BrokerageIndustry News

GMAC Real Estate to get new name, CEO

Company-owned offices being sold to franchisees

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The parent company of GMAC Real Estate is looking for a new executive to run the firm as it converts all of GMAC's corporate-owned brokerage offices into independent franchisees. Canadian-based Brookfield Residential Property Services, which acquired GMAC Home Services LLC last year, plans to drop the GMAC name and rebrand the company by the end of the year, said Graham Badun, Brookfield RPS' managing partner and chief executive officer.Badun said he will assume the role of interim president of GMAC Real Estate on June 12, when current president and CEO John Bearden steps down after nearly eight years on the job.Bearden was a "terrific asset" to GMAC Real Estate, building the firm into one with a national profile and guiding it through its sale to Brookfield RPS, Badun said. The company is conducting a nationwide search for a permanent replacement for Bearden, he said.In acquiring GMAC Home Services, Toronto-based Brookfield RPS more than doubled in size, from about 15,000 ag...