Please wait as we prepare your PDF file ....

Mission Chronicle Blog

Search Blog

our goal is to help you stay informed by providing timely and interesting articles.

Realty Executives International’s Rector family retires, sells remaining shares

03/11/2017

Download PDF

Former Realty Executives International (REI) president and co-owner Rich Rector and his wife have an airtight plan to keep the company running as they transition into retirement.

David Tedesco (Photo credit: True North Companies)

Today, REI CEO David Tedesco announced that he bought the remaining shares of the company (for an amount company PR representative Nantale Muwonge told Inman REI wouldn’t disclose), giving him 100 percent ownership of the franchisor that has been in the Rector family since 1965.

“I’m excited to know that the Realty Executives brand is in the best possible hands for future growth,” Rector said in a statement.

“My wife and I have been working on succession planning for a number of years. This is the final step in our plan. We brought David and the team at True North on and could not be happier with the progress that’s been made.”

Tedesco has been the CEO and controlling shareholder of REI since April 2014 and is the founder of True North, REI’s parent company. In his three years with the company, Tedesco has focused on growth, technological advancements, and other system improvements.

“Rich and his family began building a business with innovation and entrepreneurial spirit at its core 50 years ago,” he said in a press release.

“Owning 100 percent of the company frees us up to pursue our growth strategy even more aggressively, with our focus on expanding our network of high-performing brokers, agents and teams.”

Tedesco says his “aggressive growth strategy” includes continuing to build on the company’s proprietary tech tool, Prime Agent, which aggregates essential real estate business functions into one platform, eliminating the need for multiple third-party systems and tools.

In addition to improving their proprietary technology tools, REI has launched a recruitment campaign to pull in agents from across North America. According to REI CMO Melissa Marchwick, the team has grown by 500 within a few short months — a 20 percent annual growth rate.

Lastly, Marchwick says Tedesco and his team will focus on strategic acquisitions that include purchasing key brokerages and franchises that “can be folded into the Realty Executives family.”

The company expects to grow from 8,000 to 25,000 to 30,000 agents over the next few years.

Email Marian McPherson

Source: click here

Read More

INSPIRED, INTELLIGENT, INSIGHTFULL

STAY INFORMED WITH TIMELY AND INTERESTING ARTICLES FROM OUR BLOG, MISSION CHRONICLE. OUR ASPIRATION IS TO PROVIDE REALTORS AND OTHER REAL ESTATE INDUSTRY PROFESSIONALS WITH EXCEPTIONAL RESOURCES AND SHARE OUR KNOWLEDGE TO PROPEL YOU TO YOUR GOALS.

  • Mission Chronicle Newsletter July 24, 2023

    Mortgage rates continued to press downward last week after the previous week's CPI data pointed to e...

  • Mission Chronicle Newsletter Feb 20, 2023

    Despite the recent downward trend in mortgage rates and hopes that the Fed was nearing the end of it...

  • Mission Chronicle Newsletter Feb 6, 2023

    The Federal Reserve meeting ended as market participants expected, with a quarter-point increase and...

  • Mission Chronicle Newsletter Dec 26, 2022

    Mortgage rates held relatively steady last week as most economic news came in better than expected.C...

  • Mission Chronicle Newsletter Dec 12, 2022

    Rates managed to move slightly downward last week as recession fears grew amid hopes that the Fedis ...

  • Mission Chronicle Newsletter Dec 5th 2022

    Mission Chronicle Newsletter Dec 5th 2022. Platforms: Browser, mobile-responsiveIdeal for: Leasing a...

  • Inman Review: Tenants and leasing teams get better connected with RentTango

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Tech Review: Smart Alto puts people first in its innovative lead qualification solution

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Refreshed and nurture-savvy, Market Leader’s CRM deserves your attention

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • The top 4 tips to improve your negotiation skills

    In today’s luxury real estate market, strong negotiation skills are an asset—you might even say ...

November 2024
Mon Tue Wed Thu Fri Sat Sun
 123
45678910
11121314151617
18192021222324
252627282930  

  • Polls

    What information you are looking for?

    View Results

    Loading ... Loading ...
  • Last month Results

    How Is My Site?

    • Good (100%, 3 Votes)
    • Excellent (0%, 0 Votes)
    • Bad (0%, 0 Votes)
    • Can Be Improved (0%, 0 Votes)
    • No Comments (0%, 0 Votes)

    Total Voters: 3

    Vote

    Loading ... Loading ...