by Mike Sharkey
Staff Writer
Linda Sherrer didn’t become one of the more successful businesswomen in Northeast Florida by accident. And, it didn’t happen by marrying Jacksonville Port Authority Executive Director Rick Ferrin two years ago, making them arguably the most powerful couple in Jacksonville. It has taken nearly 30 years of selling houses and cultivating a business.
Sherrer is the president and CEO of Prudential Network Realty, but her imprint on local real estate started shortly after she moved from Japan to Jacksonville in 1979. She got a job selling houses for Watson Realty and within five years was the company’s relocation manager – a position that certainly fit Sherrer’s experience. As the wife a Navy pilot, Sherrer was on a first-name basis with the folks at U-Haul and Ryder.
“We made 17 moves in 14 years. That’s why I know a lot about relocation,” said Sherrer, who’s originally from North Carolina, but grew up in Coral Gables.
After five years, Sherrer got one of those offers you simply don’t refuse. Herb Peyton had just purchased what was Epping Forest from the Mason family and hired Sherrer to serve as marketing director for the property. And, that property looked very different from today.
“The mansion was not renovated yet, it was empty. There were trees and an empty mansion and yacht basin,” she said. “Herb said, ‘Linda, if you can’t market a 15,000 square-foot mansion and 3,200 feet of yacht basin, you should get out of real estate.’ It was the smartest move I ever made. I met such wonderful people.”
Over the next three-plus years, Sherrer sold over 200 homes and condominiums and oversaw the renovations to the mansion. Today, Epping Forest is one of the area’s most prestigious clubs and addresses.
It didn’t take long for another break to come along. Sherrer found out Costa Mesa, Calif.-based Prudential was looking to expand all over the country, especially in high-growth areas. At the time, Prudential had a presence in Jacksonville, but only through its health insurance and securities companies.
“They did have 6,000 employees in Jacksonville,” said Sherrer, explaining that company executives went quietly to area attorneys, CPAs and the Chamber looking for names of experienced real estate agents or brokers to own the local Prudential franchise. Sherrer’s name came up more than a few times. “That made me feel really good.”
She got the offer, but needed to raise $2 million. In stepped Tom Petway, who is still a partner.
“I wanted all of Northeast Florida, not just one office,” she said. “We opened four or five that first year. I had landed the franchise and I wanted to be taken seriously.”
Today, Sherrer has 79 employees and 328 agents and seven offices. She also owns a mortgage and a title company. And, that $2 million investment is now worth …
“Let’s just say it’s a lot,” she said.
Like many, Prudential has been affected by the market. Sales are down – but Sherrer says they were artificially high three years ago – and the number of people going into real estate is a fraction of what it was in 2005. That year, Sherrer was president of the Northeast Florida Association of Realtors. At the time, 120 people a month were entering the industry, primarily as agents. Last month, the number was 34.
“All of the companies in Northeast Florida are being affected,” she said.
Sherrer is an optimist, though. She says the area is resilient and the recovery is coming. At some point, she would like to put on office in Fernandina Beach, on County Road 210 and on the Northside.
“I love where we are now. It would not be a smart business move to expand,” said Sherrer. “In another year-and-a-half, we’ll be out of this sluggishness.”
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