Keith Conlon Buys Stake in Dallas Luxury Brokerage

The head of one of Dallas’ most recognizable luxury brokerages is putting his own money into the brand, making an equity investment in Allie Beth Allman & Associates as the firm looks to double down on its local identity amid industry consolidation.

Keith Conlon, the firm’s president and CEO, acquired an ownership stake in the brokerage, marking an unusual move for a company owned by HomeServices of America, the real estate arm of Warren Buffett’s Berkshire Hathaway. The Dallas Business Journal reported that the financial terms were not disclosed.

Conlon said in a statement on Monday that the investment formalizes a long-term commitment to the firm and positions it to retain top talent at a time when mergers, acquisitions and national rollups are reshaping the brokerage landscape.

Founded in 1985 by Allie Beth Allman, the firm was acquired in 2015 by HomeServices, but has continued to operate under its original name and leadership. Allman stepped down as CEO in 2020 and tapped Conlon, who joined the company in 2008, as her successor.

“This is the first transaction of its kind for HomeServices,” Conlon said, describing the deal as a chance to reintroduce a more “grassroots” ownership mentality. He framed the move as a matter of both retention and recruiting, aimed at agents who want the feel of a locally owned shop without giving up the scale and support of a national platform.

Allman praised the investment as a safeguard for the firm’s legacy. In the statement, she said Conlon’s buy-in ensures the brokerage’s local roots remain intact, calling the move a natural extension of the succession plan she put in place five years ago.

The brokerage has thrived in recent years alongside North Texas’ population boom and corporate migration wave. In 2024, Allie Beth Allman & Associates closed nearly $4 billion in residential sales volume, driven by 2,674 transactions. According to the publication, the firm ranked as the fourth-largest brokerage in Dallas-Fort Worth by sales volume, with 416 licensed agents that year.

The firm’s name regularly appears on some of the region’s priciest listings, including a University Park home that became Texas’ most expensive publicly listed residential sale in 2025, asking $35 million. Its portfolio also includes marquee properties like the Knox Hotel & Residences, the Mount Vernon estate on White Rock Lake and the Rachofsky House in North Dallas.

— Eric Weilbacher