Real Estate

HomeSmart Acquires Solid Source Real Estate Companies

Above: HomeSmart Founder & CEO Matt Widdows

HomeSmart has announced its acquisition of metro Atlanta-based brokerage Solid Source Real Estate Companies and its nearly 2,000 agents. 

The company says this latest acquisition makes HomeSmart the leading transaction-fee brokerage in Georgia in the following categories based on 2022 metrics: 

  • Agent count 4,047 
  • Transaction sides 11,021 
  • Sales volume $4,550,547,983 

“The HomeSmart model performs at a higher rate than any other in the industry and rigorously captures operational data to back it up,” said Matt Widdows, HomeSmart founder and CEO. “In less than two decades, we’ve scaled our model to more than 25,000 agents across over 200 office locations and operating ability in 49 states. I believe we’re the only brokerage with the right foundation and system of people, processes and proprietary technology to allow growth at this rate.” 

Michele Velcheck, president and CEO of Solid Source Real Estate Companies, founded the brokerage in 2003 based on the core principles of fairness, convenience and heart, the company noted. She shared that there was no other brokerage that was more closely aligned with the culture, values and commission structures for her agents than HomeSmart. 

“I first met Matt Widdows in 2006 and again in 2011 to learn how he implemented technology to expand, and these ideas led to the addition of eight offices and over 2,000 Solid Source agents,” said Velcheck. “The unparalleled value HomeSmart offers to agents and the consumer experience, along with its extraordinary vision for the future in our industry made the decision to sell to HomeSmart the obvious path forward. Solid Source Realty is honored and thankful to join the HomeSmart family!” 

The acquisition of Solid Source continues to bolster HomeSmart’s expanding footprint in Georgia, joining the company’s other corporate and franchised locations across the state.

John Featherston, RISMedia founder and CEO, said of the deal, “This is another significant acquisition for a growing organization which in a relatively short time has established itself as a viable, national real estate alternative, as it continues to attract interest from established independent brokerages seeking national affiliation. Under Matt Widdows’ leadership, HomeSmart continues to grow and add productive agents as well as facilities to its organization, and is a brand to watch.”

Before Solid Source, HomeSmart’s acquisition of Atlanta-based PalmerHouse Properties in January 2021 was its largest purchase to date and a pivotal step in its strategic expansion plan. The deal added more than 2,000 agents and six new markets to HomeSmart’s portfolio while keeping the PalmerHouse Properties brand, HomeSmart said. Today, the company announced the PalmerHouse Properties brokerage is rebranding itself to HomeSmart to better align with the national HomeSmart network as a whole. 

“I am excited to see the expansion of HomeSmart through its most recent acquisition of Solid Source Real Estate Companies,” said Kevin Palmer, former CEO and founder of PalmerHouse Properties. “This is a clear demonstration of HomeSmart’s commitment to the Atlanta market and continued support of the Georgia-based agents within the HomeSmart family.” 

Also in the Atlanta area, HomeSmart Realty Partners serves over 100 agents throughout the Roswell community. Partnering with their corporate and franchised locations creates unique benefits for their agents and the consumers they serve, HomeSmart said. 

“Our strategy is to drive continued growth in the markets where HomeSmart has an established presence like Georgia, as well as entering into new states and major metropolitan areas through acquisition,” said Widdows. “We want to focus on increasing brand awareness as agents join and realize the full value of HomeSmart’s business model, processes, technology and highest possible service level with a human touch.” 

In comments to RISMedia regarding HomeSmart’s growth plans for the year ahead and current market conditions, Widdows added:

“HomeSmart continues to have an aggressive plan for expansion through like-minded franchisees and business owners looking for a smooth exit through acquisition. 

 “Our model of low flat fees allows agents to continue to operate with a lower cost structure than traditional brokerages. This makes us even more desirable during a downturn as agents look for lower-cost alternatives compared to traditional brokerages, while still receiving high levels of service and benefits.

 “We expect the market to become a more balanced buyer and seller market as inventory increases, causing prices to drop slightly during 2023. We do not, however, foresee a significant downturn in the real estate market,” Widdows concluded.

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