|By PR Newswire||
|August 21, 2014 03:33 PM EDT||
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.
SOURCE Realty Executives Phoenix