Top 100 Companies: Big Brokers Ride Sales Wave

July 1, 2002

Does it get any better than this? Even as the country was riding out a recession, sales of existing single-family homes set a new record of 5.25 million in 2001, up 2.7 percent from 2000, and edging past the previous record of 5.21 million set in 1999.

The country’s biggest residential brokerages are benefiting from the continued health and stability of the real estate market, REALTOR® Magazine’s third annual “Top 100 Companies” survey shows.

More than 70 percent of the Top 100 reported increases in their transaction sides from 2000 to 2001. Nearly 90 percent reported an increase in sales volume—a testament to enduring high appreciation rates in many parts of the country. Fully two-thirds of the 28 companies that closed fewer sides in 2001 increased their volume anyway.

Scan the list and you’ll see that more than half of the companies are operating as major franchise brands, up slightly from last year. Prudential claims the most Top 100 companies with 16; Coldwell Banker follows closely with 13. RE/MAX has nine; Century 21 has five; and Keller Williams, Realty Executives, and GMAC each have three. Many of the largest franchise offices around the country are part of the family of No. 1 NRT Inc., of Parsippany, N.J., and most of NRT’s offices operate under the Coldwell Banker brand.

This year’s list proves that the big get bigger. The two top companies, NRT and HomeServices of America Inc. (formerly HomeServices.com), of Edina, Minn., grew 13 percent and 22 percent respectively, based on their transaction sides closed. Not surprisingly, much of the growth among this year’s Top 100 resulted from acquisitions. Behemoth NRT Inc. added 87 offices, buying high-profile companies such as Gundaker, REALTOR®, in St. Louis, which was No. 14 last year.

Of course, the list represents a snapshot in time. Since the information was reported, consolidation has continued apace. Post-2001 mergers—most notably NRT’s purchase of No. 5 Arvida and HomeServices’ buyout of No. 6 Prudential California Realty—are noted in small type within the list.

HomeServices President and CEO Ronald J. Peltier and Prudential California Realty CEO Stephen Games (page 34) talk about what it’s like to complete one of the largest mergers in industry history—and where HomeServices goes from here. In addition, we’ll take you inside the fastest-growing company on the list, Coldwell Banker Legacy of Albuquerque, N.M. (page 38), and the most productive per sales associate, The Group Inc. Real Estate in Ft. Collins, Colo. (page 40).

Read on to see what these top brokers are doing to stay profitable and keep the real estate industry soaring over the bumpy economy.

Methodology: In January, REALTOR® Magazine mailed questionnaires to approximately 300 real estate companies whose past records had established them as high-production companies. We followed up with phone calls and faxes to achieve a response rate of more than 70 percent. To help confirm the accuracy of the information the companies supplied, we required third parties, such as auditors, to verify key data. Those companies that didn’t respond or comply with our requirements weren’t considered for this report.

TOP 100 COMPANIES: ranked by transaction sides
F.C. Tucker Co. Inc., Indianapolis 1993

Rank Company Location Top officer(s) Founded No. of salespeople Transaction sides closed

Sales volume
(in millions)

Per salesperson (2001)
          2001 % change from 2000 2001 % change from 2000 Transaction
sides closed
Sales Volume
(in millions)
1 NRT Inc., Parsippany, N.J. Robert M. Becker 1997 41,500 $397,049 12.94 $117,119.00 10.81 9.57 $2.82
2 HomeServices of America Inc., Edina, Minn.
Formerly HomeServices.com
Ronald J. Peltier 1998 8,724 106,740 22.14 18,379.79 28.85 12.24 2.11
3 Weichert, REALTORS®, Morris Plains, N.J. James M. Weichert 1969 8,000 85,500 6.18 19,500.00 5.98 10.69 2.44
4 Long & Foster Real Estate Inc., Fairfax, Va. P. Wesley Foster Jr. 1968 7,997 83,747 13.20 18,496.52 30.07 10.47 2.31
5 Arvida Realty Services, Clearwater, Fla.
Purchased by NRT, April 2002
Richard W. Cope 1990 3,766 40,377 4.05 8,595.00 4.47 10.72 2.28
6 Prudential California Realty/Americana Realty,
San Diego
Purchased by HomeServices,
March 2002
Stephen C. Games 1985  3,500 37,413 -2.83 13,385.32 4.31 10.69 3.82
7 Realty Executives, Phoenix Richard A. Rector 1965  1,200 30,000 5.26 4,600.00 6.98 25.00 3.83
8 GMAC HomeServices Inc., Warren, N.J.
dba GMAC RealEstate
John Bearden 1998  2,971 29,148 -8.11 11,246.00 -9.61 9.81 3.79
9 Prudential Fox & Roach, REALTORS®, Devon, Penn. Lawrence F. Flick IV 1886  2,583  27,863 -2.64 6,492.15 4.31 10.79 2.51
10 The DeWolfe Companies Inc., Lexington, Mass. Richard B. DeWolfe 1949  2,524 25,898 -0.09 6,629.77 8.88 10.26 2.63
11 John L. Scott Real Estate, Bellevue, Wash. J. Lennox Scott 1931  1,421 22,832 0.88 $5,052.71 1.97 16.07 $3.56
12 Crye-Leike Inc., Memphis, Tenn. Harold Crye 1977  2,124 20,631 1.10 2,950.00 0.79 9.71 1.39
13 Realty One, Cleveland
Formed Real Living Inc. in merger with HER,
REALTORS®, and Huff Realty, February 2002
Barbara A. Reynolds 1953  1,484  8,933 -0.01 3,017.75 1.78 12.76 2.03
14 Greater Atlanta Brokerage Solutions LLC,
dba RE/MAX Greater Atlanta
Lee A. Finch 1979  1,000  8,897 4.95 4,199.43 12.59 18.90 4.20
15 West USA Realty Inc., Phoenix Clay Fouts 1986  1,321  7,909 10.25 2,500.00 12.87 13.56 1.89
16 Coldwell Banker
Richard Smith Co.,
Bryan, Texas
Richard Smith 1970  1,259  7,707 37.48 2,924.89 51.67 14.06 2.32
17 Ebby Halliday, REALTORS®, Dallas Mary Frances Burleson 1945  1,228  7,251 -3.30 3,557.18 -4.57 14.05 2.90
18 Coldwell Banker Success Realty, Scottsdale, Ariz. Robert McCord 1992  2,000  15,781 19.55 3,200.00 18.52 7.89 1.60
19 Real Estate One Inc., Farmington Hills, Mich. Richard S. Elsea 1929  1,525  15,049 1.58 2,842.22 5.12 9.87 1.86
20 Baird & Warner, Chicago Stephen W. Baird 1855  1,200  14,931 -8.38 4,100.00 0.00 12.44 3.42
21 Coldwell Banker Bain Associates/Barbara
Sue Seal Properties, Bellevue, Wash.
William Riss 1973  1,200  14,796 10.44 4,102.50 1.55 12.33 3.42
22 Allen Tate Co., Charlotte, N.C. Allen Tate, Pat Riley 1957  795  14,420 1.39 3,167.44 6.62 18.14 3.98
23 Realty USA, Orchard Park, N.Y. Merle L. Whitehead 1962  1,095  14,381 16.00 1,566.56 19.49 13.13 1.43
24 Watson Realty Corp., Jacksonville, Fla. William A. Watson Jr. 1965 1,111 14,107 -8.77 1,959.51 7.40 12.70 1.76
25 Smythe, Cramer Co., Cleveland Lucius B. McKelvey 1903 976 13,334 0.15 2,438.24 1.28 13.66 2.50
26 RE/MAX Equity Group Inc., Portland, Ore. James C. Homolka 1984 785 13,233 24.56 2,721.04 20.79 16.86 3.47
27 Howard Hanna Co., Pittsburgh Howard W. Hanna III 1957 1,242 13,144 4.97 1,974.86 5.99 10.58 1.59
28 RE/MAX Alliance, Arvada, Colo. Chuck Ochsner 1978 625 12,998 -1.53 2,998.09 -0.06 20.80 4.80
29 JRHBW Inc., Birmingham, Ala.
dba RealtySouth
Robert E. Reed 1955 1,090 12,930 17.24 2,004.38 13.04 11.86 1.84
30 The Keyes Co., REALTORS®, Miami Michael L. Pappas 1926 1,150 11,272 1.31 1,526.80 8.67 9.80 1.33
31 Prudential Carolinas Realty, Winston-Salem, N.C. Robert E. Helms 1980 706 11,105 -2.43 2,144.68 1.27 15.73 3.04
32 Coldwell Banker HomeSale Services Group,
Lancaster, Penn.
Chris Poole/Doug Rebert
/Pete Slaugh
1964 605 11,041 10.17 1,408.57 14.10 18.25 2.33
33 HER, REALTORS®, Columbus, Ohio
Formed Real Living Inc. in merger with
Realty One and Huff Realty, February 2002
Harley E. Rouda Jr. 1956 473 11,035 8.05 1,881.85 15.93 23.33 3.98
34 Mason-McDuffie Real Estate Inc., Pleasanton, Calif.
dba Prudential California, Nevada, Texas
A. David Cobo 1887 1,885 10,640 -12.33 3,719.04 -7.94 5.64 1.97
35 Prudential Connecticut Realty, Rocky Hill, Conn. Peter G. Helie 1989 1,032 10,621 1.67 3,045.00 3.66 10.29 2.95
36 Shorewest Inc., REALTORS®, Brookfield, Wis. John E. Horning 1946 589 10,317 6.47 1,644.51 10.09 17.52 2.79
37 Coldwell Banker Stevens, REALTORS®,
Vienna, Va. Purchased by NRT, March 2002
Thomas M. Stevens 1993 1,533 10,262 9.59 2,510.65 24.93 6.69 1.64
38 Sibcy Cline Inc., Cincinnati Robert N. Sibcy 1956 1,001 10,257 8.37 1,771.08 9.27 10.25 1.77
39 Latter & Blum Inc., REALTOR®, New Orleans Robert W. Merrick 1916 922 9,573 -1.50 1,369.88 3.58 10.38 1.49
40 First Team Real Estate, Costa Mesa, Calif. Cameron Merage 1975 1,219 9,545 3.85 3,300.60 10.02 7.83 2.71
41 Metro Brokers/GMAC Real Estate, Atlanta Kevin Levent 1979 1,100 9,445 10.79 $1,527.21 17.24 8.59 $1.39
42 G.B.S. Properties, Metairie, La.
dba Prudential Gardner, REALTORS®
Glenn Gardner/ Barbara Blades
/Norris J. Songe Jr.
1943 1,260 8,962 -3.27 1,236.00 -2.43 7.11 0.98
43 Harry Norman, REALTORS®, Atlanta J. Lewis Glenn 1930 920 8,947 2.93 2,860.34 3.77 9.73 3.11
44 William E. Wood & Assoc., Virginia Beach, Va. Richard B. Thurmond 1972 485 8,897 16.41 1,405.42 29.89 18.34 2.90
45 Century 21 Town & Country, Sterling Heights, Mich. John R. Kersten 1980 700 8,807 -4.42 1,695.84 3.03 12.58 2.42
46 H. James Litten 1918 512 8,758 6.49 1,592.82 7.14 17.11 3.11
47 Coldwell Banker Legacy, Albuquerque, N.M. Joe E. Gilmore/Peter Parnegg/
Michael Carter
1955 444 8,670 43.00 1,311.77 36.35 19.53 2.95
48 William Raveis Real Estate Inc., Shelton, Conn. William M. Raveis Jr. 1974 1,111 8,500 -6.59 2,800.00 7.69 7.65 2.52
49 RE/MAX Results, Eden Prairie, Minn. Bill Saunders,  John Collopy 1986 281 8,452 6.50 1,792.46 19.19 30.08 6.38
50 Fonville Morisey Realty Inc., Raleigh, N.C. John C. Morisey Jr. 1973 520 8,330 9.23 1,754.64 11.95 16.02 3.37
51 John Hall & Associates Inc., Phoenix James J. Sexton 1974 728 8,237 6.39 1,395.00 9.24 11.31 1.92
52 Nothnagle, REALTORS®, Rochester, N.Y. Philip R. Nothnagle 1948 440 8,019 -2.33 826.38 5.07 18.23 1.88
53 Prudential Gary Greene, RealtorS®, Houston Marilyn Eiland 2000 707 7,910 -0.40 1,329.56 1.90 11.19 1.88
54 Prudential Atlanta/Georgia Realty, Roswell, Ga. Daniel T. Forsman 1964 857 7,859 1.12 1,603.69 4.21 9.17 1.87
55 Prudential Carolina Real Estate, Charleston, S.C. Michael O’Shaughnessy 1965 554 7,781 -3.22 1,273.24 1.35 14.05 2.30
56 William L. Lyon & Associates Inc., Sacramento, Calif. Michael P. Lyon 1946 528 7,716 -9.00 1,900.06 3.03 14.61 3.60
57 Prudential Northwest Properties, Beaverton, Ore. Bert Waugh Jr. 1955 530 7,500 4.18 1,388.60 8.00 14.15 2.62
58 Keller Williams Realty North Texas/New Mexico, Dallas David Osborn 1992 651 7,360 25.30 1,400.60 24.30 11.31 2.15
59 Coldwell Banker Howard Perry &
Walston Realty Inc., Raleigh, N.C.
Donald Walston 1973 491 7,311 -10.36 1,494.59 -0.68 14.89 3.04
60 Carpenter GMAC Real Estate, Indianapolis Thomas G. Prall 1970 628 7,092 12.64 830.00 13.91 11.29 1.32
61 Alain Pinel Inc., REALTORS®, Saratoga, Calif. Paul L. Hulme 1990 853 6,924 -10.43 5,300.00 -29.33 8.12 6.21
62 Hunt Real Estate Corp., Williamsville, N.Y. Peter F. Hunt 1911 500 6,828 8.02 751.23 19.86 13.66 1.50
63 Prudential Florida WCI Realty, Plantation, Fla. Roger A. Herman 1999 1,067 6,552 30.15 1,570.00 48.53 6.14 1.47
64 Counselor Realty Inc., Spring Lake Park, Minn. Ken Kunzman 1964 412 6,473 35.99 1,208.27 41.48 15.7 2.93
65 Keller Williams Inc., Austin, Texasdba Keller Williams Realty Mo Anderson 1983 11,600 6,396 5.37 1,116.29 10.47 10.42 1.82
66 Century 21 Award (Award Inc.), San Diego Rick Jorgensen 1969 712 6,372 -17.15 1,572.89 -3.72 8.95 2.21
67 Coldwell Banker Devonshire Realty, Champaign, Ill. Tom Harrington 1977 370  6,363 33.51 681.40 15.49 17.20 1.84
68 Rose and Womble Realty Co. LLC, Virginia Beach, Va. Jimmy V. Rose Sr. 1963 400  6,345 14.74 1,030.61 35.57 15.86 2.58
69 Century 21 Alliance, Havertown, Penn. Paul J. Gallagher 1998 610  6,340 8.25 944.68 19.00 10.39 1.55
70 Century 21 Realty Group Cos., Indianapolis Kevin K. Kirkpatrick 1980 411  6,339 2.94 918.14 8.02 15.42 2.23
71 Coldwell Banker Flouhouse/
Tom Jenkins Realty, Charlotte, N.C.
C. Keith Flouhouse 1984 624 6,247 1.20 $1,048.97 3.45 10.01 $1.68
72 Keller Williams Realty, Englewood, Colo. Richard M. McCarthy 879 6,232 11.41 1,223.16 14.11 7.09 1.39
73 The Group Inc., Real Estate, Fort Collins, Colo. Sharianne Daily 1976 187 6,230 16.06 1,313.42 25.33 33.32 7.02
74 Coldwell Banker Roth Wehrly Graber, Fort Wayne, Ind. John Bellio 1971 370 6,196 -6.01 606.00 -6.05 16.75 1.64
75 Bob Parks Realty, Murfreesboro, Tenn. Bob Parks 1975 425 6,149 19.51 915.08 19.55 14.47 2.15
76 Schweitzer Real Estate Inc., Sterling Heights, Mich.
dba Coldwell Banker Schweitzer Real Estate
Paul R. Schweitzer 1962 593 5,878 0.38 1,247.23 4.87 9.91 2.10
77 Huff Realty Inc., Florence, Ky.
Formed Real Living Inc. in merger with Realty One and HER, RealtorS®, February 2002
Scott Schilling 1975 575 5,795 16.48 790.00 17.91 10.08 1.37
78 RE/MAX Partners, Ft. Lauderdale, Fla. Larry Revier 1991 311 5,774 11.70 1,004.25 18.24 18.57 3.23
79 Prudential Preferred Realty, Pittsburgh Ronald F. Croushore 1990 520 5,770 -8.12 911.39 -6.09 11.10 1.75
80 Tomlinson Black Group of Cos., Coeur d’Alene, Idaho Robert Tomlinson 1948 325 5,744 19.00 668.95 19.11 17.67 2.06
81 Century 21 Judge Fite Co., Dallas James R. Fite 1937 442 5,732 24.91 674.97 35.06 12.97 1.53
82 Beazley Co., New Haven, Conn. Gregory O. Scott 1931 425 5,716 -4.11 929.43 21.87 13.45 2.19
83 B&H Associates, South Huntington, N.Y.
dba Prudential Long Island Realty
Dorothy Herman 1990 1,085 5,639 0.95 1,621.03 11.26 5.20 1.49
84 Prudential Jack White/Vista Real Estate,  Anchorage, Alaska Richard Fuller/Barbara Huntley 1977 366 5,564 32.07 967.02 41.16 15.20 2.64
85 Jack Conway & Co. Inc., Norwell, Mass. John E. "Jack" Conway 1957 589 5,540 15.15 1,166.17 30.23 9.41 1.98
86 Prudential New Jersey Properties, East Brunswick, N.J. William O. Keleher Jr. 1990 535 5,533 -1.06 1,571.33 7.76 10.34 2.94
87 First Weber Group, Madison, Wis. James R. Imhoff Jr. 1971 320 5,518 13.59 875.50 22.02 17.24 2.74
88 Mel Foster Co. Inc., Davenport, Iowa Robert C. Fick 1921 360 5,490 1.61 593.90 4.25 15.25 1.65
89 Patterson-Schwartz Real Estate, Hockessin, Del. Richard T. Christopher 1961 261 5,467 -4.14 1,108.96 4.84 20.95 4.25
90 Realty Executives of Nevada, Las Vegas Frances E. Moore 1989 317 5,453 21.56 1,007.25 23.52 17.20 3.18
91 RE/MAX Beach Cities/Westside Properties,
Manhattan Beach, Calif.
Kelli Amundson 1982 530 5,402 -0.07 2,088.44 1.86 10.19 3.94
92 Greenridge Realty Inc., Grand Rapids, Mich. Thomas P. Paarlberg 1980 404 5,330 4.72 727.92 7.17 13.19 1.80
93 Home Real Estate, Lincoln, Neb. Thomas Schleich 1938 300 5,307 12.84 612.93 15.18 17.69 2.04
94 Real Estate United LLC, Raleigh, N.C.
dba RE/MAX United
Hal Perry/Bill Owens/ Lynn Britt/Kathy Baker 2001  253 5,249 NA 918.21 NA 20.75 3.63
95 Coldwell Banker The Real Estate Group Inc., Appleton, Wis. Joyce Bytof 1960 249 5,172 4.70 629.45 9.30 20.77 2.53
96 RE/MAX Suburban, Mt. Prospect, Ill. James R. Nelsen, Robert Baker 1978 227 5,162 8.79 1,195.16 20.13 22.74 5.27
97 Prudential Carruthers, Realtors®, Severna Park, Md. J. Thomas Carruthers Jr. 1995 523 5,115 4.20 1,121.68 11.91 9.78 2.14
98 Norcal Gold Inc., Sacramento, Calif.
dba RE/MAX Gold Real Estate
James O’Bryon 1994  350 5,077 18.90 1,081.86 37.48 14.51 3.09
99 Realty Executives Associates, Realtors®, Knoxville, Tenn. R. Vance Burkey 1962 210 5,019 9.54 724.65 8.15 23.90 3.45
100 Coldwell Banker Prime Properties Inc., Albany, N.Y. Kenneth M. Raymond Jr. 1986 268 5,018 10.99 611.06 11.24 18.72 2.28

TOP COMPANIES RANKED BY...
(Number in parentheses indicates rank by transaction sides.) FASTEST GROWING*
1 Coldwell Banker Legacy (47) 43.00
2 Coldwell Banker Richard Smith Co. (16) 37.48
3 Counselor Realty Inc. (64) 35.99
4 Coldwell Banker Devonshire Realty (67) 33.51
5 Prudential Jack White/Vista Real Estate (84) 32.07
6 Prudential Florida WCI Realty (63) 30.15
7 Keller Williams Realty North Texas/New Mexico (58) 25.30
8 Century 21 Judge Fite Co. (81) 24.91
9 RE/MAX Equity Group Inc. (26) 24.56
10 HomeServices of America Inc. (2) 22.14

*Percent change in transaction sides closed between 2000 and 2001.

Weichert, Realtors® (3)

SALES VOLUME (in millions)
1 NRT Inc. (1) $117,119.00
2 19,500.00
3 Long & Foster Real Estate Inc. (4) 18,496.52
4 HomeServices of America Inc. (2) 18,379.79
5 Prudential California Realty/Americana Realty (6)
Purchased by HomeServices.com, March 2002
13,385.32
6 GMAC HomeServices Inc. (8)
dba GMAC RealEstate
11,245.99
7 Arvida Realty Services (5)
Purchased by NRT, April 2002
8,595.00
8 The DeWolfe Companies Inc. (10) 6,629.77
9 Prudential Fox & Roach, Realtors® (9) 6,492.15
10 Alain Pinel Inc., Realtors® (61) 5,300.00
SALES VOLUME PER SALESPERSON
(in millions)
1 The Group Inc., Real Estate (73) $7.02
2 RE/MAX Results (49)   6.38
3 Alain Pinel Inc., Realtors® (61)   6.21
4 RE/MAX Suburban (96)   5.27
5 RE/MAX Alliance (28)   4.80
6 Patterson-Schwartz Real Estate (89)   4.25
7 Greater Atlanta Brokerage Solutions LLC (14)
dba RE/MAX Greater Atlanta
  4.20
8 Allen Tate Co. (22)*   3.98
9 HER, Realtors® (33)*
Formed Real Living Inc. in merger with Realty One and Huff Realty, February 2002
  3.98
10 RE/MAX Beach Cities/Westside Properties (91)
*Allen Tate edged out HER, but the numbers look equal due to rounding.
  3.94
AVERAGE SIDES CLOSED PER SALESPERSON
1 The Group Inc., Real Estate (73) 33.32
2 RE/MAX Results (49) 30.08
3 Realty Executives (7) 25.00
4 Realty Executives Associates, Realtors® (99) 23.90
5 HER, Realtors® (33)Formed Real Living Inc. in merger with Realty One and Huff Realty, February 2002 23.33
6 RE/MAX Suburban (96) 22.74
7 Patterson-Schwartz Real Estate (89) 20.95
8 RE/MAX Alliance (28) 20.80
9 Coldwell Banker The Real Estate Group Inc. (95) 20.77
10 Real Estate United, LLC (94)dba RE/MAX United 20.75

Sara Geimer is the manager of REALTOR® Magazine's Good Neighbor Awards and a former senior editor with the magazine.

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