Allen Tate Realtors, based in ASHEVILLE Charlotte, acquired Beverly-Hanks, the largest real estate operation in western North Carolina and one of the oldest, dating back to 1976.
Beverly-Hanks, which has 18 residential offices and more than 460 realtors in WNC, as well as a commercial real estate operation, made the announcement Aug. 2.
“As a local business in western North Carolina, local experience, personal service and respect for our special corner of the Blue Ridge drive everything we do,” said Beverly-Hanks Realtors President Neal Hanks in the statement. . “This new partnership will allow us to expand on that vision while deepening our commitment to the communities we serve.”
Founded in 1976 with the merger of Beverly Realty and W. Neal Hanks & Associates, Beverly-Hanks closed sales of more than $2.6 billion in 2021, the statement notes.
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Allen Tate Realtors acquired Beverly-Hanks in partnership with Howard Hanna Real Estate Services, according to the statement. A 65-year-old company, Allen Tate had $6.8 billion in sales volume closed in 2021 and will now have 70 real estate offices in the Charlotte, Triad, Research Triangle, High Country, Highlands/Cashiers and Asheville/Mountain regions. of North Carolina and upstate South Carolina, the release notes.
But Beverly-Hanks is now also part of the nation’s No. 1 real estate company, according to the release.
Allen Tate Realtors partnered with Pittsburgh-based Howard Hanna Real Estate Services in September 2018, creating “the nation’s #1 private real estate company with more than 14,000 agents and employees in nearly 500 offices in 13 states.” “.
Hanks, who joined his father’s company in 1987 and became president in 1999, said he has collaborated with Allen Tate for three decades. The eldest Hanks, W. Neal Hanks Sr., was an Asheville city planner before starting his real estate company in the early 1970s. He died in 1999.
“My mom told me he would be very proud,” Hanks said with a laugh, when asked about his impression of what his father would think of the acquisition.
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Beverly-Hanks will now go through “Allen Tate/Beverly-Hanks Realtors,” and Hanks will continue as president of Allen Tate/Beverly-Hanks Realtors, the statement said. In addition, Amy Hanks will continue as president of Allen Tate/Beverly-Hanks Mortgage Services, and the Beverly-Hanks leadership team will remain in that role.
Neal and Amy Hanks are married and live in South Asheville with their four children.
In a telephone interview, Hanks declined to disclose the financial terms of the purchase. He said negotiations had been ongoing “for months”.
“It was a decision that we put a lot of thought into,” Hanks said. “We are at a stage where we can continue to grow and provide more products and services to our customers, and the fastest and best way to do that is to align ourselves with another independent family business that can help us do that.”
Local operations, Hanks said, “will remain the same” and do not expect any reductions in employment levels. The biggest differences that employees and brokers will see will be improved services and “a significant increase in marketing support,” Hanks said.
Hanks said he was assured there will be no loss of local control.
“I’m sure they want me to keep running the operation as we always have,” Hanks said.
Pat Riley, president and CEO of the Allen Tate Companies, said in the statement: “I have long admired Neal and the Beverly-Hanks company.
“From the beginning, I considered Neal my friend,” Riley continued. “We share a culture, similar values and respect, as well as a strong commitment to preserving and growing the independent brokerage.”
Howard W. “Hoby” Hanna IV, president of Howard Hanna Real Estate Services, said in the statement that he is “proud to welcome Beverly-Hanks Realtors to the Howard Hanna family of companies.
“As we continue to expand our company and our presence, we are pleased to support Allen Tate’s continued growth strategy, which solidifies our market position in the Carolinas and Southeast,” said Hanna.
Beverly-Hanks is well known in the Asheville area, in part for its quarterly and annual housing market reports, but also for its community involvement. Hanks has served on the boards of Eblen Charities, Daniel Boone Council of Boy Scouts of America, Mission Health Foundation, and A-B Tech Foundation, among others.