In a move that demonstrates the strength of the local rental market, Better Homes and Gardens Rand Realty has acquired Paddington Stone Realty.
The deal, which was closed Wednesday and announced today, puts BHG Rand Realty in a better position to work with people who rent, said Joe Rand, managing partner and general counsel of the family-owned firm.
With mortgages hard to come by in today’s economy, renting has been an increasingly popular option, and Rand said the White Plains-based Paddington Stone has made a name for itself among that segment of the market.
“They were really great at working with young buyers and renters,” Rand said. “Rentors are buyers in training.”
Rand, who currently operates over two dozen real estate offices throughout the Greater Hudson Valley, Westchester and northern New Jersey, already maintains an office in White Plains with more than 65 agents.
“Paddington Stone has built a great reputation in Westchester, with a particular expertise in developing new agents and innovative approaches to the rental business. We are very excited to welcome this talented group of agents to our White Plains office,” said Matt Rand, managing partner, Better Homes and Gardens Rand Realty. “We have always known them to offer a top notch customer experience; it’s a quality that we pride ourselves on here at Rand. It’s a perfect fit.”
Michelle Coletti and Adam Kessner, co-owners of Paddington Stone Realty, will join the Rand organization with their agents and continue working with buyers and sellers in the Westchester area.
“Joining Better Homes and Gardens Real Estate Rand Realty was an easy decision for us,” said Coletti. “Our core organizational values are very much in line with Rand and we know the family to be fair and honest leaders in our industry. We are extremely excited about the energy and innovative collaboration that synergy will no doubt generate.”
BHG Rand Realty plans to combine the resources and personnel of both offices to help further expand its real estate offerings throughout White Plains and the surrounding areas. With the addition of Paddington Stone Realty, Rand’s growing company will exceed 850 agents.