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wes foster net worth

wes foster net worth 2023:

$6 billion

P. Wesley Foster Jr., an aluminum siding salesman who co-founded Long & Foster, one of the largest independent real estate firms in the US, died March 17 at his Alexandria, Va., home. 89.

Stepson Rod Lawrence confirmed his death. No explanation.

"Wes" Foster was chairman emeritus of the company he founded with Henry A. "Hank" Long in Fairfax, Va., in 1968.

Air Force veteran. Mr. Foster, an Army veteran, graduated from Virginia Military Institute. Two 30-year-old rookies in the real estate industry founded Long & Foster.

Mr. Foster told the Washington Business Journal that the two men "flipped a coin" at first. He was named first. President. Launched.”

They started with one real estate agent.

Mr. Foster saw massive changes in home sales over his career. When he started, agents kept hard-copy listings in their territory. Without lockboxes on doorknobs, they had to get keys before showing clients. No Zillow or Redfin existed for homebuyers to browse properties.

Mr. Foster said he always focused on hiring successful real estate agents. His ideal agent had "empathy" and "ego."

“You might make a good priest, but you won't make a good salesperson or sales manager,” he told American Executive in 2005. If you have equal empathy and ego drive, you're good but aggressive and make things happen.”

wes foster net worth 2023

Long & Foster is the largest independent residential real estate company in the United States.

Long & Foster works with more than 10,000 agents in about 170 offices in seven states in the Mid-Atlantic and Northeast, as well as the District of Columbia.

In 2012, Long & Foster’s sales volume exceeded $24.8 billion, with more than 74,000 transactions; this is up from $22 billion and 69,000 transactions in 2011. 2012 marked a year of significant growth for Long & Foster, with an increase in volume of 14 percent and a 9-percent increase in unit sales.

While Long & Foster was founded as a real estate company, today its family of companies offers everything customers need as it relates to buying, selling, or owning real estate—including mortgage, insurance, settlement, property management, and corporate relocation services.

Long & Foster Companies’ combined sales volume and equivalents for 2012 were $48.7 billion, a $6-billion increase from 2011 figures.

wes foster Personal information:

Name: wes foster

Profession: Businessperson

Age: 89 YEARS OLD

Height:5 ft 6 in (1.68 m)

Net Worth: $6 billion

Who is wes foster?

Mr. Foster specializes in residential real estate. In 1979, Mr. Foster bought out his partner and over the next four decades built the business into one of the largest privately held companies in Washington and a national real estate powerhouse with mortgage and settlement services, homeowner's insurance, and property management.

HomeServices of America, an affiliate of Warren Buffett's Berkshire Hathaway, bought Long & Foster in 2017. The Washington Post reported that Long & Foster was the largest independent real estate brokerage by sales volume with 11,000 agents in Virginia, Maryland, D.C., Pennsylvania, New Jersey, West Virginia, Delaware, and North Carolina.

The Long & Foster website reported $34.5 billion in real estate sales in 2020.

Industry observers credited Mr. Foster with leading his company through a profitable era of development in the outer Washington suburbs.

“If you had to start a brokerage firm... there was no better place in the country to be than Washington, D.C., in the 1970s, when Wes started to expand,” Bill Regardie, publisher of the now-defunct Regardie's business magazine, said in an interview. “He founded and ran the most dominant, successful, richest real estate sales firm Washington and the Mid-Atlantic have ever seen.”

Mr. Foster led the company through real estate and economic recessions.

In 1995, he told The Post, "I really work towards making a profit, no matter how hard times get."

Is wes foster married?

Mr. Foster recruited agents from competing firms and retained those from the smaller brokerages Long & Foster acquired during its expansion. Gary Ditto, a longtime Long & Foster agent, remembered Mr. Foster helping new hires move boxes into their offices.

Mr. Foster worked in a sprawling Chantilly, Va. headquarters complex after Long & Foster started in a 600-square-foot office. Colonial Williamsburg's Governor's Palace inspired the main building. Mr. Foster loved history.

Paul Wesley Foster Jr., the oldest of four sons, was born in McDonough, Ga., on Nov. 25, 1933. Before opening a produce stand, his father worked at a Sears, Roebuck warehouse. Mr. Foster's mother's migraines and depression caused a nervous breakdown.

“She was crying all the time,” Mr. Foster told The Post in 2004. I started then. Depressed, too.”

“Even though we didn't have anything,” Mr. Foster told The Post. He earned an English degree from VMI in 1956 on a partial football scholarship.

Mr. Foster was an artillery officer in Germany before becoming a Kaiser Aluminum salesman in the US. One builder hired him after his sales rounds. Mr. Foster met Long through work.

Maryland and D.C. followed Northern Virginia.

Merrill Lynch bought Long & Foster eleven years into their partnership. Long wanted to buy, but Mr. Foster wasn't ready.

“Hank really wanted to sell to Merrill Lynch, to take that money and for both of us to go be developers,” Mr. Foster told The Post in 1988. “I told him, ‘Gosh, I liked this crazy business.'”

Long became a commercial developer after Mr. Foster bought his share. He died 2020.

The 2004 Washington Business Hall of Fame inducted Mr. Foster. Two years later, VMI's football stadium was renamed in his honour for his financial support of athletic facility renovations.

His stepson, wife Betty Foster, son Paul Wesley Foster III, and daughter Amanda Foster Spahr survive him.

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