Rector Phillips Morse has a news conference this morning to announce a major acquisition. Arkansas Business is reporting they've acquired Coldwell Banker Advantage Realty.
The company will become known as Coldwell Banker RPM.
RPM NEWS RELEASE
LITTLE ROCK, Arkansas (December 19, 2008) – Rector Phillips Morse, Inc. (RPM), one of Arkansas’s oldest and largest full-service real estate companies, announced today the acquisition of Coldwell Banker Advantage Realty, and RPM’s affiliation with Coldwell Banker. The acquisition and affiliation are official as of December 18.
Speaking to a gathering of over 150 residential real estate sales associates and staff, Pete Hornibrook, chairman and CEO of RPM, said the acquisition was part of the company’s strategic effort to strengthen its position in the central Arkansas residential marketplace. “It’s no secret that the real estate market in general, and housing in particular, are experiencing challenges based on the current recession,” Hornibrook said. “But out of adversity comes opportunity, and this is a tremendous opportunity for our company, our sales associates, their customers, and our affiliation with the national clout of the Coldwell Banker name.”
Citing the founding of RPM in 1955 by William F. Rector, and Coldwell Banker’s founding in 1906, Hornibrook emphasized that RPM’s 53 years of service to buyers and sellers of residential real estate will enter into a new era by adding new offices and more sales associates in order to have a strong market presence, a national reputation, and the technology tools to separate the company from its competition.
“RPM’s expanded market presence coupled with Coldwell Banker’s brand and services provide a clear distinction between us and our competitors,” Hornibrook said.
The new name of the company will be Coldwell Banker RPM. The commercial and property management divisions of RPM will not be affected and will still operate under the Rector Phillips Morse, Inc., name.
Combined with Advantage Realty, Coldwell Banker RPM will have branch offices in midtown Little Rock, west Little Rock, North Little Rock, Maumelle, Cabot, Bryant and Hot Springs. Sales associates in these central Arkansas markets will total 185, and will be provided significant training resources and equipped to offer a full line of residential real estate services. Sales associates and customers will benefit through increased marketing and advertising visibility, more technology support, continuing education for agents, more relocation business through a larger referral network, and greater organizational strength.
At the gathering of combined staff and sales associates, a brief video was shown featuring Coldwell Banker president and CEO, Jim Gillespie. Gillespie acknowledged RPM’s leadership and the opportunities the acquisition and affiliation with Coldwell Banker present saying, “We at Coldwell Banker are excited about RPM’s acquisition of Advantage Realty, and joining with us in the Coldwell Banker system. We have been very aware over the years of RPM’s leading role in the central Arkansas marketplace. You have been formidable competitors. Now, together, Coldwell Banker RPM will be the most powerful and predominant residential real estate organization since your company was first formed over 53 year ago. With your half century of impressive accomplishments in central Arkansas, and Coldwell Banker’s 102 years of history, this will be a great match to the benefit of you, your combined team of Advantage and RPM sales associates, and for the business’s lifeblood of home buyers and sellers.”
Based on an agreement between both local parties, no purchase price was stated. However, transactions of this nature include the association of new employees, including Advantage’s 120 sales associates, and the goodwill they have created in the marketplace, as well as the acquisition of the licenses to do business in the expanded central Arkansas markets in which the company will operate branch offices. It also means RPM will acquire the assets of the additional offices and have the rights to all company brand names under which Coldwell Banker Advantage Realty has done business in the branch office markets, any additional associations with the Coldwell Banker name, and the pending listings and sales contracts, client and prospect contracts, and buyer representation contracts of the former company.
The affiliation with Coldwell Banker combines RPM’s local reputation for professionalism, ethics and innovation with an organization that has more than 3,600 independently owned and operated residential real estate offices with over 122,000 licensed sales associates worldwide. As an independently owned and operated company, Coldwell Banker RPM will take advantage of larger market share and provide customers and the sales associates with whom they work a level of excellence in listing and sales strategies, consumer research, personal service, web-based marketing, increased advertising, and office support services.
The transition of offices and integration of personnel into Coldwell Banker RPM will take place over the next few weeks.