Earlier this month, Cascade Sotheby’s International Realty announced it had acquired the independent Oregon brokerage Park Place Real Estate, for an undisclosed sum.
Led by husband and wife Realtors, Evelyn and Steve Rosling, the 14-year-old Park Place Real Estate covers the Portland metropolitan area and southwestern Washington state and recorded $120 million in sales volume for 2018 with 25 agents.
Cascade Sotheby’s International Realty is based in Oregon and southwestern Washington and projects more than $1.6 billion sales volume in 2018 with over 325 agents and 12 offices.
Evelyn and Steve Rosling, co-founders of Park Place Real Estate. Credit: Eveyln Rosling
Snapping up Park Place will increase its market share in several key sectors, including luxury, new construction and land development.
So why did the Roslings sell? Evelyn Rosling, who previously worked in sales and marketing with top hotel groups including Hilton, Four Seasons and Ritz-Carlton told Inman she and her husband discussed deals with other interested parties, but Cascade SIR was the most appealing.
“Having that experience with Ritz-Carlton, I know the value of a brand and global reach marketing platforms,” Rosling said. “Cascade Sotheby’s was the only agency that had better and more sophisticated marketing than we had. They took it to a whole new level.”
The Roslings will be staying on in the deal and did not disclose the sale price or other financial details.
Cascade SIR CEO Deb Tebbs told Inman that Park Place was a natural fit as the Roslings and their agents were already doing things in a SIR way.
“They were doing all the things to brand themselves in a sophisticated way,” Tebbs said. “The branding is high level.”
As for what Cascade SIR can offer Park Place, Tebbs was quick to point out its tech bonafides.
“I am bringing in the power of a global brand which really resonated with Evelyn and we also offer a very strong tech platform,” added Tebbs, who is relaunching a new company website.
Park Place has received awards from the Home Builders Association of Portland (HBA), Portland Metropolitan Association of Realtors (PMAR) and the Portland Business Journal (PBJ) over the years.
“They have an amazing reputation, they are very respected in the community,” said Tebbs.
As well as representing several builders in Portland, Rosling told Inman: “Our clientele is quite mixed, it’s resale at every price point. All our agents operate by referral which speaks a lot about relationships. We don’t advertise – we just stay the course, working by referral.”
Of the 25 current Park Place agents, 22 are staying on at Cascade Sotheby’s, including the Roslings.
“It’s a golden handcuff, they want to stay,” Tebbs said. “At the end of the day I want people to be with me. It has to be the right fit, I am all about culture, I’m very hands on. For me it’s the culture of the company along with tools and services.”
Rosling added: “We are committed to Deb, we are part of the package – the relationships with builders is key for increasing the market share.”
Both Rosling and Tebbs agree the market is softening in Portland and its environs.
“Cascade Sotheby’s are the ones that really get it and understand the market is shifting here a bit in Oregon, ” said Rosling.
Added Tebbs, “The market has softened and I think that the reason why is some of the feeder markets such as those in California are softening.”
Also in Portland, home prices have climbed so high, buyers are taking a step back from the market and waiting, she said.
This is not stopping her growth plans, however.
In 2019, the Cascade Sotheby’s CEO is planning further expansion in southern Oregon, specifically in the Shakespeare theater city of Ashland or nearby Jacksonville.
