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Thursday, May 26, 2011
Friday, May 6, 2011
Phoenix-Based Reality Executives Files for Bankruptcy
http://www.abc15.com/dpp/news/region_northeast_valley/scottsdale/realty-executives-intends-to-file-for-chapter-11 One of the state's largest real estate franchises is likely to file for bankruptcy in the coming days.
Realty Executives Phoenix has 14 offices in the Valley and Tucson. The franchise is owned by Rich Rector. The franchise is separate from Realty Executives International and the 17 other franchises affiliated with the name.
"I've been in real estate for 36 years and this is the hardest hit," Rector said. "It is business as usual but it (filing Chapter 11) allows the company to take a breath and figure out a way to pay the people that need to be paid."
The move comes after landlords at three of the offices locked out employees for a short time over non-payment of rent. Rector said that is too disruptive and most other landlords have been more cooperative in working with them to renegotiate leases.
Realty Executives has 1,230 licensed agents in Arizona, ranking it No. 4 in the state.
The company also is among Arizona's largest real-estate firms in terms of local sales volume.
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