Realty Executives International

Infobox_Company
company_name = Realty Executives International
company_
company_type = Corporation
foundation = Phoenix, Arizona, (1965)
location = Phoenix, Arizona, USA
key_people = Richard A. Rector, President and CEO
industry = Real Estate
homepage = [http://www.realtyexecutives.com/ www.realtyexecutives.com]

Realty Executives International is an international real estate company founded in 1965 by Dale Rector in Phoenix, Arizona, and is the originator of the 100 percent commission concept. The company has more than 14,350 sales associates, as well as 803 independently-owned offices worldwide. There are offices in Australia, Canada, Costa Rica, Nicaragua, Belize, Poland, Greece, Colombia, Spain, Panama, France, Indonesia, Israel, Mexico, South Africa and the United States.

Realty Executives is also involved in community efforts. The Homes from the Heart program was created to involve sales associates and brokers in fundraising to provide housing opportunity to needy families in the communities the company serves.

Realty Executives is the only real estate company to be an official corporate partner of Habitat for Humanity. Additionally, because of efforts within the continental United States, Realty Executives franchisees have also contributed to help build homes in countries all over the world.

Realty Executives is one of the most closely followed real estate franchises in the world. In 1965, the company first drew attention as the originator of the 100 percent commission concept. Today, phenomenal franchise growth and a unique franchise development strategy are creating even more interest in Realty Executives.

Since its dramatic beginning in Phoenix, Arizona, more than 35 years ago, the company has become one of the fastest growing franchises in any industry. Publications like Entrepreneur, Success and Inc. Magazine have recently ranked Realty Executives as a leader based on such criteria as franchise growth, management stability and financial soundness. Realty Executives only began its aggressive franchise expansion in 1987. In 1988, there were 31 franchises and just 624 agents. Today Realty Executives has thousands of Executives in countries around the world. Our broker/owners are adding professional, top-producing Executives every day, continuing our aggressive growth. For the home buying and home selling public, the news is even better. Because Realty Executives attracts professional and experienced real estate marketers to the company, the ultimate winner is the consumer who chooses the services of an Executive.

But, how did it all begin? Dale Rector is the visionary who founded Realty Executives.By the 1960's, Dale Rector was a real estate professional who had worked for traditional real estate firms in Colorado and in Arizona. But he was unhappy. He had a number of grievances that weren't easily solved: a) His commission splits were used to train and support new recruits, rather than provide him with new and better support services. b) Inexperienced floor people were encouraged to respond to inquiries on his listings. c) He was expected to spend valuable field hours on office work. d) He was required to share commission checks on his own property purchases with the broker. e) He had no advertising control over his own listings.

Dale didn't sit still or complain for long. He opened his own split-commission firm. Soon he found himself becoming overly involved with the administrative duties essential to a smoothly run office. He also had to relinquish the selling time he had always enjoyed. Not surprisingly, Dale found his top sales associates frustrated with the split-commission system for the exact reasons he had been. Eventually, some would leave his office just as Dale had done earlier in his career.

The industry needed a change. How could he ensure that the top producers could work free from administrative duties and also free the office of deadwood?

In 1965, Dale Rector became the first man in the nation to open a 100 percent commission office, Realty Executives. The concept, revolutionary at the time and now widely copied, was quite simple: Sales associates receive 100 percent of their commissions. Associates would share equally in office expenses. Offices would be coordinated by a full-time broker, whose salary was paid by the associates. The concept caught on. By 1972, the pilot operation in Phoenix, Arizona was producing the highest volume of all competitive independent real estate firms. By the 80s, with greater expansion, volume totaled more than the competitive national franchise firms in the area.

Each year, sales volume and the number of associates have grown - proof of the concept’s wide acceptance and success. Realty Executives rapid growth is no surprise. Give professional sales associates an environment where they can concentrate on what they love to do - sell, and they will get results.

Through Dale Rector's vision and dedication to his new concept, the real estate industry has experienced a major change—an alternative to traditional operations that have hindered the real estate profession for many years. Realty Executives has revolutionized the real estate industry by focusing on the needs of the real estate Executives.

Rich Rector, son of Dale Rector, has been president of the organization since 1986 when he also purchased the franchisor from Dale. Rector has held a real estate license for more than thirty years, making him a rarity in corporate real estate leadership.

External links

* [http://www.realtyexecutives.com/ Realty Executives International corporate web site]