Longing to find your dream home? Long & Foster will gladly help. The company's flagship subsidiary, Long & Foster Real Estate, is one of the largest privately-owned real estate companies in the mid-Atlantic and Northeast regions, with about 170 offices, primarily in the Washington, DC/Baltimore area. The real estate brokerage has more than 10,000 sales agents. Other subsidiaries offer property management, commercial brokerage, business relocation, homeowners insurance, title insurance, and commercial and residential mortgage financing. Chairman and CEO P. Wesley Foster co-founded the company, which he now owns, with partner Henry Long.
Chantilly, Virginia-based Long & Foster operates in the District of Columbia, Delaware, Maryland, New Jersey, North Carolina, Pennsylvania, Virginia, and West Virginia.
The Long & Foster Companies operates under other brands including W.C. & A.N. Miller Realtors, Lacaze Meredith, Fonville Morisey, and Virginia Properties. The company also sells auto, home, health, and commercial insurance. The firm also offers mortgage financing, settlement, and property management services.
The Long & Foster Companies reported $48.7 billion in sales in 2012, a 14% increase versus 2011. Long & Foster Real Estate sold $24.8 billion worth of homes in 2012 and contributed just more than half of the company's revenue, followed by Long & Foster Settlement Services (23%), Long & Foster Insurance (15%), and Prosperity Mortgage Company (11%).
Long & Foster has expanded by acquiring smaller brokerage firms and opening new offices. Recent acquisitions include Cathy Gilmour Real Estate, a small firm based in Silver Spring, Maryland, which will operate under the Long & Foster brand. Other 2013 purchases include: Bravo, a RE/MAX franchise company specializing in residential real estate in Spotsylvania, Fredericksburg, and Stafford, Virginia; Hanco Property Management and Real Estate, a full-service company specializing in property management services through southern New Jersey; and Llewellyn Realtors, a residential real estate firm in Montgomery County, Maryland. The firm also opened two new offices in Virginia and one in Pennsylvania in 2013.
The fast-growing Washington, DC/Northern Virginia region is spurring real estate sales. Indeed, the Long & Foster office in McLean, Virginia sold more than $1 billion of real estate in the first 10 months of 2013, the first time the office has sold more than $1 billion in property in a single year.
A specialist in luxury home sales, Long & Foster was chosen by Christie's to expand its exclusive affiliation territories to the entire states of Delware and Maryland; Roanoka and Lynchburg, Virginia; the Hampton Roads region of Virginia; Bucks County, Pennsylvania; the Berkeley, Morgan, and Jefferson counties in West Virginia. The firm is the largest exclusive affiliate in the Christie's International network.
The firm will go it alone in the mortgage business in 2014 after dissolving its mortgage joint venture with Wells Fargo, Prosperity Mortgage Company, in 2013. The new mortgage lender will be a wholly-owned subsidiary of The Long & Foster Companies.