Crye-Leike Expands Olive Branch Office to Capture Greater Market Share

Memphis, Tenn. –  Crye-Leike, the largest real estate company in Tennessee and the Mid-South, announces the relocation and expansion of its Olive Branch office into a new company-owned business park at 6397-A Goodman Road, a move prompted to keep pace with the area’s booming growth and development, says Chief Executive Officer Harold E. Crye.

“We basically ran out of space to accommodate more agents who were wanting to join our Olive Branch office,” says Crye, “which is a nice problem to have. We see this expanded office as an opportunity for Crye-Leike to dramatically increase our market share in an area that is experiencing phenomenal growth.”

Olive Branch and DeSoto County are ranked as the fast growing city and county in the state of Mississippi and ranked second in the state in terms of median home values, according to the latest U.S. Census figures. Median home values skyrocketed 72 percent from $73,000 in 1990 to $125,800 in 2000.

Crye-Leike’s new Olive Branch facility, which occupies 7,600 square feet of office space, is located at the corner of the blossoming intersection of Goodman Road and Whipporwill Drive, just west of  U.S. Highway 78 interchange.

“Our new improved facility is 50 percent larger than our previous location, which allows for almost doubling the office’s agent capacity from our current count of 36 licensed associates,” says Landis O. Foy, Jr., vice president and managing broker of Crye-Leike’s Olive Branch office and a resident of Clarksdale, Miss.

The office will accommodate up to 60 Crye-Leike sales associates who primarily serve the residential, commercial, agricultural, and development needs of their clients throughout both North Mississippi, including DeSoto, Marshall, Tate, Tunica, Quitman, Panola and Coahoma counties and also West Tennessee, including Shelby, Fayette and Tipton counties.

According to the Multiple Listing Service of the Northwest Mississippi Area Association of Realtors, Crye-Leike represented 33.2 percent of the real estate closings in DeSoto County in May 2002.

“At the current rate of production our sales associates are achieving, Crye-Leike projects its Olive Branch office to generate $70 million in sales this year,” says Foy. “And that sales projection doesn’t take into account increasing our sales force for the third and fourth quarters as a result of the move.”

“Realtors are seeing more and more people moving from the Greater Memphis area to neighboring Olive Branch, Miss, ” says Foy. “Residents from Shelby County are moving because of its quality of life and peaceful setting.”

The Olive Branch Chamber of Commerce reports that in 2001, an average of 7.5 families moved into DeSoto County every day, representing a 41 percent increase since 1990.

Crye-Leike has planned an open house of its new Olive Branch office on Tues., June 18, 2002,

12 p.m., where a ribbon cutting ceremony will be conducted by the Olive Branch Chamber of Commerce. A building tour will follow where Managing Broker Lanny Foy will reveal Crye-Leike’s “tech-smart” facility.

“Our sales associates are equipped with the industry’s leading-edge technology to enable them to take full advantage of every aspect of the real estate business,” says Foy. Such features include computer accessibility to the Internet and the company’s Intranet within every work station and agents’ private and semi-private offices; a sophisticated voice messaging system and in-house virtual tour capabilities.

Crye-Leike Plaza, which houses Crye-Leike’s Olive Branch office, also will be occupied by Realty Title & Escrow Company, Inc., a real estate title and escrow company, and First Trust Bank for Savings, Mortgage Division, both offering Crye-Leike agents the convenience of mortgage lending and title services right next door to handle their real estate transactions.

Developers and owners of Crye-Leike Plaza were Harold Crye and Dick Leike, cofounders and owners of Crye-Leike, Realtors. The project, valued at $3.2 million, included developing two one-story buildings, totaling 26,077 square feet of Class A office space on a 4.4 acre site.

Crye-Leike (www.crye-leike.com), a full service real estate company for 25 years, is the nation’s 13th largest real estate company. It has a network of over 2,200 sales associates and 60 branch and franchise offices located in 28 counties throughout a five-state Mid-South region in Tennessee, Arkansas, Kentucky, Mississippi and Georgia. Crye-Leike, Inc. in Memphis has a sales force of over 1,100 sales associates who are located in 20 branch and franchise offices in five counties throughout a two-state Mid-South region in Tennessee and Mississippi. Crye-Leike, Inc. (Memphis), along with Crye-Leike of Mississippi, Inc., collectively sold 9,904 units in 2001 with a sales volume of $1.5 billion.

 

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