When Royal LePage Red Deer Realty Ltd. changed its name to Royal LePage Network Realty Corp. a year and a half ago, the switch might have seemed inconsequential.
The significance of that new identity became clearer last month, when owners Chad and Norm Jensen purchased Sylvan Lake-based Royal LePage Endeavour. With an existing outlet in Stettler, and agents based in Rocky Mountain House and Lacombe, the decision to eliminate the Red Deer reference is now making sense.
“That was one of the reasons we changed our name to Network Realty, to really take advantage of the Central Alberta communities,” said Chad Jensen.
“Network really allows us to broaden our horizon and reach out into those different areas.”
The acquisition of Royal LePage Endeavour took effect on March 1. The Sylvan Lake operation remains in Royal LePage Endeavour’s former premises at A2, 5043 50A St., but it’s expected to move into a new building in Ryders Square by June 1, said Jensen.
All of Royal LePage Endeavour’s realtors have joined with Royal LePage Network Realty, except for broker-owner Dave Stinson, who has retired. Jensen said more agents are being added, with 15 to 16 expected to eventually occupy the new 2,300-square-foot office at Ryders Square.
Multiple locations gives Royal LePage Network Realty opportunities to cross-market, he said. For instance, Sylvan Lake listings will be shown on the firm’s video screen that overlooks Gaetz Avenue in Red Deer.
Expansion to other Central Alberta communities is a possibility going forward, confirmed Jensen.
“It’s going to be a little ways down the road, but definitely that’s our long-term goal.”
He added that the purchase of Royal LePage Endeavour reflects his and his father Norm’s optimism about the real estate market, noting that the current numbers are comparable to those prior to the recent spike in prices.
“I think we’re back to normal and there’s lots of confidence in the housing market in Central Alberta for sure.”
Royal LePage Network Realty’s new office will be located in a 6,000-square-foot multi-tenant building.
Ryan Darragh, leasing and development manager with developer Ronmor Developers Inc., said another deal in the building is pending, which would leave space for one or more tenants.
Romor can still develop one more building in Ryders Square, which could be as big as 5,000 square feet.
“It’ll probably be a build-to-suit opportunity,” said Darragh.