Pasadena’s Podley Properties Bought by deasy/penner

Published : Monday, September 17, 2018 | 5:04 AM

Podley Properties owner and founder Bill Podley (at left), deasy/penner President and Managing Partner George Penner (center) and deasy/penner CEO and Managing Partner Mike Deasy (at right).

The local real estate industry is undergoing a remodel with the purchase of Pasadena-based Podley Properties by another local firm, deasy/penner.

Podley Properties owner and founder Bill Podley said while he’s enjoyed building his company, the time has come to hand over the reins.

“I’m in a point in my life where I’ll be 70 before too long and it just seemed to be the right time to pull back,” he said. “I will continue to list and sell property and represent clients, because I love that part of it, but I felt it was time for me to pass the baton on to someone that wanted to see the company continue on and grow.”

Deasy/penner is that someone, Podley said.

“We also wanted a local, independent firm that would share the same culture and values that we share and hold, and believe that deasy/penner was the right partner in that regard. So they’ve been very gracious in their discussions and we feel very good about going forward with them,” he said.

“I don’t want to retire. That’s not my goal at all. But there is a responsibility that never leaves you when you own your own company,” Podley said. “It just feels like this is the time to let someone else take on that responsibility.”

The agreement is expected to be formalized in the coming weeks, he said.

Deasy/penner President and Managing Partner George Penner said the acquisition presents a unique opportunity.

“I truly believe there’s a shared DNA within both companies. And that, to us, is the most successful recipe,” he said.

“Culture is critical and collaboration is even more important,” Penner said. “When you have the right culture, the synergy happens naturally and that’s what we’re excited about with this acquisition.”

“The other piece that I would say that’s critical to us is that the integrity and reputation of agents has always been paramount, and Podley agents are exceptional. We’re so honored to be working with them side by side and welcoming each agent’s individual energy, experience, and ideas.”

Penner said he hoped to continue working with as many existing Podley agents as possible. Agents work as independent contractors.

“We have to prove, as a brokerage, our value to our agents every single day, and that is our job as a brokerage,” he said. “Not only to service our clients and exceed their expectations, but sales agents are our clients as well, and it’s imperative that we meet and exceed their expectations as well. So our hope is that together, collectively, we’ll grow as one family, with all of the Podley agents joining us.”

In a sense, Podley said the transition was a sign of the times.

“I think that it’s getting harder and harder to compete. The competition is fierce. Competition for agents is fierce,” Podley said.

“I think by virtue of our joining together, we’re going to be a stronger, small independent [firm] than we would be separately. So I think that’s kind of the bottom line,” Podley reflected.

Penner agreed.

“I think that there’s going to be two distinct routes within the real estate industry. It’s going to be mega big box brokerages, and then there are going to be a few superior independent, hyper-local real estate firms. And that’s going to be our focus and push,” Penner said.

“And we are involved,” he added. Together, the two companies are involved in more than 100 charities and philanthropic organization, representatives said.

But while Penner said the industry is changing as a result of the internet and other factors, quality realtors remain in demand.

“[A home is] the most significant purchase that one makes in their lifetime and they need intelligent, well-respected sales professionals who can provide knowledge and value. And that’s what our agents and Podley agents have to offer,” he said.

“The internet is going to improve the industry. It’s going to create greater efficiencies, but we are a people-based firm that’s technology backed. It’s not the other way around,” Penner said.

Stepping away from the helm of the company is bittersweet, Podley said. “It’s a loss when you’re giving up something that you really love, but the time was right.”

Podley and Penner both said they’re optimistic about what the future holds in the Southern California real estate business.

“Both companies have been successful. So we only anticipate greater success moving forward together,” Penner said.

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