Long & Foster

About Long & Foster

14501 George Carter Way, Chantilly, Va. 20151
www.longandfoster.com | 703-653-8500 | Founded: 1968

Industry: Real Estate | Category: Top Private Companies

By almost any measure, 2005 was a record-breaker for Long & Foster, as it rode the crest of the region's housing boom. Its sales personnel sold $44.6 billion in real estate, up 14 percent from the previous year, as home prices soared, though the total number of properties that changed hands fell slightly. Its mortgage firm, Prosperity Mortgage, had a 25 percent revenue gain; the insurance subsidiary had a 27 percent gain; the title firm's revenue rose 22 percent.
Overall revenue rose almost 8 percent.
Part of its growth came as a result of the firm's vigorous expansion. Long & Foster has 16,000 commissioned sales agents, 2,000 more than a year earlier. In 2005, it had 235 offices, up from 218 in 2004. The company is widening its field of operations, moving into Charlottesville and Harrisonburg, Va., eastern North Carolina and New Jersey.
But the company's future seemed less rosy at year's end, as the inventory of unsold houses rose in the face of dwindling investor demand and buyer resistance to ever-higher prices. Long & Foster's founder and chief executive, P. Wesley Foster Jr., called the situation an overdue market correction that would result in a healthier balance of supply and demand in real estate, but slackening sales may lead to revenue declines for Long & Foster in the coming year.

2005 Financial Data

Revenues: $1,120,000,000
Total employees: 2,288 | Local employees: 1,270