John L. Scott buys out local Prudential Kelstrup office

DAVE GALLAGHER

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BELLINGHAM - Two real estate firms with a strong local presence are joining forces.

John L. Scott has acquired Prudential Kelstrup Realtors' 32 agents and support staff. Workers at Prudential will be moving to the John L. Scott office in Barkley Village within the next 30 days, said Joe Spencer, president and chief operating officer at John L. Scott. The 7,500-square-foot office at Barkley was recently remodeled and will be able to accommodate the new agents.

Spencer said they had been looking for a company to acquire in the Whatcom County market for several years before starting negotiations with Prudential. The deal was announced to employees Monday, July 21.

"We've been impressed by the quality of their agents and reputation within the market," Spencer said. "We have felt for some time that Whatcom County is an important area for us, so our strategy was to buy a company that had strong relationships in the community."

After the merger, John L. Scott will have 75 agents serving Whatcom County, and Spencer estimates the company will have the fourth or fifth largest market share. Gordon Stafford, the current owner at Prudential Kelstrup, will also be moving over to John L. Scott. Stafford said they'll benefit from the better exposure that comes from the John L. Scott name and their technology.

"Their Web presence, training and online tools are incredible. I was very impressed with their technology," said Stafford, who has worked at Prudential for 28 years, having owned it for the past 15 years. Stafford is the third owner of the office, which was started in 1947.

Once the move is complete, the 8,000-square-foot Prudential Kelstrup office at 315 Lakeway Drive will be available for lease.

Spencer said despite the real estate slowdown across the country, this was a good time to acquire a company.

"We see this as the best time to grow, when real estate is at the bottom of the cycle," Spencer said. "I believe real estate is at the beginning of the next cycle."

John L. Scott has 145 offices and more than 4,000 agents in Washington, Oregon and Idaho. The company's Web site, www.johnlscott.com, receives more than one million user visits a month.