Business

Big fish in U.S. acquires biggest fish in WNC real estate

By Lightning Reports, Published: August 15, 2022

Allen Tate Realtors, in partnership with Howard Hanna Real Estate Services, has acquired Beverly-Hanks Realtors, the sprawling Asheville-based real estate brokerage that serves Western North Carolina.

The acquisition marks Allen Tate’s entry into the Blue Ridge Mountains region and the growth of a homegrown business as Beverly-Hanks joins a family of the nation’s top independent real estate brokers.

Allen Tate is the Carolinas’ leading real estate company, with 19,150 closed transactions and $6.8 billion in closed sales volume in 2021. The 65-year-old company will now operate a total of 70 local real estate offices spanning the Charlotte, Triad, Research Triangle, High Country, Highlands/Cashiers and Asheville/Mountain regions of North Carolina and the Upstate of South Carolina.

Beverly-Hanks was founded in 1976 with the merger of Beverly Realty and W. Neal Hanks & Associates, two of the area’s most prominent real estate firms. The market leading firm in Western North Carolina for the last 46 years closed sales in excess of $2.6 billion in 2021. Beverly-Hanks ranks among the top 200 real estate firms in the nation, according to REAL Trends 2021.

Beverly-Hanks has more than 460 experienced Realtors and 18 residential real estate offices serving clients in Western North Carolina, as well as a commercial division, NAI Beverly-Hanks. The firm ranks No. 1 in its nine-county footprint, based on closed sales volume for 2022 YTD, in Buncombe, Henderson, Haywood, Yancey, Rutherford, Transylvania, Polk, Madison and Mitchell counties.

“For more than three decades, I've had the privilege to collaborate with leaders from Allen Tate and have immense respect for the independent real estate organization that they have built,” Neal Hanks, president of Beverly-Hanks Realtors said in a news release. “As a homegrown business in Western North Carolina, local expertise, personal service and respect for our special corner of the Blue Ridge guides everything we do. This new partnership will allow us to expand that vision while deepening our commitment to the communities we serve.

“Real estate decisions are a significant milestone in life. In an age where transactions have lost the human touch and local connectivity, Beverly-Hanks has always taken a more personal approach in support of our clients’ dreams and investments" he added. "Part of that is doing business as an independent brokerage with an authentic connection to the mountain home we hold dear. It is a great honor to expand that mission and our legacy by linking arms, joining networks and sharing leading practices with like-minded independent real estate leaders for the benefit of our clients and the communities we represent."

Beverly-Hanks will become Allen Tate/Beverly-Hanks Realtors. Clients will continue to have access to in-house mortgage services and will now have access to in-house insurance services via Allen Tate Insurance.

President of Beverly-Hanks since 1999, Hanks will continue in his role as president of Allen Tate/Beverly-Hanks Realtors. Amy Hanks will continue as president of Allen Tate/Beverly-Hanks Mortgage Services, and the Beverly-Hanks leadership team will remain in place.
Hanks was born in Mobile, Alabama, and moved to Asheville as a child when his father, W. Neal Hanks Sr. took a job as the city planner. Hanks Sr. opened a small real estate business in the early 1970s, which merged with Beverly Realty in 1976. Hanks joined the firm in 1987 after graduating from Appalachian State University with a degree in real estate brokerage and finance. He became president in 1999 at age 35.

Hanks has held numerous leadership positions within the industry and community. He currently serves as an executive committee member for Eblen Charities and serves on the executive board of the Daniel Boone Council of Boy Scouts of America. He is a past president of the Asheville Board of Realtors and past campaign chair for the United Way of Asheville and Buncombe County. Hanks has also served as a board member for First Citizens Bank, Mission Health Foundation and the A-B Tech Foundation, supporting Asheville-Buncombe Technical Community College. He and his wife Amy and their four children reside in South Asheville.

“Almost five years ago, I was in Neal’s shoes when Allen Tate sought a partner that would take our company to the next level," said Pat Riley, president and CEO of Allen Tate Companies. "And that was Howard Hanna, the leading independent real estate company in the country. Our partnership with Howard Hanna has enhanced our ability to pursue planned growth among our target markets."

“I have long admired Neal and the Beverly-Hanks company. From the very beginning, I have considered Neal my friend. We share culture, similar values, and respect, as well as a strong commitment to preserve and grow the independent brokerage,” Riley added.

“We are proud to welcome Beverly-Hanks Realtors to the Howard Hanna Family of Companies,” said Howard W. “Hoby” Hanna IV, president of Howard Hanna Real Estate Services.

“As we continue to grow our company and our footprint, we are pleased to support Allen Tate’s continued growth strategy, which solidifies our market position in the Carolinas and the Southeast,” Hanna said.

“I’ve known Neal for a long time, and my respect for him and Beverly-Hanks continues to grow. Partnering with Neal and his team is a huge win for Allen Tate, as well as buyers, sellers and real estate investors,” said Gary Scott, president, Allen Tate Realtors.

“Together, we’ll be ready to face the competitive challenges of today’s real estate market by investing in the best technology, recruiting and retaining the best talent, continuing to make an meaningful impact in our communities, and aligning ourselves with the #1 independent family-owned real estate company in the country,” Scott said.

In September 2018, Allen Tate Realtors entered into a partnership with Pittsburgh-based Howard Hanna Real Estate Services, creating the No. 1 privately owned real estate firm in the nation, with more than 14,000 agents and employees in nearly 500 offices across 13 states.

Beverly-Hanks joins Allen Tate and Howard Hanna in its long-standing commitment to support quality of life in the local communities it serves. Collectively, the three real estate companies have contributed more than $25 million to support initiatives including public education, children’s health services, United Way, arts and culture, and local food banks.

To contact an Allen Tate/Beverly-Hanks Realtors agent or for more information about real estate careers with Allen Tate/Beverly-Hanks Realtors, call 866-985-0327 or visit www.beverly-hanks.com.