BrokerageIPO / M&A

HomeSmart acquires GA brokerage Solid Source Real Estate

Combined, the brokerages generated over 11,000 transaction sides and $4.55 billion in sales volume last year in Georgia

Technology-focused 100% commission brokerage HomeSmart has acquired Atlanta-based brokerage Solid Source Real Estate Companies and its 2,000 agents.

With the acquisition, the company now has over 4,000 agents in the state of Georgia. Combined, HomeSmart and Solid Source generated over 11,000 transaction sides and $4.55 billion in sales volume in 2022 in Georgia.

According to the latest RealTrends 500 rankings, HomeSmart generated $25 billion in sales volume across 56,679 transaction sides nationwide in 2021, making it the eighth-largest brokerage in America.

“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,” Matt Widdows, HomeSmart’s founder and CEO, said in a statement. “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.”

The deal for Solid Source, founded in 2003 by Michelle Velcheck, comes exactly two years after Widdows picked up another Georgia operation, PalmerHouse Properties, which had 2,000 agents spread across six markets.

PalmerHouse Properties is rebranding itself to HomeSmart to better align with the national HomeSmart network, the companies said Thursday.

By the looks of it, HomeSmart, which has a flat-fee model, isn’t done making acquisitions.

“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,” Widdows said in prepared remarks. “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.”

HomeSmart announced plans to go public early last year. The company filed registration paperwork in May to trade on the Nasdaq stock exchange under ticker symbol “HS,” but never moved forward.