The allure of the name recognition of large national brands is causing many independent brokerages to affiliate as mortgage rates rise and housing inventory remains low. Ocala, Florida-based Foxfire Realty is the latest firm to join a national brand, announcing its move to RE/MAX on Wednesday.
The brokerage, which was founded in 1976 by Gene Boone, will now be known as RE/MAX Foxfire. Gene Boone will continue to run the firm with his business partner and grandson Owen Boone.
“The RE/MAX national ad campaign and breadth of the brand is a notable benefit,” the elder Boone said in a statement. “Our market is popular with out-of-state buyers and agents relocating from other states. They are not familiar with the Foxfire name and are looking for something they’re familiar with. Aligning with RE/MAX gives us the best of both worlds – an international brand with local roots.”
Foxfire cited RE/MAX’s technology offerings as a major draw to the brand.
“We were completely blown away by the tools and technology and the culture of RE/MAX,” Owen Boone, RE/MAX Foxfire’s vice president and director of operations, said in a statement. “It’s very difficult to be an unaffiliated brokerage right now and compete with franchises who offer technology and training. RE/MAX’s toolbox is so impressive; joining RE/MAX for agent development, education, technology and marketing is going to benefit our agents and their clients in a big way.”
RE/MAX Foxfire has 165 agents, who collectively closed nearly $400 million in sales volume in 2022, according to the brokerage. The firm has four offices — two in Ocala, one in Summerfield and one in Lady Lake. The Boones are planning on opening a third Ocala office later this fall, which will focus on assisting buyers and sellers of equestrian properties.