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

Phoenix-based brokerage Realty Executives Inc. filed for Chapter 11 bankruptcy reorganization on Saturday, with owner Richard Rector saying the move will give the company breathing room from creditors as it cuts overhead expenses and rolls out new pricing plans for agents.Rector said Friday the 1,100-agent brokerage has been renegotiating leases on 14 offices Phoenix and Tucson with an equal number of landlords. Difficulties with two landlords that resulted in Realty Executive agents being temporarily locked out of three offices led Rector to conclude that seeking protection from creditors in bankruptcy court was his best option."It's impossible for agents and brokers to do their business with those kinds of interruptions," Rector said. "Unfortunately, a couple of landlords ...