Inman

Fast-growing 100% commission brokerage acquires another of its kind

f11photo / shutterstock

Frisco, Texas-based JP & Associates Realtors (JPAR), a 100 percent commission brokerage, has acquired Austin-based firm Private Label Realty (PLR). The deal, announced today by Real Trends, takes the combined firms to a total of over $2 billion in 2017 sales volume. The acquisition will bring JPAR’s total number of agents to 1,100.

Twelve-year-old PLR of the same 100 percent commission model is one of Austin’s top brokerages with over $650 million in 2016 sales and more than 200 licensed agents and brokers in Austin, Dallas-Fort Worth, Houston and San Antonio.

“The talent and market knowledge of PLR combined with JPAR’s productivity and service culture will continue to lead and expand our motto of exceeding expectations of our clients and agents across Texas and soon, beyond,” said JPAR founder and owner, Guiseppe (JP) Piccinini. “Austin is one of the hottest, if not the hottest real estate market in Texas. Word is that Amazon is going to choose Austin for its next HQ.”

Piccinini said he will close the PLR central Austin office, which was just 100 yards from its own, and will open offices in south Austin and north Austin. PLR’s management and agents will all move over to JPAR, and Piccinini is optimistic that all of PLR’s agents will stay because his transaction fees are lower.

“The combination of PLR and JPAR in the Texas market will be a force to be reckoned with over the coming years,” said Ali Hedayatifar, president of PLR’s parent company Tenura Holdings, Inc, a privately-held investment company in Austin, Texas. “I look forward to seeing our PLR agents flourish as part of the JPAR family.”

Charles Galati, SVP and General Manager of PLR, will be joining JPAR as part of the acquisition.

“I’m incredibly excited about the potential this unlocks for us in the years to come,” he said. “PLR was created to support producing agents who want to keep more of their commission and work in a fun, rewarding and exponentially growing environment. By aligning ourselves with a leading Texas brokerage that mirrors our agent-centric culture, our agents will be able to capitalize on the additional support, tools and services that JPAR has to offer.”

Post-acquisition, JPAR will be operating 16 offices in the greater Dallas-Fort Worth, Austin, Houston, and San Antonio regions. Having grown over 700 percent in the last three years, JPAR was forecasting a $1.6 to $1.7 billion sales volume in 2017, marking 60 percent growth, before the deal. The company is planning further U.S. expansion outside of Texas.

This year, JPAR was featured in the Dallas Business Journal‘s Top 20 Largest North Texas Residential Real Estate Brokerages and ranked no. 586 on the 2017 Inc. 5000 List of America’s fastest growing private companies.

Email Gill South.