Memphis, Tenn. - Crye-Leike, the largest real estate company in Tennessee and the Mid-South, announced that it has held its No. 13 national ranking among the nation's largest residential brokerage firms. A recent report ranked Crye-Leike No. 13 among the 500 largest residential real estate brokerage firms in the United States and No. 8 in the nation among the 133 largest privately owned and independent real estate companies.
The report was prepared and recently released by REAL Trends, Inc., the leading provider of information and analysis for the residential real estate industry. These rankings were based on Crye-Leike achieving 20,406 closed transaction sides among its 47 branch offices in 2001. Crye-Leike ranks No. 24 in closed sales volume at $2.9 billion when REAL Trends re-ranked the same top 500 real estate companies.
"This 2002 REAL Trends 500 report revealed a flattened growth curve and many changes in the rankings of leading firms," said Steve Murray, co-editor of Denver-Colo.-based REAL Trends, a publishing and communications company. "Due to continued consolidation in the industry, many firms moved up in rankings." Franchised firms represent 70 percent of those listed in the report, while 30 percent were independent firms.
Other Tennessee real estate firms that ranked in the top 500, along with Crye-Leike, included: Bob Parks Realty of Murfreesboro (No. 72); Realty Executives Associates of Knoxville (No. 94); Coldwell Banker Barnes /Snow & Wall of Brentwood (No. 154); Coldwell Banker Wallace & Wallace of Knoxville (No. 256); Realty Center/ Better Homes & Gardens of Chattanooga (No. 270); and RE/MAX Elite of Brentwood (No. 299), all rankings based on closed transaction sides. See Exhibit I for detailed rankings.
While Crye-Leike ranked No. 8 in the nation among the 133 largest privately owned and independent real estate companies, only two other real estate firms in Tennessee qualified within this category. Bob Parks Realty of Murfreesboro ranked No. 36 in the nation, with 6,149 closed transaction sides and 12 offices. Shirley Zeitlin & Co. of Nashville was No. 124 with 1,219 closed transaction sides and three offices.
NRT, Inc. led the 2002 REAL Trends 500 Report as the largest residential brokerage company in the nation, establishing a real estate record with $117 billion in closed sales volume. The Parsippany, N.J.- based company acquires premier residential real estate brokerage firms and operates them as franchised brokerages under the Coldwell Banker and ERA brand names.
According to the report, the industry's largest and most successful local, regional and national brokerage companies collectively closed more than $550 billion in residential sales in 2001, representing more than 2.6 million in residential real estate transaction sides.
Chief Executive Officer Harold E. Crye of Crye-Leike credits the company's success and No. 13 national ranking to its focused strategy on customer service and being a full-service brokerage firm, even amid an unpredictable marketplace, technological changes and a rapidly evolving consumer base.
"For the past 25 years, Crye-Leike's mission has been to become a true one-stop shopping place for the consumer," said Crye. To that end, Crye says his company has focused on cross-selling its services such as mortgage, relocation, title and insurance and expanding its range of homeownership services "in order to stay in touch with our clients."
"Technology investments, aggressive agent training and education programs, and extending our geographic reach and depth of talent are all strategies that have positioned us among the top industry leaders," says Crye.
"We have embraced the Internet as a vehicle to improve our core capabilities and to pursue new business opportunities related to real estate services," said Crye. "We have spent time, money and resources into investing in the latest technology to serve our clients and sales associates. Technology is allowing our company to reduce operating expenses for critical items, like call centers and data centers, enabling us to handle the entire homeownership lifecycle for our clients."
Other factors Crye attributes to the company's successful sales record in 2001 included entering new markets in Tennessee and Mississippi, adding and expanding offices in its Greater Chattanooga, Memphis and Nashville regions as well as expanding their presence through franchising within outlying areas in Tennessee, Arkansas, Kentucky and other contiguous states.
About Crye-Leike. Crye-Leike (www.crye-leike.com), a full service real estate company for 25 years, is the nation's 13th largest real estate company and the largest serving Tennessee and the Mid-South. It has a network of over 2,200 sales associates and 59 branch and franchise offices located in 27 counties throughout a five-state Mid-South region in Tennessee, Arkansas, Kentucky, Mississippi and Georgia. Crye-Leike attained sales of $2.95 billion and 20,768 closed transaction sides corporate wide in 2001.
As a full service real estate company, Crye-Leike offers real estate and related services, including: relocation services; commercial business and investment real estate services; property leasing and management services; development and construction services; mortgage lending facilities; insurance services; title services; home services; auction services; apartment locator services; franchise sales and builder resource services.
Tennessee residential real estate brokerage firms that ranked in the top 500 nationwide in residential sales transactions in 2001 as released by REAL Trends Inc. in its 2002 REAL Trends 500 Report:
Company Name, Headquarters & 2001 Sides and Sales Volume
Rank Closed by Transaction Sides, Re-Rank by Closed Sales Volume
Franchise or Independent
Crye-Leike, (Chattanooga, Memphis, Nashville) & 20,651sides; $2.9 billion in sales
Bob Parks Realty (Murfreesboro) & 6,149 sides; $915 million in sales
Realty Executives Associates (Knoxville) & 5, 019 sides; $724 million in sales
Coldwell Banker Barnes, Snow and Wall (Brentwood) & 3, 356 sides; $440 million in sales
Coldwell Banker Wallace and Wallace (Knoxville) & 2, 282 sides; $339 million in sales
Realty Center, Better Homes and Gardens (Chattanooga) & 2,189 sides; $328 million in sales
RE/MAX Elite (Brentwood) & 1,963 sides; $328 million
Shirley Zeitlin and Co. (Nashville) & Sides Not Available; $343 million in sales
Crye-Leike Holds No. 13 Ranking in U.S. Among Top 500 Real Estate Brokers: No. 8 in Nation Among Independents
May 29, 2002