.
The combination will make Coldwell Banker Residential the largest home sales firm in North Texas, with 45 offices and more than 2,000 sales associates.
"We think that the bringing of these two companies together at this time will create an ideal situation for our customers and our sales associates because of the increased market share," said Mike Good, NRT executive vice president. "We feel very strongly about Texas and, in particular, the Dallas-Fort Worth market."
Financial terms of the sale were not disclosed. And the purchase does not include Henry S. Miller Commercial, a real estate services company that the Miller family will continue to own and operate.
The sale of Miller Realtors leaves Ebby Halliday Realtors as the only large independent residential sales firm in the Dallas-Fort Worth area.
Miller Co. chairman Vance Miller said his family's decision to sell the business, which was founded by his grandfather, recognizes the changes in what was once a local business.
"You just have to have a larger brand to compete today," Mr. Miller said. "I've acquired nine [residential sales] companies in the last nine years, but Coldwell Banker offers an environment I can't provide unless I go national."
Coldwell Banker has expanded aggressively in Dallas in the last two years, acquiring Paula Stringer Realtors in Dallas and Wm. Rigg Realtors in Fort Worth.
Nationally, NRT has bought 175 local and regional residential sales firms during the last four years.
The company has 650 offices, 32,000 sales associates and completed $105 billion in property sales last year.
Miller Realtors has 30 offices and 1,000 sales agents in Dallas, Fort Worth, Houston and Austin.
"We are seeing more situations where company owners think it's a good time to get out of the business," said Michael Ableson, a national residential sales consultant from College Station, Texas. "More and more people are thinking we are at the top of this business cycle, and the worries about a recession are growing.
"If you are thinking about selling out, now is the time to do so."
More than a dozen local real estate sales companies – including Allie Beth Allman Realtors, Ellen Terry Realtors, Abio & Associates and Clements Realtors – have merged with larger competitors in recent years.
"Some of these companies are selling out because of technology issues and all the money you have to put into that," Mr. Ableson said. "If you are a smaller company, it's hard to be able to afford to keep up with the latest technology."
In the end, the key factor may be how many yard signs each company has in a market, Mr. Ableson said.
"The more market share you have, the more signs you have and the more consumers see you," he said.
Coldwell Banker will begin replacing Henry S. Miller signs with its own right away.
Heidi Holman, former president of Henry S. Miller Realtors, will serve as president of the new Henry S. Miller division of Coldwell Banker Residential.
The company says it has no immediate plans to close overlapping sales offices.
"This is such a significant marketplace, it deserves all of the resources of a national company like ours," said Linda Berg, president and chief operating officer of Coldwell Banker Residential Brokerage, D/FW.
Henry S. Miller's eight residential real estate offices in Houston will be merged with Coldwell Banker United Realtors. And its four residential offices in Austin will become part of Coldwell Banker Richard Smith Realtors. Both the Houston and Austin Coldwell Banker franchises are owned by Texas businessman Richard Smith.
NRT also acquired Miller Realtors' company in Colorado, Perry & Butler Realty, which has 11 offices. The Denver-based company will be merged with Coldwell Banker Residential Brokerage of Colorado.
NRT, based in Parsippany, N.J., is jointly owned by Cendant Corp. and Apollo Management LP. The company owns and operates residential real estate brokerage companies in 22 major U.S. markets and does business under the Coldwell Banker, ERA and Century 21 brand names.
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