by Natasha Khairullah
Staff Writer
Two of Jacksonville’s real estate companies have joined forces in an effort to achieve more market presence.
Spencer Realty and Sellstate Performance Realty Network officially merged April 1 to create Sellstate Incorporated.
Spencer Realty is a residential real estate office that previously handled no property management. Sellstate Performance Realty Network is a residential and commercial real estate company. The new entity will cover both real estate areas.
According to Matt Spencer, president and broker for Spencer Realty, the merge will not only help the two groups gain more momentum within the industry but will also help provide customers with more targeted and individualized services.
Spencer previously operated both Spencer Realty as well as North Florida Funding – a Spencer-owned mortgage company.
“Having a real estate and mortgage operation, I kind of got pulled in lots of directions and I didn’t always have time to dedicate to one area,” said Spencer. “This will change that.There will be more of a division of responsibility.”
Before Sellstate, manager and owner Tanya Watson worked at Watson Realty, Realty Executives and also as a paralegal where she gained experience in real estate, foreclosures and bankruptcy.
Spencer says Watson will now be the chief operating officer and he will serve as chief financial officer.
Spencer originally formed Spencer Realty after working as an agent with Magnolia Properties and also with a mortgage company that was affiliated with them.
“I had hoped to become a partner with the mortgage company but that never worked out,” said Spencer. “I had my real estate brokers license since 1990, so in June 2003 I decided to open my own company.”
In December, 2006, Spencer opened Atlantic Coast Title Services and in dealing with Atlantic Coast and Sellstate, communication started to go on between him and Watson.
“She expressed interest in a merger,” Spencer said. “Obviously we’re in kind of a strange economy right now and you always want to do something to become recession proof and have a bigger umbrella.”
Watson and Spencer agree that they both see the merge as an opportunity to expand the Sellstate name, add more agents – Sellstate had 20 before the merge and Spencer had 15 – add more signs and create more marketing exposure.
Currently, Sellstate Inc. is operating out of the old Sellstate location off Beach Boulevard but Watson and Spencer are looking for a new space that will be big enough to accommodate the new entity.
“The space we’re looking at is a space on Atlantic, off Hodges Boulevard, said Spencer, “and we want to be there by mid-summer because we’re negotiations on a lease right now, as well as a build out which will take a few months.”