Leading real estate agencies merge | TahoeDailyTribune.com

Leading real estate agencies merge

Patricia Hickson
Emma Garrard / North Lake Tahoe Bonanza / Gordon Miles of Coldwell Banker, Tawny Stanton and Dan Schwartz of Tanager Realty stand inside the entrance of the Coldwell Banker office. Coldwell Banker and Tanager Realty merged last week.

It was a great surprise to the approximately 340 members of the Incline Village/Crystal Bay Board of Realtors to learn Tuesday afternoon that two of the oldest and most successful real estate companies in the area had merged.

Coldwell Banker Incline Village and Tanager Realty announced they joined forces as one company in a press release sent out at 3 p.m. Tuesday. The merger leaves the new Coldwell Banker Incline Village Realty/Tanager with command of more than 50 percent of the real estate market share in the area, according to MLS statistics for 2006, and leaves the Coldwell Banker franchise with 10 offices, 348 real estate agents and more than $1 billion in sales for the Northern Nevada region.

The news caught brokers and real estate agents around town off-guard, including those working for Coldwell Banker and Tanager.

“We kept it an absolute secret until 3 p.m. (Tuesday),” said Coldwell Banker Vice President and Chief Operating Officer Gordon Miles.

Dan Schwartz, co-owner and founder of Tanager Realty, said Tanager was a little nervous about possible reaction from their agents when they gathered together to make the announcement. He found himself pleasantly surprised.

“We’ve had an excellent reaction. We weren’t sure everyone was going to be on board – but they were, and that’s amazing,” Schwartz said.

The previously separate companies celebrated Wednesday night with a hosted dinner gala for all agents and staff at the Big Water Grille.

Tanager Realty was founded in 1974 and has maintained its stature as a successful (based on real estate sales per MLS statistics) independent real estate firm in the local market. Coldwell Banker Incline Village opened in 1961 and was one of the first 50 franchises of Coldwell Banker in the United States. It, too, has remained a real estate leader in the Tahoe and Northern Nevada Area.

Principals of both companies said they were motivated to merge because of the complementary nature of the type and quality of service they offer.

Tanager emphasized the technological advances, name recognition and global exposure Coldwell Banker, as a national real estate company, is able to provide.

“Here at Tanager we are always looking to be the best that we can be, and with the market changing, the world changing and with the Internet … we knew we had to align ourselves with a national firm to take us through the next decade and keep us in a prime position,” said Tawny Stanton, Tanager corporate broker and president.

Coldwell Banker’s Miles said his company agreed that joining with Tanager made sense because of Tanager’s impact on the local market, its reputation, leadership and share of the luxury market.

“It’s the best of both worlds,” Miles said. “It’s an opportunity for our clients to expose their properties more and (an opportunity for us) to provide them with their ultimate real estate experience.”

Principals from Tanager and Coldwell Banker said they plan to retain all agents and staff members and continue to work out of their present locations. Combined, the new company employs more than 70 agents and some 13 support staff.

“These are the two oldest, largest and most successful real estate companies Incline Village/ Crystal Bay, the two companies steeped in tradition that have based their history on uncompromising service,” said Tom Clydesdale CEO and president of Coldwell Banker Incline Village Realty, in a prepared statement. “This is more an evolution than a merger.”

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