Concord Firm Grows Reach Through Acquisition
Concord-based Barrett & Company Real Estate has expanded its reach within MetroWest and toward Boston, through the acquisition of a former competitor, Sweeney and Schulz RE LLC of Wayland.
The deal was something both parties had considered for some time, said Elaine Sweeney, co-owner of the former Sweeney and Schulz. Sweeney and her business partner, Rita Shulz, now work in Barrett's Lincoln office, along with their former staff of agents, since the acquisition was official about a week ago.
"It's certainly been in my head for the last two or three years as the market started to turn, and our agents who were much younger really couldn't hold on," Sweeney said.
Experts In The “Ws”
Sweeney and Schulz did business in Wayland for 11 years, and had particular knowledge of the towns of Wayland, Weston and Wellesley, and towns surrounding Boston – all attractive territories for Barrett – which lists many homes in the multimillion-dollar range.
"They were experts in the 'Ws'," said Laurie Cadigan, who owns Barrett. Cadigan declined to reveal the cost of the acquisition, but said she was thrilled to add Sweeney and Schulz's expertise to her firm, along with its valuable listings.
For Shulz and Sweeney, an acquisition offered them a chance to join up with a larger, more established operation. Barrett was founded in 1977 and has offices in Carlisle, as well as Concord and Lincoln.
Cadigan and Sweeney were colleagues at another firm, years ago.
Both highlight the significance of running women-owned firms in an industry dominated by male ownership. Sweeney said it was particularly important to her that female ownership continue if she and Shulz agreed to an acquisition.
Still A Buyer's Market
The Barrett acquisition comes at a time when real estate agents are finding their footing in a recovering market.
Cadigan and Sweeney said housing inventory is low, as sellers are hesitant to list homes for prices well under what they were at the height of the housing bubble about six years ago.
Sweeney said high-end homes that list for $1 million or more haven't wavered, but agents are waiting for the mid-range homes – between $700,000 and $900,000 in Barrett's territory – to return to the market in greater numbers.
"Real estate is still a very good investment," Sweeney said. "So we just wait."
Image source: Freedigitalphotos.net
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