"We began undertaking this strategy to sort of encircle the city back in 2020, Howard Hoby Hanna IV, the president and CEO of Howard Hanna, said. We were in upstate New York and we thought it was a strategic move to sort of move down the state and then throughout parts of the tri-state area with New Jersey and Connecticut. The city was always an attraction, but we knew that it is a very different market."
"Once the firm felt like it had a strong footprint surrounding the city, Hanna said the company began focusing on integrating its mortgage, title and insurance operations into the markets. After having some growth, we really felt like it was time to integrate into the city itself, Hanna said. So, about three years ago we started talking to a lot of different brokerage firms trying to find the right entry, at the right time."
"According to Hanna, Elegran was one of the firms he and his team initially spoke with, but it wasn't until earlier this year, when Hanna said Elegran Founder and Managing Broker Michael Rossi approached him that they seriously considered a deal. They are a great entrepreneurial group of agents and they have a culture that is similar to ours that family feel and camaraderie and it just felt right to us, Hanna said."
Howard Hanna initiated a strategic expansion in 2020 to encircle New York City by expanding from upstate New York down the state and into the tri-state area. The company built a strong surrounding footprint before integrating mortgage, title, and insurance operations into those markets. After achieving growth, the company pursued direct entry into New York City and began approaching brokerage firms about three years ago. The Elegran acquisition followed an approach by Elegran Founder Michael Rossi and was selected for cultural fit and entrepreneurship. The New York debut complements other major M&A moves, including Allen Tate, Rand Realty, and Coastal Properties.
Read at www.housingwire.com
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