Harold Crye Says Real Estate Will Have To Help Lead U.S. Out Of The Recession – From the chattanoogan.com

Reported by The Chattanoogan.com

posted January 20, 2009


Crye-Leike, Realtors co-founder and CEO Harold Crye said in Chattanooga on Tuesday the real estate industry helped lead the U.S. into the current recession and will have to help lead the U.S. out of the recession.


Mr. Crye spoke at the company’s 2009 Chattanooga kickoff meeting at the Chattanooga Golf and Country Club.


He spoke about the challenges facing Crye-Leike and the real estate industry in 2009. He also outlined the goals for the company for 2009.


Mr. Crye started by saying, “The best thing we can say about 2008 is: thank God it is over.”


He talked about 10 goals for Crye-Leike for 2009. Financially the company’s goals are not as high as they were three years ago, when total sales exceeded $5 billion. Yet he said the goals are higher than what the company made in 2008 because they believe that U.S. economy will start to bounce back in 2009.


Mr. Crye said the company will focus on different avenues that can offer profitability. This includes focusing on the Internet as a main outlet to reach customers, focusing on Real Estate Owned (REO) Sales, and branching out to residential property management as a source of income.


He said the company will “continue to do things that we think are necessary” to return to profitability. He said that the company has about 10% fewer agents than it had a year ago.