PHOENIX, Aug. 21, 2014 /PRNewswire/ -- Realty
Executives Phoenix announced today the company has been acquired by
Kinetic Companies, a Phoenix based
real estate investment firm. Operations will continue under
the Realty Executives moniker, as the brand has been synonymous
with integrity and professionalism for nearly 50 years.
A family business, Realty Executives was founded by Dale &
June Rector and has been owned and
operated by his son Rich Rector for
several decades. Mr. Rector, with continued ownership in
Realty Executives International, will focus efforts on the growth
of the International brand, which currently has a presence in 24
countries around the world. Rector was deliberate in his
choice to sell what has been referred to as the crown jewel Realty
Executives franchise to an existing franchisee. Jeff Murtaugh has garnered national attention
and recognition, most recently having been named 'Most Valuable
Broker Owner' at the International Franchise Awards in 2013.
Jeff Murtaugh is a 37-year veteran
in commercial and residential real estate brokerage and is a
partner with Phoenix based Kinetic
Companies. Murtaugh has served as President of the Tucson operation for the past several years
and grown the franchise from approximately 50 agents to well over
250 agents in just two short years. In his expanded role, he
will serve as President and CEO of Realty Executives for
Phoenix, Tucson and Yuma. Gerry Russell will continue as
Designated Broker for the Phoenix
offices and there are no changes to executive management or
staffing as the expertise and proven track record demonstrated by
the Realty Executives team will allow Realty Executives Phoenix to
pursue additional growth in the Arizona market.
"As I concentrate on the growth of Realty Executives
International, I am fully confident and look forward with
excitement to witness Jeff and his team offer expanded opportunity
and success to our agents…Whether it's sales generation or an
innovative approach to day-to-day operations, he's proven himself
as a true leader not only within the organization, but within our
industry," said Rector.
Founded in 1965 by Dale Rector,
Realty Executives Phoenix currently spans 12 branch offices
throughout Maricopa County.
Though many competitors have since followed suit, Realty
Executives Phoenix was the first 100 percent commission company.
This innovative approach made Realty Executives Phoenix a top
brokerage in terms of per agent productivity since 1972.
Realty Executives saw its share of challenges, as with most
real estate brokerages during the global financial crisis.
Rector is quick to point out the company's current successes and is
proud of having navigated the challenges and sustained its
reputation for tenured professional agents. Of 80,000 brokerages
worldwide, Realty Executives Phoenix ranks among the leaders of the
top 1% according Real Trends 2014 annual research report on dollar
volume and transactions. In 2013, Realty Executives agents
averaged in excess of $85,000 in
commissions and closed an average of nearly 15 transactions each
while the firm completed nearly $2.2
billion in transaction volume and over 8,200 transactions
("sides").
"Realty Executives is an agent-centric brand that aligns with
our values and philosophy as a company," said Murtaugh. "The
company's future is bright. We will continue to improve upon
our brand and grow the Realty Executives family by developing the
tools needed to increase career success."
Kinetic Companies, the parent company to Realty Executives
Phoenix, has over 70 years of real estate brokerage experience
between its partners. Co-Founder, Joel Moyes, who is also State Director for the
International Council of Shopping Centers, a globally recognized
real estate industry trade group, stated, "Our extensive background
within the real estate space allows us to fully appreciate the
agents needs. We understand that agent support is of
paramount importance and we fully intend to continue building upon
Realty Executive's solid foundation established by the Rector
family."
About Realty Executives Phoenix
Realty Executives
Phoenix is one of the largest real estate brokerages in
the United States with 11 branch
offices and dozens of satellite offices throughout the State of
Arizona. Founded in 1965 by R. Dale
Rector, Realty Executives revolutionized the real estate
industry as the nation's first 100 percent commission company.
Based on the spirit of entrepreneurism, the brokerage has thrived
in the Phoenix metropolitan area
and nationally as one of the most productive brokerages in
the United States for the last 48
years. Since 1972, Realty Executives Phoenix has held the
honor of being a top brokerage in the Phoenix metropolitan market for per agent
productivity. For additional company information
visit www.RealtyExecutivesPhoenix.com
About Realty Executives International, Inc.
Realty
Executives International, Inc. is one of the fastest growing real
estate franchises in the United
States, with nearly 11,000 sales associates and
approximately 700 franchises. The Phoenix-based, privately held company has
offices in 24 countries: United
States, Africa,
Australia, Bahrain, Belize, Canada, Costa
Rica, Dominican Republic,
France, Greece, Honduras, Israel, Kuwait, Mexico, Panama, Poland, Romania, Nicaragua, Oman, Qatar,
Saudi Arabia, Spain, Turkey
and United Arab Emirates.
Publications like Entrepreneur, Success and Inc. magazines have
recently ranked Realty Executives International as a leader in the
real estate industry based on franchise growth, management
stability and financial soundness. For additional company
information visit www.RealtyExecutives.com.
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SOURCE Realty Executives Phoenix