LYNN — Century 21 Hughes and Jonah Realtors are merging to become the largest real estate company in the city, in terms of workforce.
The major real estate merger became official on Wednesday, with the two companies signing a purchase and sale agreement to become Century 21 Tradition. The move will double each company’s workforce, which will be nearly four dozen agents, according to MLS Property Information Network.
Financial details of the agreement were not disclosed. Century 21 Hughes and Jonah Realtors did $15.5 million and $8.4 million in sales last year respectively, according to MLS.
Century 21 Tradition will be run by the owners of the former Century 21 Hughes, Thomas McGovern and Matthew Newhall; and Jonah Realtors, Annmarie and Eileen Jonah, a mother and daughter team.
“I think it’s a level of excitement and I think there’s a huge opportunity for us to grow and move into a higher level of service with the ability to provide our agents and our clients with the best of both worlds, our local roots and a big brand,” said Eileen Jonah.
Annmarie and Eileen Jonah started Jonah Realtors out of Annmarie’s kitchen 21 years ago. It grew from the two of them to 22 agents.
Annmarie said they had been approached by most of the big real estate companies over the years, but didn’t have much interest until it became clear to Eileen that they had hit a ceiling and grown as much as they could as an independent agency. When they were approached by Century 21 Hughes, Annmarie said they were definitely interested.
McGovern and Newhall purchased Century 21 Hughes from David Hughes in January, who had been in business for about 40 years. For them, Newhall said they saw two companies with similar cultures and backgrounds and an opportunity to combine those to make a better company for the city.
A bigger agency will allow the leadership from both companies to focus on educating and improving agents, so they can in turn better service their clients, Newhall said. The merger allows them to do more for the community, McGovern added.
“It’s an honor and a special thing to carry on two legacies, two wonderful companies and I think that’s kind of where the name tradition came from, so we’re hoping to carry forward something that was created by two wonderful people and to grow it and make it better,” said McGovern.
Seated at a round table at the former Jonah Realtors office, located on Broadway, the four owners and Hughes spoke on Tuesday about how they feel being a local company is an asset to its clientele.
“We’re all from Lynn,” said McGovern. “We’re familiar with the city and the Internet does bring various companies in here, but they don’t have the roots like we do. They don’t have the background that we offer and all the experience that we have.”
Hughes, who said he’s not getting out of the business entirely but will be able to relax a little bit more, said he’s supportive of the merger of his old company.
“The people seem to blend well together,” Hughes said. “I think it’s going to be a very successful company that will serve Lynn and the surrounding communities.”