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Realogy Subsidiary, NRT, Announces Strategic Growth in Residential Property Management Services
Acquires Dallas GTF Inc., a Leading Firm with 1,600 Residential Rental Properties Under Management in the Dallas/Fort Worth Market
|By PR Newswire
|August 11, 2014 11:17 AM EDT
MADISON, N.J., Aug. 11, 2014 /PRNewswire/ -- NRT LLC, a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), today announced the formation of a new national residential property management division within NRT and the acquisition of a leading property management firm in the Dallas/Fort Worth market. In consolidating its current local operations with approximately 20,000 residential properties under management, NRT will accelerate its strategic objective of growing its leadership position in residential property management services on a national basis.
"This is the first of several adjacent growth initiatives underway to complement NRT's residential real estate brokerage model and enhance overall profitability," said Bruce Zipf, NRT's president and chief executive officer. "We are going to leverage our presence in 40 of the top 100 U.S. markets to grow our position in residential property management services in order to better serve single family rental investors, who are buyers today and may be sellers in the future, as well as to develop relationships with today's renters who may be tomorrow's home purchasers."
Specifically, NRT has acquired the assets of Dallas GTF Inc., which does business as Get There First Realty Services and is based in Dallas, Texas. Get There First Realty is a property management services firm with approximately 1,600 rental properties under management across the Dallas/Fort Worth Metroplex. Get There First Realty will become an integral part of NRT's newly created property and asset management services division, and the company's founder and president Mark H. Kreditor, will join NRT as a vice president. Kreditor is past president of the National Association of Residential Property Managers (NARPM), and is widely recognized as among the foremost national authorities on single family property management.
NRT formed this new national division in July with the appointment of industry veteran Robert Way as president of NRT's property and asset management services division. Way is a 17-year Realogy veteran, who most recently served as a senior vice president with its Title Resource Group (TRG) subsidiary. The division now oversees management of NRT's extensive local property management and related activities, which are comprised of 20,000 short- and long-term rentals and bank real estate owned (REO) properties.
"By combining our local property and asset management services into one national division, we are making a strong commitment to strategically growing our leadership position in this sector, with an emphasis on delivering levels of client service and professionalism that will continue to raise the bar for the industry," said M. Ryan Gorman, senior vice president of strategic operations with NRT.
"We believe Robert Way, along with Mark Kreditor, will provide the right leadership focus to propel NRT forward in this business growth opportunity," added Gorman.
Previously, Way served as chief operating officer for TRG's Texas American Title and American Title Company of Houston, and its underwriter, Title Resource Guaranty Company. Prior to joining TRG, Way worked for five years in London for Cendant Europe where he served as senior vice president of business operations for the Vacation Rental Group, which managed tens of thousands of vacation rental properties located in the U.K., France, Italy, Germany, Spain, Denmark and other European destinations.
"I could not be more thrilled to announce our first asset acquisition since launching this initiative along with Mark Kreditor's appointment as the first member of my national property management leadership team," said Way. "Both Mark and Get There First Realty exemplify precisely the type of tireless dedication to client service, and forward-thinking innovation that we believe will characterize NRT's property and asset management culture and reputation in the years to come. We are honored to welcome Mark and his team."
Formed in 1981, Get There First Realty today manages more than $130 million worth of residential properties, mostly held by individual owners who remain clients for years.
"We have always put our clients first, and we constantly strive to find or develop new ways to serve our clients," said Kreditor. "In joining forces with NRT, we are taking our clients, and our team, to the next level. The vision Robert and I share for where this organization, and this industry, can and should be on a national level is truly exciting."
About NRT LLC
With approximately 700 offices and 43,000 independent sales associates, NRT LLC owns and operates real estate brokerage companies that do business in more than 40 of the 100 largest metropolitan areas in the United States. NRT, its affiliated companies, marketing partners or joint ventures also provide mortgage, title, insurance, escrow, warranty, relocation, concierge and property and asset management services to customers and clients of NRT's family of companies. A subsidiary of Realogy Holdings Corp. (NYSE: RLGY), NRT operates Realogy's company-owned real estate brokerage offices under the brand names of Coldwell Banker®, Coldwell Banker Commercial®, ERA®, Sotheby's International Realty® and The Corcoran Group®.
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