Residential Real Estate and Real Estate & Retail

City's No. 2 real estate agency changes brands

April 8, 2010

The largest Century 21 residential real estate group in the Indianapolis-area has switched to a new brand.

The Century 21 Realty Group is now called Prudential Indiana Realty Group. Its 12 offices and 500 employees will operate as affiliates of New Jersey-based Prudential Real Estate and Relocation Services.

The Indianapolis-based agency, based at 3801 E. 82nd St., is the second largest in central Indiana behind F.C. Tucker Co. Inc., according to IBJ research.

Century 21 Realty Group sold $777 million worth of homes in 2009, less than half the amount it sold in 2006, when the housing market peaked. The group's number of licensed agents also plunged nearly by half, to 418.

At the same time, the owner of the Century 21 brand has been having financial difficulties. New Jersey-based Realogy Corp. lost $262 million last year as revenue plunged another 17 percent from poor results in 2008.

Realogy still has three substantial agencies in the Indianapolis-area operating under its Century 21 brand: Carmel-based Century 21 Scheetz with 249 licensed agents, Indianapolis-based Century 21 Diversified Realty with 32 licensed agents, and Carmel-based Century 21 Rasmussen with 15 licensed agents.

The move instantly gives Prudential a big market presence in Indianapolis. It does not have an existing top-25 agency in the area.

Kevin Kirkpatrick, president of Prudential Indiana Realty Group president, said the new affiliation should help his agency grow again.

“With our affiliation, we launch an ambitious growth campaign that will lead to new jobs for the people of Indiana in real estate and related fields,” he said in a prepared statement.

He added that agents could get health care insurance and other benefits through Prudential, which he expects will make his agency more attractive than before.

“We will now offer real estate professionals career paths enhanced with many options for wealth building, long-term security and personal and family care,” he said.

ADVERTISEMENT

Recent Articles by IBJ Staff

Comments powered by Disqus