The residential resale arm of a Richmond real estate behemoth is leaving the nest – but not the tree – of its parent company.
Eagle Realty of Virginia, part of a family of real estate firms under the Eagle banner, has rebranded as Precision Realty.
The 10-person brokerage has moved out of Eagle’s headquarters at West Broad Village, which still serves as its main office, and set up a standalone branch at 3159 Lauderdale Drive, in the Lauderdale Square Shopping Center.
The move and rebranding are an effort to distinguish the brokerage from Eagle’s other companies, as well as to clarify its scope of services, which go beyond the Eagle brand. Where new construction listings are handled by Eagle Construction of Virginia, Precision Realty’s focus is on resale properties, including homes built by builders other than Eagle.
Managing director Patrice Carroll, who is leading the Lauderdale office along with principal broker Scott Gaeser and president Jeff Kornblau, said a perception was that Eagle Realty only represented Eagle Construction-built properties.
“We’re more like a traditional brokerage,” Carroll said.
“We were comingled with the other site agents (with Eagle Construction), and there was a lot of confusion in the market of who we were and what we did,” she said. “Setting up this brand new resale arm as its own entity allows us to stand on our own and be a little clearer to the public of what we do.”
In addition to Eagle Construction, which handles both residential and commercial construction, the family of companies includes commercial real estate brokerage NAI Eagle and Innslake Title, which handles title insurance. The collective, known as the Eagle Companies, are owned by Markel Ventures, the investment arm of local insurance giant Markel Corp., which acquired Eagle in 2013.
Precision Realty, which presents itself as “an Eagle company,” consists of seven agents and a support staff of three. Carroll said they are looking to add four or five more agents while maintaining the brokerage’s boutique feel.
She said the name “Precision” was chosen to reflect Eagle’s tradition of precise attention to detail and care of its clients.
The new 2,000-square-foot space includes a conference room and collaborative space for both agents and customers. NAI Eagle agent Peter Vick secured the space, which is managed by The Wilton Companies, and Eagle Commercial Construction upfitted the space, adding walls and installing additional technology platforms for agents. Richmond Decorating Center designed the interior, which features granite countertops from Ashland-based Absolute Stone Design.
Carroll declined to disclose the cost to set up the branch, which she said had the full support and resources of Eagle.
“The Eagle Companies wholly supported the investment of building this new business and getting it going,” she said. “It has full faith that this is going to be very successful.”
Carroll said the brokerage sells listings throughout metro Richmond, including in West Broad Village, which Markel | Eagle Partners – the group’s private equity and development arm – helped prop up in 2009 at the height of the real estate downturn.