FC Tucker Co. Inc. – the largest and oldest residential real estate brokerage in Indiana – was acquired by Pittsburgh-based Howard Hanna Real Estate Services, the largest independent brokerage in the United States, the companies announced Tuesday morning.
Financial terms of the deal were not disclosed.
As part of the deal, the FC Tucker brand will remain in place thanks to the local firm’s huge market share and name recognition. The 103-year-old company is the largest in Indianapolis by both sales and agent, totaling $ 3 billion in 2019 (more than double the second largest firm, Century 21 Scheetz), with over 650 brokers in 17 offices per state.
The change in controlling stake is expected to increase Tucker’s already dominant market share through new technology and resources for his brokerage team, as well as open the door to the Indiana market for Hanna, which already operates in 10 other states.
“All businesses are changing, big companies are getting bigger, and some midsize and small companies are under pressure,” said Tucker CEO Jim Litten, who joined the company in 1972 as a sales representative. “I wanted our company to grow and get bigger, and I wanted to create more opportunities for our agents. Partnering with Howard Hannah gives us all of this. ”
Together with Hannah and Litten, the ownership group includes FC Tucker’s Patrick Purdue and Donna Kreps, president and president of the residential sector, respectively.
According to the press release, the partnership will provide Tucker’s agents with new marketing tools, a wider network of brokers to partner with, and new technologies that will enable them to better engage with customers.
The move also strengthens Howard Hanna’s position as the largest family-owned brokerage firm in the country, giving it the opportunity to penetrate Indiana, a market in which its leadership has long been considered the new frontier for its operations.
“This is an area that we wanted to be in for quite some time, but our model was that if we have the opportunity to do something with a market leader, we would rather do it – to improve what is already a great company, ”said Howard W.” Hobie “Hanna IV, president of Howard Hanna Real Estate Services.
The companies said retaining the Tucker brand was an easy decision.
“We wanted to keep our brand,” Litten said. “Our name is 103 years of justice, and we believe that giving up this name will not do us good.”
Hobie Hannah agreed.
“I think the FC Tucker brand is so strong throughout Indianapolis and across the state that it would be foolish to ditch it now,” he said.
This story will be updated.