Coldwell Banker Residential Brokerage announced yesterday that it has acquired Moore Warfield & Glick Inc. of Ocean City, forming what it said will be the largest beach rental business along a stretch of the Atlantic coast from Bethany Beach, Del., to Virginia's Eastern Shore.
"It's a huge shift in our market," said Edward J. Smith, who owns Ed Smith Real Estate School in Ocean City and has been a broker in Maryland and Delaware for three decades. "Moore Warfield & Glick was a pretty major player, and so Coldwell Banker, I guess now ... they're the No. 1, 800-pound gorilla."
Financial terms of the deal were not disclosed.
With the acquisition, Coldwell Banker Residential Brokerage of Greater Baltimore and the Eastern Shore areas of Maryland and Delaware gained a locally owned real estate company with $431 million in sales and more than $17 million in commissions and rental income last year.
Moore Warfield & Glick also brings with it more than 220 sales agents, 28 rental agents and a staff of 54 workers in seven offices in Maryland, Delaware and Virginia.
The workers will not be affected by the acquisition, executives from both companies said.
Harold P. Glick and Robert E. Warfield, principals of Moore Warfield & Glick, will remain on the management team of the new company, whose name will be changed over time to Coldwell Banker.
"The biggest thing that's going to happen is the colors are going to change," said Warfield, who started the agency that has yellow, red and black signature colors in 1975.
Hal Maxwell, president and chief operating officer of Coldwell Banker Residential Brokerage in Greater Baltimore and the Eastern Shore areas of Maryland and Delaware, will lead the combined company.
Smith, of the Ocean City real estate school, predicted that, even with the change in the regional market, the few independent niche brokers left along the Shore would continue to thrive.
Still, combining the two large companies falls in line with the wave of consolidation among residential real estate brokerages, as firms seek to sell a variety of services to consumers.
Thomas Stevens, senior vice president for the mid-Atlantic region for NRT, the parent company of Coldwell Banker Residential Brokerage, said consumers would benefit from the deal.
"The best just got better," Stevens said. "I think it's a big advantage for the consumer, and I think it cuts down on some of the confusion and the competition out there because we're one company, and ... we can provide even better service."
Already one of the biggest residential real estate brokers in the country, Coldwell Banker Residential Brokerage now has 94 offices and more than 4,500 sales associates in the coastal mid-Atlantic region.
"We're very, very similar," Maxwell said of Coldwell Banker and Moore Warfield & Glick. "The company philosophy is very similar, the locations are very similar, so it makes a great marriage."