U
nited Real Estate Richmond has expanded its presence in the market with a strategic acquisition. River City Blues Realty, a 20-agent brokerage led by Smitty Smith, has joined forces with United Real Estate Richmond to form RVA Blue Realty. This partnership brings United's local agent count to 220 and solidifies its position as the largest African-American-owned brokerage in the Mid-Atlantic.

    The deal, which closed on March 15, was a cash transaction involving third-party acquisition financing. Smith, who founded River City Blues Realty in 2009, sought to return his company to an in-person office presence after years of holding homebuyer assistance seminars as webinars due to the pandemic. United Real Estate Richmond's headquarters provided the perfect space for this revival.

    "We wanted to get back to an in-person workshop," Smith explained. "We reached out to John [Finn] to see what some of the large, successful firms were doing, and we walked in and I was like, 'Wow, this is what I want right here.'"

    The partnership also offers River City Blues Realty's agents access to United Real Estate Richmond's training programs and back-office support. Smith noted that joining forces with a larger company allows him to focus on his business without having to recreate the wheel.

    United Real Estate Richmond's transaction-based brokerage model, which allows agents to retain 100% commissions by charging a flat fee of about $700 per transaction, was also an attractive feature for Smith. This approach is in line with the direction of real estate today, where fees are contracting and brokerages need to adapt to remain competitive.

    The acquisition marks the latest move in United Real Estate Richmond's growth strategy. In 2018, it acquired local brokerage Robinson-Harris & Co., which was rebranded as Robinson-Harris Title & Escrow and turned into an in-house arm of United. With its financial and tech backing, the local United brokerage has grown from six agents to 220 today.

    Finn stated that they're pursuing additional acquisitions and are "in serious talks" with three other companies. They've also secured franchise rights in Hampton Roads, where United has agents on the ground but no physical office yet. Last year, United agents sold over 1,000 homes, solidifying its position as a major player in the market.

    As United Real Estate Richmond continues to grow and expand, it's clear that this partnership with River City Blues Realty is just the beginning of an exciting new chapter for the company.