Bellevue-based Coldwell Banker Bain, which provides real estate brokerage services throughout the Pacific Northwest, announced Tuesday that owner and chairman Bill Riss has sold the company to US RES Holdco LLC, a subsidiary of global real estate services company Stewart Information Services Corp.
No terms of the deal were released.
Day-to-day operations will remain the same, but the deal provides the company with more resources and capital to expand its presence and increase its competitive position in the evolving real estate industry, a Coldwell Banker Bain news release said.
Coldwell Banker Bain CEO Mike Grady said in the release that non-real estate, venture capital companies have sought to displace brokers from the center of transactions in recent years.
“The most concerning are the type with significant funding behind them,” Grady said. “This deep capital, and lack of the necessity for profit, allows these non-real estate competitors to operate in a manner traditional real estate companies find challenging.”
John Deely, Coldwell Banker Bain’s executive vice president of operations, said in an email, “The main purpose of the deal is to make CB Bain as competitive as possible in the ever-changing real estate industry landscape.”
Coldwell Banker Bain and its local management team remain unchanged and in charge of the company, Deely said.
That management team includes Deely, Grady, and Tasha Pasco, executive vice president-sales and leadership development. While Riss has retired, he remains on in an advisory role, Deely said.
In a statement, Riss said, “While we searched for a strategic alliance, our top priority was to maintain the principles and cornerstones that have led us to be who we are – the most respected real estate brokers and firm in the Pacific Northwest. Nothing we do to support our agents in building, managing, and growing their business will change except a significant increase in resources to further enhance our support of our agents and staff now and long into the future ahead.”
Coldwell Banker Bain is the No. 1 Coldwell Banker affiliate in the world with nearly $7 billion in volume in 2021 and more than 1,200 brokers in 36 offices throughout Washington and Oregon, according to its release. It will celebrate its 50th anniversary next year and recently committed to a new 12-year franchise agreement with Coldwell Banker.
Bill Bain launched William A. Bain Associates in 1972. In 1982, Bain hired Riss to manage the Bellevue office and Bain slowly transferred senior leadership to Riss over the next decade. Riss ultimately purchased William A. Bain Associates and joined the Coldwell Banker system as an independently owned and operated franchise in 1993, creating Coldwell Banker Bain.
In 1994, Grady sold his real estate company to Coldwell Banker Bain and helped grow the company by acquiring like-minded brokerages in the region. Riss eventually created a trio of leaders to head Coldwell Banker Bain and, 15 years later, slowly started to turn over senior leadership to Grady.
In a separate news release Tuesday involving a Northwest company, Stewart Title, a wholly owned subsidiary of Stewart Information Services, announced the acquisition of Rainier Title Co. By joining forces with Rainier, Stewart further expands its strengths and capabilities in the Pacific Northwest, Stewart said in its release.
Rainier and Stewart share the same values, Bill Bergschneider, CEO of Rainier Title, said in the release.
“This alignment of values made the decision to join forces with Stewart an easy one and helps us to provide the best transactional experience for our customers,” he said. “We are excited about the opportunity to leverage the backing of the Stewart family of companies to continue to grow the Rainier Title brand.”
Houston-based Stewart Information Services reported 2020 total revenues of almost $2.3 billion.
US RES Holdco also is based in Houston.