Due to low margins in residential real estate, many look to grow their revenue and increase profits by adding core services, such as mortgage, title, home warranty, escrow, and property and casualty insurance as an extra source of income.
A total of 50 brokerages made the 2023 RealTrends 500 Core Services rankings. The brokerages were ranked by the number of core services transactions completed. It should be noted that these rankings rely on company submitted data that has not been verified by third-party sources.
After ranking second for number of core services transactions in 2022, HomeServices of America, Inc. topped the 2023 list with 201,612 transactions, down from 294,757 in 2022. Last year’s No. 1, Anywhere Advisors, came in second with only 267 fewer transactions than HomeServices. They had 201,345.
Hanna Holdings stayed at No. 3 this year and completed a total of 48,955 core services transactions, up from 11,714 in 2022.
Real Estate One Family of Companies (19,410), HUNT Real Estate ERA & ERA Key Realty Services (15,164), Crye-Leike Real Estate (13,727) and Shorewest Realtors (13,724) rounded out the top five.
While the rankings look at five categories of core services (mortgage, title, home warranty, escrow, and property and casualty insurance) not all brokerages offer all of the services. HomeServices of America, Shorewest Realtors and Keller Williams ELITE Nebraska, were the only brokerages that reported transactions in all five service categories.
For all of the top five, the majority of the brokerages’ core services transactions came from title transactions.
While they may not be what immediately comes to mind when a homebuyer or seller thinks about the function of a brokerage, there is no doubt that core services are very important to brokerages and their overall function of helping clients buy and sell their homes.