Realty Executives International, a global real estate company with 600 franchises in 12 countries, is leaving the Nashville market.
David Coulton, broker and owner of “Realty Executives Fine Homes” located in Cool Springs, is dropping the Realty Executives franchise after 14 years in favor of independently self-labeling as “RealtyTrust Residential”.
This change seems reasonable as Coulton already owns real estate auction company “RealtyTrust Auctioneers” with partner E. Dwight O’Neal. Coulton and O’Neal will jointly own the newly branded RealtyTrust Residential real estate company.
In a real estate market saturated with short sales and seemingly endless foreclosures, it is likely efficient to have a traditional real estate services working alongside an auction company.
On May 4, 2010 the domain name “realtytrustresidential.com” was registered by Coulton.
On June 30, 2010 a new limited liability company “RealtyTrust Residential, LLC” was registered by Coulton with the Tennessee Department of State.
Like many real estate companies constricting these days, Realty Executive Fine Homes has lost roughly one-third of its agents in recent years. The 2009 Nashville Business Journal‘s residential real estate firm profile of the company shows 112 agents. The company’s local website now shows 81.
Coulton, like many national real estate franchisees adapting to this new economy, may be wise to lower overhead and eliminate costly franchisee fees in order to maintain market share.
While going independent may seem more financially appealing, that gain is countered by losing national branding, global support and relocation referral business.
We spoke with Realty Executives International’s corporate office earlier today, although they did not respond in time for a formal statement or quote.
Despite the Middle Tennessee market being vacated, Realty Executives International currently maintains a large presence in Knoxville with over 400 licensed agents.