(BRK.A), (BRK.B)
Berkshire Hathaway HomeServices, one of the world’s fastest-growing real estate brokerage franchise networks, is expanding into Portugal through an agreement with Portugal Property.
The agency will operate as Berkshire Hathaway HomeServices Portugal Property.
Portugal Property, founded in 2008 by CEO Michael Vincent, is Portugal’s largest independent real estate brokerage as measured by real estate sales volume and office count. The brokerage sets local standards for client service and expertise, and for the last eight years has won prestigious European Property Awards for Best Real Estate Agency in Portugal and Best Real Estate Agency Website in Portugal.
“Portugal was an essential target of ours from the outset of our global expansion,” said Gino Blefari, chairman of Berkshire Hathaway HomeServices. “The Portuguese economy has responded nicely from the global downturn and its real estate market is vibrant and growing. We’re elated to enter Portugal with the country’s finest brokerage, Portugal Property, which has ambitious growth plans to serve significantly more local and global clients.”
Portugal Property operates seven offices in Lisbon, Porto and along the Algarve, Portugal’s southern coast. The brokerage and its 43 agents generated nearly USD100 million in real estate sales volume in 2018. The Berkshire Hathaway HomeServices network produced USD114.5 billion in sales volume last year.
“We are proud to bring the Berkshire Hathaway HomeServices brand to Portugal,” said Vincent. “The brand carries the name of Berkshire Hathaway, one of the world’s most respected, trusted and admired companies. As important, the brand is composed of strong brokerages across America, Europe and Dubai, and we anticipate exchanging client referral with these companies.”
Vincent said the Berkshire Hathaway HomeServices brand will be a beacon for burgeoning global clientele and Portuguese consumers seeking top-rate expertise and guidance. “We have firmly established Portugal Property and now we add an exciting and respected global brand name with abundant resources. We are so excited for the future, which starts today.”
Portugal Property gains access to Berkshire Hathaway HomeServices’ “FOREVER Cloud” technology suite, a powerful source for lead generation, marketing support, social media, video production/distribution and more.
Berkshire Hathaway HomeServices has aligned with Salesforce to deliver world-class technology support to its network members far into the future. The brand also provides global listing syndication, relocation referrals, professional training and the exclusive Luxury Collection marketing program for premier listings. Its Prestige Magazine showcases network members’ premium listings with a compelling lineup of feature stories covering topics that appeal to high-end real estate consumers.
Vincent plans to double the size of his brokerage over the next five years. “We believe the Berkshire Hathaway HomeServices brand will help us gain access to new, upscale markets and more of the world’s affluent real estate investors who are increasingly attracted to our wonderful country,” he said. “All of these factors have come together at once for our brokerage and we’re eager to take our business to new levels.”
Chris Stuart, CEO of Berkshire Hathaway HomeServices, applauded Portugal Property’s brand membership. “Michael Vincent brings to our network two decades of experience in Portuguese real estate and a strong team of agents and employees,” he said. “We are proud to welcome the group and look forward to helping the brokerage grow into one of Europe’s finest agencies.”
© 2019 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.