Crye-Leike Marks its 25th Anniversary in Business
Memphis, Tenn. – Crye-Leike, the nation’s 13th largest real estate company and the largest in Tennessee and the Mid-South, is marking its 25th anniversary year by erecting a bronze commemorative plaque in the lobby of its headquarters building in Memphis, Tenn.
An unveiling ceremony of Crye-Leike’s silver anniversary plaque will be held on Friday, July 19, 2002 at 12 p.m. in the lobby of Crye-Leike’s Quail Hollow building, located at 6525 Quail Hollow. City of Memphis Mayor Willie W. Herenton and Shelby County Mayor Jim Rout issued a joint proclamation declaring the day as Harold Crye & Dick Leike Day.
“The plaque acknowledges Crye-Leike’s establishment in January 1977 by co-founders Harold Crye and Dick Leike and commemorates the company’s dedication, during its first 25 years in business, to the growth and development of local communities and the real estate industry,” says Joyce Friedman, Crye-Leike’s director of public relations.
“Through the vision and leadership of Harold Crye and Dick Leike, Crye-Leike grew to become the 10th largest real estate company in the nation and No. 1 in the Mid-South during this 25-year period,” says Steve Brown, vice president and general manager of residential real estate for Crye-Leike’s Memphis region who has been affiliated with Crye-Leike for the past 22 years.
“Looking back, our company was built upon a mutual respect for each other’s talents, coupled with our desire to succeed,” said Leike.
“When Harold and I first decided to start a real estate company, I don’t think that we wanted to be the biggest company, but we did have a sincere desire to provide the best real estate sale services around,” said Leike.” Our growth was a result of just that. Since ours was a true service business, providing the best service fostered our company growth.”
“With 25 years of service behind us, we have developed a customer base that has come to know and trust the name ‘Crye-Leike,’ ” said Crye. “Our loyal customers and the strength of our dedicated sales associates and staff have made Crye-Leike No. 1 and we are eternally grateful.”
In its 25 years, Crye-Leike has undergone significant growth and expansion:
- Crye-Leike became the largest real estate firm in Memphis, Tenn. within three years of its establishment in 1977.
- Leike and Crye took the company to new heights with their full service approach to customer service and further became known as innovators in commission structure and marketing, credited for bringing order and consolidation to an unstructured industry. They opened a relocation division, a commercial property division, a property leasing and management company, an insurance agency, a mortgage division, a home improvement division and an auction division.
– The year 1988 marked the beginning of Crye-Leike being recognized nationally in the real estate industry at No. 34 among the Top 500 real estate companies in the nation.
– Around 1991, Crye and Leike both decided that it was more cost efficient to move into new markets rather than continue seeking a bigger share of the hometown business. The company opened its second regional office in Nashville, Tenn. in 1992 and became the No. 1 provider of real estate services in Middle Tennessee within one year.
- In 1993, Crye-Leike passed the $1 billion mark over a one-year period.
- The year 1995 was a pivotal year for Crye-Leike when it moved up in ranking from No. 31 to No. 15 in the nation among the Top 500 real estate companies, with a sales volume of $1.58 billion and 14, 356 transaction sides.
– Crye-Leike opened its third regional office in Chattanooga, Tenn. in 1997 and four years later, became the No. 1 market leader in the number of closed transactions, with agent growth and sales volume more than tripling.
- In 1998, Crye-Leike surpassed the $2 billion mark over a period of one year, ranking it as the 10th largest real estate company in the nation. And, just one year later in 1999, Crye-Leike reached the $3 billion milestone at $3.02 billion.
- In 1999, Crye-Leike further expanded its regional presence by opening a fourth regional office in East Tennessee, Johnson City. In 2000, Crye-Leike entered Georgia, broadening its Mid-South presence. The company’s fifth regional office was established in Little Rock, Ark. in June 2002.
- Franchising was yet another expansion strategy used. Since 1999, introduction of the franchise concept has allowed Crye-Leike to broaden its market presence into five southern states: Ark., Fla., Ky., Miss. and Tenn., with future plans to expand into contiguous states.
Today, Crye-Leike (www.crye-leike.com) has a network of over 2,200 sales associates, 500 support staff and 62 branch and franchise offices, located in 30 counties throughout a six-state southern region in Tennessee, Arkansas, Mississippi, Georgia, Kentucky and Florida.