The largest Re/Max affiliate in the metro area has swallowed a smaller one.
Re/Max Professionals acquired Re/Max Masters Millennium at the start of last week, creating a residential real estate brokerage that is now 550 agents strong. Terms of the deal were not disclosed.
Professionals co-owner Mike Burns said the deal was intended to allow Masters Millennium owner Jim Wanzeck to retire from the management side of the business.
“We were close in culture and close in production per agents and all of those things have lined up very well for us,” Burns said. “We were a natural fit for him.”
“I’m healthy and wanted to go out on top, but I’m still going to sell real estate for Pros,” Wanzeck said.
According to REColorado, Professionals had sales volume of $2.8 billion in 2022, and Masters Millennium did $1.3 billion.
Denver-based Re/Max is one of the most well-known brands in residential real estate. Affiliates like Re/Max Professionals are individually owned franchises.
Burns acquired Professionals with partners Brad Whitehouse and Alan Smith in 2006, after working at the firm for 13 years. The business has had nine offices in Denver and surrounding suburbs.
“Getting great agents is a really hard thing to do and to get a lot of great agents at one time is a next-to-impossible thing to do,” Burns said.
Wanzeck founded Masters Millennium in 1989 and had been the sole owner the past 10 years. It had one office, at 6020 Greenwood Plaza Blvd. in Greenwood Village, which Professionals is keeping.
The Masters Millennium name is being sunsetted as part of the acquisition.