Crye-Leike Posts Record Breaking Sales of over $4.6 Billion in 2004
Memphis, Tenn. – Tennessee-based Crye-Leike, the nation’s 10th largest residential real estate company and largest in Tennessee and the Mid-South, posted a record sales year of over $4.6 billion in 2004, the highest sales performance in company history and a growth pattern Crye-Leike has consistently repeated over the past 27 years.
Crye-Leike officials made this announcement to its 2,800-plus sales associates at the company’s annual meetings held January 2005 in its Memphis, Nashville, Chattanooga and Little Rock regional markets.
Crye-Leike reported $4.61 billion in total sales company wide in 2004, up 26 percent from $3.66 billion through Dec. 2003. These 2004 figures represent Crye-Leike’s sales associates handling 29,581 closings within a six-state region, an 18.5 percent increase from the 24,953 closings reported through Dec. 2003.
To put Crye-Leike’s $4.6 billion sales figure into perspective, that represents its 2,800-plus sales associates selling real estate every 6 minutes during an eight-hour work day and generating over $12.6 million in sales every day of the year, notes the company’s Chief Executive Officer Harold Crye who, along with partner and president Dick Leike, founded the company in Memphis, Tennessee in 1977.
“As a nation, real estate enjoyed a prosperous year with low mortgage interest rates and an environment of job growth and economic improvement,” says Crye, “and Crye-Leike benefited from that. We achieved our best year ever also because of the way in which our team of agents and management do business, providing our customers quality service and a ?one-stop shopping’ experience.”
“Our company is proud to have helped 29,581 families realize the dream of homeownership,” says Leike. “Homeownership will continue to be the soundest investment most families will ever make”
“Buying and selling real estate can be a daunting task for consumers,” says Leike. “We have bundled all the services needed to complete a real estate transaction under one roof so the buyer and seller have a seamless experience and our sales associates and staff can offer and provide our customers with a complete marketing package.” Leike says that the company’s most powerful marketing tool is how Crye-Leike embraces technology with its Web site, www.crye-leike.com, which registers over 20 million hits a month.
Crye-Leike’s business model offers its customers a full spectrum of real estate services, including: residential real estate services; relocation services; commercial business and investment real estate services; property leasing and management services; business brokerage services; REO – bank owned homes; insurance services; title services; home services; auction services; apartment locator services; franchise sales and builder resource services.
For services outside Crye-Leike’s realm of expertise, the company has developed business partnerships to facilitate the buying and selling process and to foster an atmosphere of cooperation, says Leike. Such service partners include those with First Trust Bank for Savings for mortgage lending services where a mortgage representative is found in almost every branch office of Crye-Leike and American Home Shield as Crye-Leike’s single source for home warranties.
Edging toward $5 Billion in sales. “Crye-Leike is a strong, viable company that continues to grow and our track record proves it,” says Crye. “We outperformed the market in each of our regions. Sales records were broken and rose by double-digit rates in all our regional markets, in fact, larger than we projected.”
Fourth quarter. Crye-Leike reports $1.11 billion in sales during the fourth quarter of 2004, a 24.4 percent increase over $892.7 million this same period in 2003. These figures represent 7,137 units sold during the fourth quarter in 2004, a 14 percent increase from 6,252 closings reported for the same period in 2003.
Average residential sales prices. Average residential sales prices in December 2004 for Crye-Leike’s major metro areas compared to December 2003 were: $149,584 in Chattanooga, up 14.3 percent from $130,828; $137,757 in Little Rock, Ark., up 39 percent from $ 99,373; $165,651 in Memphis, up 16 percent from $142,655; and $162,984 in Nashville, down 5.5 percent from $172,434.
Crye-Leike’s 2004 sales figures include new and existing single-family homes, condos and duplexes as well as commercial properties within a six-state regional market area (Arkansas, Florida, Georgia, Kentucky, Mississippi and Tennessee). Sales figures also include production from 79 branch and franchise offices in operation during 2004 and represent the sales volume of both listing and selling sides of a real estate transaction, which involve a buyer and a seller. The reports on the following pages disclose 2004 sales totals for Crye-Leike’s four regional hub offices in Little Rock (Central Arkansas Region), Chattanooga (East Tennessee Region), Nashville (Middle Tennessee Region), and Memphis (West Tennessee Region) as well as within its franchise territories in Tenn., Ark., Fla., Ky., Miss. Total sales rose by double-digit rates in all regions.
CRYE-LEIKE’S ARKANSAS REGION. Crye-Leike expanded its regional headquarters into Central Arkansas during the second quarter of 2002, a move that has escalated company sales six-fold in Arkansas since establishing a Jonesboro office in 1999.
“We continue to see Little Rock as a growth market for our company, providing our Crye-Leike customers with state-of-the-art services that are not readily available in that area,” said Harold E. Crye, chief executive officer and general manager of Crye-Leike of Arkansas, Inc.
Sales reported by Crye-Leike of Arkansas, Inc. includes sales from its 10 corporate offices within Crye-Leike’s Central Arkansas Region, including Jonesboro.
Year-end sales volume in 2004 for Crye-Leike of Arkansas, Inc. totaled $419.17 million, up 89 percent from $221.6 million through 2003. These figures represent 3,496 in property sales, a 90 percent increase over comparable year-end results in 2003.
Crye-Leike of Arkansas, Inc. reported fourth-quarter sales at $106.8 million in 2004, representing a 60 percent increase over same-quarter results a year prior. Its 840 real estate property sales in the fourth quarter of 2004 represent a 44 percent increase over comparable quarterly results a year prior.
Crye-Leike of Arkansas, Inc. has a sales force of over 250 sales associates who are located in 10 branch offices within five counties in Arkansas: Craighead, Faulkner, Garland, Pulaski and Saline. Its branch offices are conveniently located in Benton, Bryant, Conway, Hot Springs, Jonesboro, Little Rock (2), Maumelle, North Little Rock and West Little Rock.
CRYE-LEIKE’S WEST TENNESSEE REGION. Crye-Leike’s West Tennessee Region had its best year ever since the founding of the company 27 years ago. Company officials attribute the growth in sales to the addition of branch offices in Arlington, East Memphis and Downtown Memphis within the past three years as well as to the expansion of its existing Collierville office.
Sales reported by Crye-Leike, Inc. (Memphis) includes sales from the Greater Memphis area, including West Memphis, Ark. and Olive Branch, Hernando, Southaven and Tupelo, Miss. The company reports year-end sales volume in the Greater Memphis area at $2.1 billion in 2004, up 16 percent from $1.8 billion through 2003. Year-end closings were 12,690, up 6.6 percent over comparable year-end results in 2003.
Fourth-quarter sales of $478.5 million in 2004 represent an 11.2 percent increase over same-quarter results a year prior. Its 2,982 property sales in the fourth quarter of 2004 represent a .5 percent decrease over 2,996 sales a year prior.
Crye-Leike, Inc. in Memphis has a sales force of over 1,200 sales associates who are located in 21 branch offices in four counties throughout its West Tennessee Region. Those counties include: Shelby County in Tennessee and DeSoto and Lee counties in Mississippi, including Crittenden County in Arkansas.
CRYE-LEIKE’S MIDDLE TENNESSEE REGION. Crye-Leike’s Middle Tennessee Region had its best sales performance ever since the company entered the Nashville real estate market 12 years ago. Sales reported by Crye-Leike of Nashville, Inc. includes sales in eight counties surrounding the Greater Nashville metropolitan area.
Crye-Leike of Nashville’s year-end sales volume totaled $1.4 billion, up 20.2 percent from $1.1 billion through 2003. These figures represent 8,459 closings in 2004 by its 800-plus sales associates in an eight-county mid-state region.
Crye-Leike of Nashville, Inc. disclosed $ 305 million in sales volume during the fourth quarter of 2004, up 11 percent, and 1,902 in unit sales, up 5.4 percent from same-quarter results a year earlier.
Crye-Leike of Nashville, Inc. has a sales force of over 800 sales associates who are located in 19 branch offices in eight counties throughout its Middle Tennessee Region, located in Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson counties.
CRYE-LEIKE’S EAST TENNESSEE REGION. Sales in Crye-Leike’s East Tennessee Region has consistently maintained record-breaking sales for the past seven years since its establishment in the Greater Chattanooga area in 1997.
Sales reported by Crye-Leike of Chattanooga, Inc. includes sales in five counties surrounding the Greater Chattanooga metropolitan area, including Johnson City, Tenn. in Washington County and Fort Oglethorpe, Ga. in Catoosa County.
Crye-Leike of Chattanooga’s year-end sales volume totaled $573.6 million, up 16 percent, and property sales totaled 4,000, a 7 percent increase from the sales reported through 2003.
Sales volume in the fourth quarter totaled $142.8 million, up 26 percent from same-quarter results a year earlier, representing 986 in unit sales, up 14 percent from same-quarter results a year earlier.
Crye-Leike of Chattanooga, Inc. has a sales force of over 350 sales associates who are located in nine branch offices in five counties within its East Tennessee Region in Bradley, Hamilton, McMinn and Washington counties, including Catoosa County in North Georgia.
CRYE-LEIKE’S FRANCHISES. Crye*Leike Franchises, Inc. disclosed 2004 sales volume in the fourth quarter at $ 77 million. Fourth-quarter unit sales totaled 427. Year-to-date sales volume totaled $237.8 million, representing 1,362 units sold.
Crye*Leike Franchises (www.crye-leike.com/franchises) is the real estate franchisor subsidiary of Crye-Leike, providing comprehensive training, management, administrative and marketing support for the Crye-Leike franchise system. The division focuses its marketing efforts on establishing franchise territories in smaller populated areas where it would not normally open a company office because of market size and location.
Crye*Leike Franchises is currently comprised of 22 independently owned and operated franchise brokers who are located in 20 counties within five territories of the United States in Tennessee, Arkansas, Mississippi, Kentucky and Florida. Those Crye-Leike franchise offices are located in: Tennessee -Cumberland, Greene, Grundy, Hardin, Madison, Meigs, Putnam, Rhea, Roane and Sevier counties; Arkansas – Independence and Mississippi counties; Mississippi – Lowndes, Marshall, Oktibbeha and Union counties; Kentucky – Warren County; and, Florida – Bay, Okaloosa and Walton counties.
ABOUT CRYE-LEIKE. Crye-Leike (www.crye-leike.com), a full service real estate company for 28 years, has a network of over 2,800 sales associates and 81 branch and franchise offices located in 42 counties throughout a six-state southern region in Tennessee, Arkansas, Mississippi, Georgia, Kentucky and Florida.
Crye-Leike is ranked No. 10 among the 500 largest residential real estate brokerage firms in the United States and No. 7 among the nation’s 152 largest privately owned and independent real estate companies, according to statistics compiled from Real Trends, Inc., the leading provider of information and analysis for the residential real estate industry.