HomeServices of America, Inc.TM Announces Acquisition of Elmhurst, Illinois-Based Schiller Real Estate

Posted by Israel Kreps — April 7, 2010

Schiller merges with Chicago-based Koenig & Strey, expanding the company’s footprint in the Greater Chicago residential real estate market

MINNEAPOLIS (April 07, 2010) – HomeServices of America, Inc., a Berkshire Hathaway affiliate (www.homeservices.com) and the nation’s second-largest and most financially sound homeownership service provider, announces the acquisition of Elmhurst, Ill.-based Schiller Real Estate, Elmhurst’s leading residential real estate firm.

Schiller Real Estate will merge with Chicago-based Koenig & Strey Real Living (www.koenigstrey.com), which HomeServices acquired in September 2009. The location will be referred to as the Koenig & Strey-Schiller Office.

The acquisition furthers HomeServices’ goal of expanding Koenig & Strey’s footprint within the greater Chicago market and surrounding communities and reinforces the strength, stability and financial solvency of Koenig & Strey.

Founded in 1970, Schiller is one of the Midwest’s leading residential real estate boutique firms with 70 associates and staff.

The merged organizations make Koenig & Strey the third-largest residential real estate firm in dollar volume of transactions within the greater Chicago market. Koenig & Strey will now have 22 locations and 1,000 agents and staff.

“The acquisition of Schiller, merging with Koenig & Strey, further strengthens our presence in Chicago,” said Ron Peltier, chairman & CEO of HomeServices. “Our goal is to grow the Koenig & Strey brand through the company’s ongoing sales and marketing process, as well as through strategic acquisitions with symbiotic organizations.”

“This is an important step in expanding Koenig & Strey’s footprint within key suburban Chicago markets,” added Koenig & Strey president & CEO Doug Ayers. “This opens a completely new market for us, and, with Schiller’s strength in the Elmhurst community, immediately positions our continued growth.”

“We are very proud to be a part of HomeServices of America and Koenig & Strey,” noted Schiller Real Estate co-founder Bob Schiller. “We are joining an organization consistent with our high standards of service and integrity, making this a win/win for our customers and associates.”

“Bob and Anne Schiller have done an outstanding job of building a highly respected organization and we look forward to their continued association with us,” concluded Peltier.

About HomeServices of America

HomeServices of America, Inc. (www.homeservices.com), based in Minneapolis, Minn., is the second-largest homeownership service provider and the most financially sound real estate company in the United States. Owned by MidAmerican Energy Holdings Company, a consolidated subsidiary of Berkshire Hathaway Inc., HomeServices’ operating companies offer integrated real estate services, including brokerage services, mortgage originations, title and closing services, property and casualty insurance, home warranties and other homeownership services. HomeServices Relocation, LLC is the full-service relocation arm of HomeServices of America which provides every aspect of domestic and international relocation to corporations around the world. HomeServices operates in 20 states under the following residential real estate brand names: Carol Jones REALTORS; CBSHOME Real Estate; Champion Realty Inc.; Edina Realty; EWM REALTORS; Harry Norman, REALTORS; HOME Real Estate; Huff Realty; Iowa Realty; Koenig & Strey Real Living; Long Companies; Prudential California Realty; Prudential Carolinas Realty; Prudential First Realty; Prudential York Simpson Underwood; RealtySouth; Rector-Hayden REALTORS; Reece & Nichols; Roberts Brothers Inc.; Semonin REALTORS and Woods Bros. Realty. Information about HomeServices and the locations of its subsidiary companies is available at www.homeservices.com.

About Koenig & Strey

Koenig & Strey Real Living (www.koenigstrey.com) has approximately 900 sales associates, throughout 21 offices, serving the communities in Chicago, the North Shore, Lake County and the western suburbs. Koenig & Strey is the exclusive Chicago affiliate of Christie's Great Estates, the largest network of luxury independent real estate firms in the world.

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