BrokerageIndustry News

Realty Executives renegotiating office leases

Owner reassures agents after employees locked out of 2 offices
Published on Apr 22, 2011

Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

Realty Executives owner Richard Rector is assuring the Phoenix-based brokerage's agents and brokers that their closings, commissions and clients' earnest money deposits are not in jeopardy after agents were temporarily locked out of two offices as the company renegotiates leases with landlords.

The brokerage, ranked by Real Trends as the 11th largest in the nation in 2009 by number of closed transaction sides, dismissed three top executives in January: CEO Glenn Melton, supervising broker Sandy Young, and Chief Financial Officer Karen Dunham.

"It's no secret that the Arizona real estate market has suffered and, as such, we have needed to adapt to that," Rector said in an email to brokers and agents this week. "Any staffing and operating changes made