Memphis, Tenn. - Memphis-based Crye-Leike, the largest real estate company in Tennessee and the Mid-South, announced that it has attained the No. 10 national ranking among the nation's largest and most successful residential brokerage firms, a position the company last held in 1999.

A recent report ranked Crye-Leike No. 10 among the 500 largest residential real estate brokerage firms in the United States, three notches up from its No. 13 ranking last year. It further ranked Crye-Leike No. 6 in the nation among the 133 largest privately owned and independent real estate companies, a move up from its previous No. 8 ranking last year.

The research report was prepared and recently released by REAL Trends, Inc., the leading provider of information and analysis for the residential real estate industry,(www.realtrends.com). These rankings were based on Crye-Leike achieving 22,029 closed transaction sides among its 51 branch offices in 2002. Crye-Leike ranked No. 25 in closed sales volume at $3.12 billion in REAL Trends' separate ranking by sales volume. A transaction side represents either the listing side or the selling side of a closed transaction.

"Due to continued consolidation in the industry, many firms moved up in rankings," said Steve Murray, editor of Denver-Colo.-based REAL Trends, a publishing and communications company.

NRT, the nation's largest real estate company, continued its record growth through acquisitions with the addition of such real estate luminaries as Arvida Realty in Florida and The DeWolfe Companies in New England, both of which are multi-billion dollar sales volume companies that ranked among the Top 11 in last year's report.

Chief Executive Officer Harold E. Crye of Crye-Leike credits the company's success and No. 10 national ranking to its focused strategy on customer service and being a full-service brokerage firm.

"For the past 26 years, Crye-Leike's mission has been to become a true one-stop shopping place for the consumer," said Crye. "Buying real estate is a very stressful life event. Our job as real estate professionals is to simplify their experience by providing those needed services a client must have to complete the real estate transaction."

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. The REAL Trends Report substantiates his claim by ranking Crye-Leike as seventh in the nation among those Top 25 real estate firms who provide total real estate services. According to the report, Crye-Leike had 13,131 in total settlement services transactions.

"Extending our geographic reach and depth of services as well as making technology investments and offering aggressive agent training and education programs are all strategies that have positioned Crye-Leike among the top industry leaders," says Crye.

""We have spent time, money and resources into investing in state-of-the-art technology to serve our clients and sales associates," says Crye. "We embrace the Internet as a vehicle to improve our core capabilities and to pursue new business opportunities related to real estate services. Technology is allowing us to reduce operating expenses and to handle the entire homeownership lifecycle for our clients."

Other factors Crye attributes to the company's successful sales record in 2002 included entering new markets in Central Arkansas, adding and expanding offices in its Greater Memphis and Nashville regions as well as expanding their presence through franchising within outlying areas in Florida, Kentucky, Mississippi, Tennessee, Kentucky and other contiguous states.

Tennessee real estate firms that ranked in the Top 500, along with Crye-Leike, included: Bob Parks Realty of Murfreesboro (No. 78); Realty Executives Associates of Knoxville (No. 102); Coldwell Banker Barnes /Snow & Wall of Brentwood (No. 130); RE/MAX Elite of Brentwood (No. 193) Coldwell Banker Wallace & Wallace of Knoxville (No. 221); Realty Center/ GMAC of Chattanooga (No. 270); RE/MAX Preferred Properties, Inc. of Knoxville (No. 302); Prudential Professionals Realty of Clarksville (No. 398); and, Shirley Zeitlin & Co. (No. 425), all rankings based on closed transaction sides. See Exhibit I for detailed rankings.

While Crye-Leike ranked No. 6 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 6,129 closed transaction sides and 12 offices. Shirley Zeitlin & Co. of Nashville was No. 123 with 1,447 closed transaction sides and three offices.

According to the report, the industry's largest and most successful local, regional and national brokerage companies collectively closed more than $650 billion in residential sales in 2002, representing more than 2.85 million in residential real estate transaction sides.

About Crye-Leike. Crye-Leike (www.crye-leike.com), a full service real estate company for 26 years, is the nation's 10th largest real estate company and the largest serving Tennessee and the Mid-South. It has a network of over 2,300 sales associates and 63 branch and franchise offices located in 34 counties throughout a six-state southern region in Tennessee, Arkansas, Mississippi, Georgia, Kentucky and Florida. Crye-Leike attained sales of $3.17 billion and 22,198 closed transaction sides corporate wide in 2002.

As a full service real estate company, Crye-Leike offers real estate and related services, including: residential real estate services; relocation services; commercial business and investment real estate services; property leasing and management services; development and construction services; REO foreclosure services; mortgage lending facilities; insurance services; title services; home services; auction services; apartment locator services; franchise sales and builder resource services.

See EXHIBIT I and EXHIBIT II, for Tennessee residential real estate brokerage firms that ranked in the Top 500 nationwide.

 

EXHIBIT I

Rank by Closed Transaction Sides

Tennessee residential real estate brokerage firms that ranked in the top 500 nationwide in residential sales transactions in 2002 as released by REAL Trends Inc. in its 2003 REAL Trends 500 Report. Note: Transaction sides and sales volume figures reflect residential transactions only.

 

Rank by Closed Transaction Sides

Company Name

2002 Sides & Sales Volume

Headquarters

 

10

Crye-Leike (Independent)22,029 sides; $3.12 billion in sales

(Chattanooga, Memphis & Nashville in Tenn. & Little Rock, Ark)

 

78

Bob Parks Realty (Independent)6,129 sides; $ 941.9 million in sales

(Murfreesboro)

 

102

Realty Executives Associates (Franchise)

4,872 sides; $ 700.8 million in sales

(Knoxville)

 

130

Coldwell Banker Barnes/Snow & Wall (Franchise)

4,005 sides; $ 558.6 million in sales

(Brentwood)

 

193

RE/MAX Elite (Franchise)

3,115 sides; $ 494.1 million

(Brentwood)

 

221

Coldwell Banker Wallace & Wallace (Franchise)

2,778 sides; $ 421.7 million in sales

(Knoxville)

 

270

Realty Center GMAC (Franchise)

2,347 sides; $ 365 million in sales

(Chattanooga)

 

302

RE/MAX Preferred Properties, Inc. (Franchise)

2,087 sides; $290.5 million in sales

(Knoxville)

 

398

Prudential Professionals Realty (Franchise)

1,546 sides; $ 174.8 million in sales

(Clarksville)

 

425

Shirley Zeitlin & Co. (Independent)

1,447 sides; $ 417.1 million in sales

(Nashville)

 

 

EXHIBIT II

Re-Ranked by Closed Sales Volume

Tennessee residential real estate brokerage firms that ranked in the top 500 nationwide in residential sales transactions in 2002 as released by REAL Trends Inc. in its 2003 REAL Trends 500 Report. Note: Transaction sides and sales volume figures reflect residential transactions only.

 

Re-Rank by Closed Sales Volume

Company Name

2002 Sides & Sales Volume

Headquarters

 

25

Crye-Leike (Independent)

22,029 sides; $3.12 billion in sales

(Chattanooga, Memphis & Nashville in Tenn. & Little Rock, Ark)

 

126

Bob Parks Realty (Independent)6,129 sides; $ 941.9 million in sales

(Murfreesboro)

 

167

Realty Executives Associates (Franchise)

4,872 sides; $ 700.8 million in sales

(Knoxville)

 

216

Coldwell Banker Barnes/Snow & Wall (Franchise)

4,005 sides; $ 558.6 million in sales

(Brentwood)

 

246

RE/MAX Elite (Franchise)

3,115 sides; $ 494.1 million

(Brentwood)

 

287

Coldwell Banker Wallace & Wallace (Franchise)

2,778 sides; $ 421.7 million in sales

(Knoxville)

 

288

Prudential Professionals Realty (Franchise)

1,546 sides; $ 174.8 million in sales

(Clarksville)

 

335

Realty Center GMAC (Franchise)

2,347 sides; $ 365 million in sales

(Chattanooga)

 

406

RE/MAX Preferred Properties, Inc. (Franchise)

2,087 sides; $290.5 million in sales

(Knoxville)

 

 

425

Shirley Zeitlin & Co. (Independent)

1,447 sides; $ 417.1 million in sales

(Nashville)