EAGLE COUNTY, Colorado - Michael Slevin has seen a lot in his years in the local real estate business. But the latest change for his company comes from outside the valley.
For about half of the 40 years or so the Slevin family has been in the local real estate business, they've been associated with the Prudential brand. Slevin is currently listed as "owner/broker" of Prudential Colorado Properties.
That association is about to change, thanks to one of the wealthiest men in the country.
The company that last year bought the Prudential brand a few weeks ago announced it had sold a controlling stake in the real estate business to Berkshire Hathaway, the company controlled by Warren Buffet. The new company will be called Berkshire Hathaway Home Services, or something close to it.
"The formal name has yet to be finalized," Slevin said.
Establishing a new brand is going to require a lot of new letterhead, business cards and for sale signs. But, Slevin said, he's excited about the move.
The big news is that Warren Buffet has doubled down on real estate," Slevin said. And Buffet's moves tend to pay big dividends for the investors who hold the relatively small number of company shares.
Buffet is known as the "Oracle of Omaha" for his business acumen. And, Slevin said, it's rare that Buffet lends the Berkshire Hathaway name to companies it acquires.
That's why Slevin is looking forward to the move away from Prudential and toward Berkshire Hathaway. The corporate shift should happen sometime between the second and third quarter next year, and Slevin said he expects his company to follow suit soon after.
"We'll have a lot of help from Berkshire Hathaway (to make the change)," Slevin said.