An east Denver brokerage has bolstered its residential real estate business after merging with a local competitor.
Stapleton’s TJC Real Estate & Management absorbed Golden Triangle-based residential brokerage Distinctive Properties earlier this year.
Tom Cummings, TJC’s founder and managing broker for the combined company, said he first approached Distinctive Properties about a merger 18 months ago. Distinctive Properties came onboard, he said, because owner Rhonda Knop wanted to spend more time selling houses, and less time running the business.
“She doesn’t want to retire yet,” Cummings said. “But she wants to stop managing paperwork, managing people and managing files.”
Cummings offers property management and commercial and residential brokerage services at TJC, while Distinctive Properties exclusively buys and sells homes. Cummings will take over the operations side of the combined firm.
Cummings said TJC assumed Distinctive Properties’ lease at 49 W. 11th Ave., and brought that firm’s brokers under the TJC brand, but no cash changed hands in the merger. The combined company has 21 real estate agents and seven staff.
Cummings said the company will keep Distinctive’s Golden Triangle office, as well as TJC’s headquarters at 7476 E. 29th Ave.
Distinctive Properties was founded in 1977, according to its website. Cummings launched TJC in 2005. He said his company makes about half its revenue from property management and half from commissions on buying and selling real estate.
TJC did $25.4 million in sales last year and manages about 240 residential properties, Cummings said. Distinctive Properties had about $28.1 million in sales.
Cummings said the companies started putting a deal together in November 2016.
With a new team of residential real estate agents on board, Cummings expects a revenue boost on the residential side. He also hopes to gain a foothold farther away from TJC’s home base in Stapleton.
“We don’t really have a presence downtown, and they do with the Golden Triangle office,” he said. “We’ll definitely want to grow in that direction.”
Pushing TJC Real Estate’s commercial side also will be a point of emphasis for Cummings in the coming years.
“There’s not really a commercial brokerage, aside from the big firms that everyone knows about,” he said. “Our experience has been with the mom-and-pops that want to open a business, or have worked in a basement for years and want their own office, and we’d like to expand on that.”