Howard Hanna acquires Realty One;
is bullish on Northeastern Ohio

CLEVELAND--In a move likely to reverberate in real estate circles nationally as well as in northeastern Ohio, Howard Hanna Real Estate Services, owner of Cleveland-based Howard Hanna Smythe Cramer, has acquired Realty One. As a result, Howard Hanna will control approximately 37 percent of the real estate market in Northeastern Ohio. The size and timing of the deal sends a strong signal both regionally and nationally.

The acquisition reflects Howard Hanna’s commitment to Northeastern Ohio, and indicates that, in spite of a softening economy, Howard Hanna remains excited about the future of this region. The company’s presence Ohio now doubles to 79 office locations with 2,804 sales associates in 21 counties. Company wide, Howard Hanna has 4,394 sales associates and 157 sales offices in Ohio, Pennsylvania, New York and West Virginia.

Since entering the market in Northeastern Ohio in 2003 with the merger of Smythe Cramer Co., Howard Hanna has expanded, both locally and in its other marketing areas of the nation. Shortly after its entrance into Northeastern Ohio, the firm started to acquire other area real estate brokerages. To date it has purchased eight. In addition, the company’s regional growth has included opening four new offices, refurbishing and expanding several others, and increasing services and businesses to include Barristers Title, Howard Hanna Mortgage, Howard Hanna Insurance, Great Lakes Survey, as well as a joint venture with banks in the marketing and sale of real estate owned properties. The company has added 390 sales associates and staff in this area in the last 5 years.

Howard Hanna, known for its marketing expertise as well as its commitment to planned growth, has become the dominant real estate firm in the region, according to statistics from the Northern Ohio Multiple Listing Service and Centralized Real Estate Information Service.*

"While other established companies in the region have been impacted by a tumultuous market due to economic change and population shift, our company continues to enjoy steady growth," states Howard W. "Hoddy" Hanna, chairman of Howard Hanna Real Estate Services. "When we entered this market five years ago, we saw a region with tremendous potential in both business and quality of life. Our outlook has not changed. We remain convinced that this area shows a clear pattern of growth and vibrancy for both short and long term."

"Today we are beginning a new chapter in total service to real estate consumers in this area," states Howard W. "Hoby" Hanna IV, president and chief operating officer of Howard Hanna Ohio. "We are excited about the future and growth of both our company, as well as this region. Our investment here underscores a commitment to growth and a belief of opportunities that have emerged and are beginning to take hold."

"In support of the exceptional Realtors who are now with us, we plan on adding to our support staff in the near future," states Helen Hanna Casey, president of sales for Howard Hanna Casey. We intend to retain all existing staff as well as add approximately 50 professionals at Howard Hanna Mortgage Services, Barristers Title, and Howard Hanna Insurance."

"Buyers and sellers are going to benefit from an expanded market presence that combines the finest in professionalism and marketing expertise. Our cultures are similar and our agents work closely together. We are combining leadership, knowledge and outstanding sales associates to create even greater service for sellers and buyers," states Barbara Reynolds, president of marketing.

Howard Hanna Real Estate Services is a full-service company that specializes in residential and commercial brokerage services, mortgages, closing and title insurance, land development, appraisal services and corporate relocation. The company has 157 offices serving Ohio, Pennsylvania, New York and West Virginia and employs approximately 4,394 sales associates. Visit www.howardhanna.com for more information.

* Data supplied by the Northern Ohio Multiple Listing Service (NORMLS) and the Centralized Real Estate Information Service (CRIS) through October 2008. NORMLS and CRIS do not guarantee, or are responsible for accuracy. Data maintained by NORMLS and CRIS may nor reflect all real estate activity in the market.