Real Estate Firms to Merge

Phoenix Business Journal

by Kristena Hansen, Reporter

Date: Sunday, September 9, 2012, 11:21pm MST
After only four years in business, Thompson’s Realty Group in Phoenix will soon begin merging operations with a large Internet-based residential brokerage firm.

Thompson’s recently signed a memorandum of understanding to begin transitioning its 29 local brokers and agents with Seattle-based eXp Realty and its network of more than 200 real estate professionals across 26 states, eXp representatives said in a prepared statement Friday.

Under its new business structure, the local firm will continue operating as Thompson’s Realty — the trade name of Jay Thompsonand Associates Inc., which is owned by Jay Thompson and his wife Frances.

Thompson said the merger with eXp, which has placed particular emphasis on Phoenix since its formation three years ago, is a “logical move.” He said the Seattle firm has an attractive revenue-sharing model that allows broker/owners, like him, to be profitable without having to manage daily operations.

“Simply put, eXp gets technology. They also get what real estate agents need to be successful,” Thompson said on his blog, PhoenixRealEstateGuy.com, on Thursday. “They offer their agents tools, processes and applications that Thompson’s Realty can not. They offer the stability of a national brokerage. Their philosophy for agents and clients alike mimics our own.”

Thompson said eXp is known, and best described, as a “National Cloud-Based Real Estate Brokerage” and his firm’s transition will take several weeks to wrap up.

“Jay has been, and continues to be, an icon in the industry and the fact that they have chosen eXp Realty as the next step in their journey couldn’t be more humbling,” said Glenn Sanford, CEO of eXp.

 

http://www.bizjournals.com/phoenix/morning_call/2012/09/real-estate-firms-to-merge.html

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