A long-lasting residential brokerage service has realigned its ownership structure across Arizona — and is looking to capitalize on the momentum.
Realty Executives International, founded in Phoenix in 1965, elected not to renew its agreement with its current Phoenix franchise and chose to establish one Arizona territory under the leadership of industry veteran Jeff Murtaugh.
"This was the original Realty Executives franchise in Phoenix with 60 years in this town," Murtaugh said in an interview with Homes.com. "We'd like to bring it back to its old glory."
Murtaugh, who had been overseeing northern and southern Arizona for Realty Executives, will now oversee the Phoenix and Yuma regions under the new structure. As a result, the nearly 600 agents based in those regions are invited to join the new-look Arizona brokerage, which is expected to bring the network to more than 1,200 agents, according to a news release.
"[This move] creates critical mass and resources. Anytime you can create consolidation of sorts, I think that's always a positive for operations," Patrick van den Bossche, president of Realty Executives International, said in an interview with Homes.com. "[It also gives agents] now access across all of Arizona with offices and leadership. So rather than having a more bisected state, it's kind of unified it."
Brokerage to offer agent incentives
To capitalize on the new structure, Realty Executives' Arizona office will aggressively pursue interested agents and offer zero monthly fees for the first six months to those who join by July 31.
"We'll recruit every agent from every company that we can get," Murtaugh said. "So far, my calls have been very positive."
Businessman David Tedesco, the CEO of Phoenix-based private equity conglomerate Outlier, will be a capital partner and provide resources to grow the Arizona office. That includes providing a signature office space for the revamped brokerage.
Murtaugh said Realty Executives is set to open a 16,000-square-foot flagship office at 4343 Outlier Boulevard in a building owned by Tedesco's firm in Phoenix.
“We are proud to bring the Phoenix and Yuma markets back into the core of our Arizona operations after the previous franchise structure,” Tedesco said in a statement. “Our goal is to create the strongest real estate network in the state, and that means investing in great people, great tools and great leadership.”