The third-largest player in real estate in the region is joining up with a local credit union that’s no stranger to the industry.
Joyner Fine Properties is now under the ownership of Virginia Credit Union, which acquired the 46-year-old brokerage in a deal that closed Wednesday. Terms were not disclosed.
Joyner agents were informed of the news Wednesday morning at a company meeting that included videotaped remarks from Joyner President Bill White and VACU’s John Stone, the credit union’s executive vice president for financial services who replaces White as president.
White will remain on board and responsible for Joyner’s day-to-day operations, reporting to Stone as a senior executive vice president. Calls to both men were not returned before deadline.
The acquisition brings Joyner’s 170-plus agents and 25 support staffers into the VACU fold, which already includes several real estate subsidiaries such as Virginia CU Realty, Virginia Select Realty, Virginia Statewide Title Services and Virginia CU Insurance Services. Those subsidiaries will continue to operate separately, while Joyner likewise will continue under its flag.
In the video shown Wednesday, White and Stone said they’d been working two years on the deal, which White described as necessary for Joyner to grow amid increasing competition from national real estate firms and franchises.
“We operate in a highly competitive market that includes national brands with significant resources,” White said in the clip. “We’ve not only held our own but have continued to lead the market, a testament to the quality of our team and our organization. But the fact remains that it will only become more difficult for independent firms like ours to compete.”
White said he’d been approached in recent years by several parties that expressed interest in the brokerage, but he declined each offer because he didn’t see a good fit. With VACU, he said Joyner gets an investor that shares its local focus and growth goals, while being able to continue as its own brand and retain all of its staff.
The credit union also brings added capital and resources, with a service suite for homeowners that includes mortgages, title services, and home and auto insurance.
Joyner and its subsidiaries – Joyner Commercial and Joyner Property Management – provides services, including residential and commercial sales and leasing, home and apartment rentals and management, and relocation services, such as those it provided to software company AvePoint when the New Jersey-based firm opened a Richmond office.
Based in Henrico County at 2727 Enterprise Parkway, with additional offices in Midlothian, Glen Allen and the city, Joyner is currently third in the market with $600 million in gross real estate sales, according to company materials. Founded in 1973 as Joyner & Co., the brokerage has been operating as Joyner Fine Properties since 2003.
Likewise based locally, VACU is headquartered in the Boulders Office Park in Chesterfield County, with 20 offices across the state. Founded in 1928, it is the largest state-chartered credit union in Virginia with more than 280,000 members, $3.6 billion in assets and 689 employees.
VACU’s involvement in local real estate includes the Maggie Walker Community Land Trust, to which it provides financial support. Stone serves on the land trust’s board. He’s also a board member for VACU’s Virginia Statewide Title Services and serves as president of Virginia Credit Union Financial Services, Virginia CU Realty and Virginia CU Insurance Services.
“We see this as a win-win partnership for both Joyner Fine Properties and Virginia Credit Union,” Stone said in the video. “We want to help grow the Joyner Fine Properties brand, continue that reputation of excellence and quality and top real estate professionals in the marketplace.”
Joyner’s affiliation with VACU is the latest move in a recently amorphous real estate scene. Late last year, Select Properties of Virginia ended its affiliation with German real estate brand Engel & Völkers. In 2017, market-leader Long & Foster picked up local brokerage Jefferson Properties.