Crye-Leike Realtors Breaks $1B Sales Mark in Arkansas

by George Waldon  on Monday, Apr. 22, 2013 12:00 am  

At top, Harold Crye, left, and Dick Leike founded Crye-Leike Realtors in Memphis in 1977. The regional firm entered the Arkansas market in February 1997 and has grown to become the largest residential realty firm in the state. Marcella Hagan, left inset, joined forces with George Faucette, right inset, at Coldwell Banker Harris McHaney & Faucette.

On the heels of resurging sales during 2012, northwest Arkansas was visited by a double dose of notable consolidation moves among residential realty firms this year.

Market Pro Realty of Rogers is in the process of merging with Fayetteville’s Keller Williams Realty of Northwest Arkansas. Market Pro, led by Jan and Larry Robison, was known as Exit Pro Realty until June 2012.

“The new entity hasn’t quite been put together, but we should have it ironed out within the next 30 days,” said Jody Hendrix, principal broker at Keller Williams Realty of Northwest Arkansas.

Calls to Market Pro’s phone number already are rolling over to Keller Williams. Hendrix said the two firms reached an agreement in principle in March. 

“It doesn’t take long for like-minded firms to get something worked out,” he said. “You gain economies of scale. Both companies were profitable. This is a hypercompetitive market, and you have to make the P&L work.”

Market Pro generated a sales volume of $45.3 million in 2012. Keller Williams Realty of Northwest Arkansas produced $53.6 million for the year.

The combination would’ve ranked No. 6 in northwest Arkansas and No. 13 statewide.

Hendrix pointed out that a merger can be the easiest way to grow. His old firm, Hendrix & Associates, merged with Coldwell Banker Harris McHaney in 2007.

More possible combos are being pursued in the northwest residential market.

“We’ve reached out to several agencies,” Hendrix said. “We can always be hopeful that we can woo another company. We’re in the upper tier with 100 agents. But we’re trying to work a couple of mergers.”

In February, Century 21 Exclamation Realty of Bentonville merged with Coldwell Banker Harris McHaney & Faucette.

In the aftermath, Exclamation Realty’s Bentonville office was closed, and about 20 agents and company owner Marcella Hagan joined Coldwell Banker Harris McHaney & Faucette.

 

 

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