Dayton Business Journal: Glasshouse Realty Group poised for 'massive growth' with new third owner

One of the Dayton region’s fastest-growing residential real estate firms is poised to grow its market share in a meaningful way this year with a new merger.

Glasshouse Realty Group, which is run by co-founders Evan Kloth and Mo Zahedi, has added a third owner who comes to the brokerage from a national brand.

(Click here to read the story in the Dayton Business Journal.)

Kunal Patel, former associate partner with Coldwell Banker Heritage Realtors, has joined Glasshouse Realty as broker and owner.

With more than a decade of real estate experience, Patel also brings to Glasshouse the Kunal Patel Group, a six-member team with over 100 years combined experience. The group did $56 million in sales volume in 2022.

In the last decade, Kunal Patel Group has proven to be one of the highest producing groups in the region with more than $600 million in sales and 1,100 properties sold with Coldwell Banker.

Coldwell Banker Heritage Realtors as a whole locally did $1.4 billion in sales in 2022 and has around 450 agents.

“This change is more than a merger; it’s a meeting of minds committed to client-first values and tangible contributions to our community,” Patel said. “And it’s coming at a pivotal moment as the market adjusts to shifts across the economy and buyer and seller preferences.”

Patel said he was attracted to Glasshouse Realty for its community-focused mission of giving back. Patel is immediate past board president for SICSA Pet Adoption & Wellness Center; and serves on the board of Rebuilding Together Dayton.

"Kunal wanted a place where he could have more of a direct influence on growth and change," Kloth said. "Partnering with us at Glasshouse allows for him to be that catalyst."

The addition of Patel’s six-member team will bring Glasshouse Realty to over 150 agents, Zahedi said. Glasshouse averages around $250 million to $300 million in sales volume annually.

Glasshouse Realty’s main office is prominently situated on Sixth Street in the Oregon District. The brokerage has five other locations in Troy, Springfield, Springboro, Centerville and most recently Oakwood/Kettering.

With Patel’s addition, the brokerage has added a seventh office in Beavercreek at 75 Harbert Drive, Suite B, in Beavercreek. It’s a temporary space as the group scouts for another location in Beavercreek or Greene County.

Zahedi said long-term plans include opening Glasshouse Realty offices in Cincinnati, Columbus and Indiana.

“There is no one else on the planet that Mo and I would be doing this with,” Kloth said of Patel. “It goes beyond his success as a realtor. We only want people here that will keep our culture what it is or make it more vibrant.”

Zahedi said Patel’s move from a national brand like Coldwell Banker shows his commitment to “doubling down” on the local community.

“The three of us we can make a jump to really being a competitor with these national brands,” Zahedi said.

Patel added: “This is a stepping stone for our local community.”

Glasshouse Realty averages around 30% growth year-over-year in agent count, Zahedi said. He anticipates 2024 being a “massive year” for the company’s sales volume.

“We’ve always intended to scale our brokerage organically and intentionally, and the addition of Kunal and his team does just that,” Zahedi said. “We’re excited to continue expanding across the greater Dayton area, southwest Ohio and northern Kentucky.”

Glasshouse Realty was founded in 2019 with 11 agents.

Glasshouse Realty Group

Founded: 2019

Main office: 201 East 6th Street, Dayton, OH 45402

Total offices: Troy, Springfield, Springboro, Centerville, Oakwood/Kettering, Dayton

Average annual sales volume: $250-$300 million

Local agents: 150

Owners: Evan Kloth, Mo Zahedi, Kunal Patel