RIO RANCHO, N.M. — One the larger realty firms in Rio Rancho, Allstar Realty, is now part of the third-largest realty brokerage in the state.
Allstar Realty and two Prudential franchises combined and are now Prudential Real Estate with a combined force of 220 agents, according to Jim Pitts, president and managing partner at Prudential New Mexico Properties/Prudential Allstar.
The deal, which went into effect on Aug. 1, has the companies operating under the national brokerage franchise networks, Prudential Real Estate, which has more than 1,400 offices and 47,000 agents. It makes the Rio Rancho office part of one of the larger brokerages in the state, Pitts said.
“We went to a No. 3 market share,” he said. “We have a bigger footprint in the Albuquerque and Rio Rancho area.”
The company has five locations, including the former Allstar office in the southwest corner of the Southern Boulevard and Golf Course Road intersection in Rio Rancho. Pitts said it is the main West Side and Rio Rancho location.
In addition to having a bigger presence in the market, the brokerage can take advantage of technology, he said.
“Prudential has a private site agents tie into with programs that help them communicate with customers and additional data they can receive from that site,” he said. “… Customers can also set up search criteria in their own client portal and search and save properties as they go through. They can do that nationally.”
The new company also offers global relocation services, which means Realtors can draw more buyers on a nation level.
Pitts said sales in the most recent quarter in Rio Rancho were good.
“We’re feeling the effect of (improvement in) the market,” he said.
In terms of new housing, it appears that things in Rio Rancho are looking up, according to the latest report from DataTraq.
Home construction in the Albuquerque metro area continued to improve at a modest pace in November, despite a slowdown in the city of Albuquerque, according to the latest report from DataTraq. For that month, new home construction was driven primarily by new home construction in Rio Rancho.
Building permits were issued for 86 detached single-family homes in the metro last month, a 13 percent increase from 76 permits issued in November 2012. Often the pace of home construction drops off toward the end of the year.
Only 46 permits for single-family homes were issued in Albuquerque during November, tied with December 2012 for the lowest monthly permit count in almost three years. In Rio Rancho, there were 35 new housing permits in November, compared to just 22 and 12 in November 2012 and 2011, respectively.
Throughout the metro area for the first 11 months of the year, permits have been issued for 1,378 new homes, up by 2.3 percent from the 1,347 permits issued over the same period of 2012.
Some 450 of those permits were out of Rio Rancho, compared to 391 for the same period of 2012, a 15 percent increase.