Crye-Leike sells first franchise in Tennessee and keeps it in the Family

Brentwood, Tenn. – A high compliment was recently extended to Crye-Leike, Realtors. One of its veteran sales associates recently took his real estate business to an ownership level by purchasing a Crye-Leike franchise, Crye-Leike’s first in Tennessee.

Jerry Argo, a Crye-Leike sales associate in Franklin, Tenn. for eight years, and Greg Maloof, owner and managing broker of Plateau Realty, Inc. in Monteagle, Tenn., have acquired a Crye-Leike franchise for Monteagle, Tenn. Combined, they have over 60 years of real estate experience.

The new franchise affiliate is named Crye*Leike 1st Realty, which is currently located at 123 West College Street in Monteagle. Monteagle is located halfway between Murfreesboro and Chattanooga, approximately 45 miles each way.

“I wanted to live in Monteagle, where I have had a vacation home for years, and own a real estate company, but continue to be a part of the Crye-Leike family,” said Argo who serves as managing broker for Crye*Leike 1st Realty. “Crye-Leike’s franchise program was a perfect fit, allowing me to keep the Crye-Leike business system in tack for my own business.”

Crye*Leike 1st Realty specializes in finding buyers for primary or secondary homes, retirement homes, land and commercial real estate, noted Maloof.

Maloof has reorganized the existing business operations of Plateau Realty, Inc. to specialize in property management and rentals. Sales associates of Plateau Realty, Inc. are now affiliated with Crye*Leike 1st Realty. They are: Jerry Argo of Monteagle, co-owner and broker; and affiliate brokers: Chad Argo, Myra Reilly and Diane Roberts, all of Monteagle and Joe Milner and Naomi Milner, both of Sewanee. Grey Maloff of Sewanee also serves as co-owner of the Crye-Leike franchise.

“To remain competitive, agencies have to change with the times, ” said Argo. “It is becoming increasingly more difficult for real estate offices to provide a sales force with the marketing tools they need to stay competitive. The infrastructure is in place at Crye-Leike, like comprehensive agent training, state-of-the-art online services, and access to an international relocation network. All these services help to better serve our clients.”

“A new location has not been identified at this time, but a site will be found to accommodate our expanding sales associates and staff in the new Monteagle office,” said Maloof.

All of Crye-Leike’s franchising is handled by a newly-established division of Crye-Leike, Inc., called Crye-Leike Affiliates, Inc., according to Randall Hall, Crye-Leike’s director of franchise sales.

“Franchising allows the parent company to enter markets where it would not normally open an office because of market size and location,” said Hall.

“Franchising provides a way for real estate brokerages to grow and build their networks; we are able to open offices but do not have the expense of owning and operating them,” said Harold E. Crye, Crye-Leike’s chief executive officer.

“But, it’s a win-win situation,” added Crye. “We may not own the franchise, but we can provide our vast resources and nearly a quarter of a century of real estate expertise to assist all of our franchisees to make their local offices stronger and better. That in turn provides strength to the parent company.”

Monteagle, Tenn. is the third franchise secured by Crye-Leike, Affiliates, Inc. of Brentwood, Tenn. Other franchises are located in Oxford and Tupelo, Miss.

Crye-Leike (www.crye-leike.com) , the largest real estate firm in Tennessee and the Midsouth, has over 2,100 sales associates who operate in 50 branch offices, located in 20 counties and six regional areas, Arkansas, Chattanooga, Johnson City, Memphis, Mississippi and Nashville. As a privately held company with over 480 employees, it attained record sales of $3.3 billion corporatewide in 1999. Nationally, Crye-Leike is ranked No. 10 among the nation’s top 500 residential real estate brokerage firms and No. 3 among the nation’s largest 161 privately owned independent real estate companies, as reported in May 2000 by REAL Trends Magazine.