Frisco, Texas-based JP & Associates Realtors (JPAR), a 100 percent commission brokerage, has acquired Austin-based firm Private Label Realty (PLR). The deal, announced today by Real Trends, takes the combined firms to a total of over $2 billion in 2017 sales volume. The acquisition will bring JPAR’s total number of agents to 1,100.
Twelve-year-old PLR of the same 100 percent commission model is one of Austin’s top brokerages with over $650 million in 2016 sales and more than 200 licensed agents and brokers in Austin, Dallas-Fort Worth, Houston and San Antonio.
“The talent and market knowledge of PLR combined with JPAR’s productivity and service culture will continue to lead and expand our motto of exceeding expectations of our clients and agents across Texas and soon, beyond,” said JPAR founder and owner, Guiseppe (JP) Piccinini. “Austin is one of the hottest, if not the hottest real estate market in Texas. Word is that Amazon is going to choose Austin for its next HQ.”
Piccinini said he will close the PLR central Austin office, which was just 100 yards from its own, and will open offices in south Austin and north Austin. PLR’s management and agents will all move over to JPAR, and Piccinini is optimistic that all of PLR’s agents will stay because his transaction fees are lower.