Crye-Leike Marks 25th Anniversary and Projects Nearly $3 Billion in Sales for Year End

As the largest real estate company in Tennessee and the Mid-South reaches its 25-year milestone in 2002, Crye-Leike Chief Executive Officer Harold E. Crye reports that Crye-Leike is a strong, viable company that will continue to grow. Preliminary fourth quarter sales figures indicate that Crye-Leike will reach record sales of nearly $3 billion for a third year in a row, ranking the Memphis-based company as 13th among the country’s largest residential real estate brokers and eighth among independent firms.

Crye-Leike officials will make this announcement to its 2,200 sales associates at the company’s 25th annual meetings held January 2002 in its Memphis, Nashville and Chattanooga regions. The meetings provide an opportunity for its leaders to reflect on the company’s sales performance, growth and achievements over the past year and since its founding in 1977 as well as present company awards of recognition.

“The repercussions from the September 11 attack did generate a cause for concern in sales dropping during the fourth quarter,” said co-founder and partner Dick Leike. “We all have compassion for those affected by the terrorists, but this is America. We are going to keep on rolling, keep on going.”

“Real estate analysts say that when sales decline, leading real estate firms tend to grow their share of the business,” said Crye. “With unemployment rising and housing sales likely to decline somewhat, the next 12 months will offer the best opportunity for market share growth that has been seen in past years. Crye-Leike will continue to grow with a focus on customer service.”

Other milestones Crye-Leike has achieved over its 25-year history include expansion into new markets, broadening of its customer services and the introduction of franchising.

– One Stop Shopping.    One stop shopping is a service concept that has helped Crye-Leike become one of the nation’s fastest-growing real estate companies.

As a full service real estate company, Crye-Leike offers: relocation services; commercial business and investment real estate services; property leasing and management services; development and construction services; mortgage lending facilities; insurance services; title services; home services; home improvement services; custom contracting services; auction services; apartment locator services; franchise sales; premier properties services and builder resource services.

– Market Expansion.        Partners Crye and Leike chose to expand into new markets rather than continue to pursue a bigger share of the hometown business.  Crye-Leike started expanding operations in 1992 with an office in Nashville that has now grown to 21 branch and franchise offices and more than 800 agents in Middle Tennessee. It moved into Chattanooga in 1997; into Jonesboro, Arkansas in 1999; into Johnson City and North Georgia in 2000.

– Franchising.    Crye-Leike established a real estate franchiser subsidiary, Crye*Leike Franchises Inc. (franchises.crye-leike.com), to focus its marketing efforts on establishing franchises in smaller populated areas where it would not normally open a company office because of market size and location. Eight franchises are currently located in Arkansas, Kentucky, Mississippi and Tennessee with future plans to expand into contiguous states.

Crye-Leike (www.crye-leike.com), a full service real estate company for 25 years, is the nation’s 13th largest real estate company and the largest serving Tennessee and the Mid-South. It has a network of over 2,200 sales associates and 55 branch and franchise offices located in 25 counties throughout a five-state Mid-South region in Tennessee, Arkansas, Kentucky, Mississippi and Georgia. Crye-Leike attained sales of $2.9 billion and 20,406 closed transaction sides corporate wide in 2000.